New Loan Programs for Businesses

April 07, 2020

Canada Emergency Business Account


This program is designed for small businesses to have access to capital.
It will be implemented by eligible financial institutions in cooperation with Export Development Canada (EDC).


This $25 billion program 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, due to the economic impacts of the COVID-19 virus.
Small businesses and not-for-profits should contact their financial institution to apply for these loans.

CEBA

To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

COVID-19 Federal Program Information: https://www.canada.ca/en/departmentfinance/economic-response-plan.html
Wage Subsidy: https://www.canada.ca/en/department-finance/economic-responseplan/wage-subsidy.html
CRA Measures: https://www.canada.ca/en/revenue-agency/campaigns/covid-19update/covid-19-filing-payment-dates.html
CERB Application: https://www.canada.ca/en/revenue-agency/services/benefits/applyfor-cerb-with-cra.html
CERB FAQs: https://www.canada.ca/en/services/benefits/ei/cerbapplication/questions.html
Business Credit Availability Program (BCAP): https://www.canada.ca/en/department-finance/programs/financial-sectorpolicy/business-credit-availability-program.html

Contact Information: Colin Hornby, Legislative Assistant to MP Marty Morantz Colin.Hornby.602@parl.gc.ca | 613-943-8131