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Applications for the Canada Emergency Business Account starts TODAY!

April 9, 20202020 Only, Blog, Business Owners, CoronavirusAbility Private Wealth

The new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions: TD, Scotiabank, BMO, CIBC, RBC, National Bank, HSBC and Canadian Western Bank.

The CEBA will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced until December 31, 2022. Up to $10,000 of that amount will be eligible for loan forgiveness if $30,000 is fully repaid on or before December 31, 2022.

Eligibility

Organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019

How do I apply?

Prior to applying, please make sure you have this information readily available:

  • Canada Revenue Agency Business Number (BN 15 digits)

  • 2019 T4 Summary of Remuneration Paid (T4SUM)

Apply online at the financial institution your business banks with:

  • TD: https://www.forms.td.com/app/ceba/#/ceba/ceba-form

  • Scotiabank: https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/business-banking/small-business/supporting-our-customers-is-our-top-priority.html

  • BMO: https://www.bmo.com/small-business/financial-relief-loc/#/login?PID=MBLBC&language=en

  • CIBC: https://www.cibc.com/en/business/advice-centre/covid-19/canada-emergency-business-account/now-available.html 

  • RBC:https://www.rbc.com/covid-19/business.html

  • National Bank: https://www.nbc.ca/forms/business/covid-emergency-account.html

  • HSBC: https://www.hsbc.ca/1/2//applications/business-apply

  • Canadian Western Bank: https://www.cwbank.com/en/news/2020/canada-emergency-business-account-now-available (via phone/email)

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Contact Us

Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • Government proposes including siblings in definition of ‘qualifying family member’ for RDSPs
  • Federal Budget 2023 Highlights
  • Ontario 2023 Budget Highlights
  • British Columbia 2023 Budget Highlights
  • TFSA versus RRSP – What you need to know to make the most of them in 2023

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We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

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Insurance products are offered through PPI Management Inc., a national licensed insurance marketing organization that support independent advisors with their business, and through multiple insurance companies.

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