Blog

CEBA – $40,000 loan for businesses

CEBA – $40,000 loan for businesses

MEDIA RELEASE
FOR IMMEDIATE RELEASE

 

CEBA LOAN APPLICATION OFFERED AT CAISSE ALLIANCE

North Bay, April 20, 2020 Caisse Alliance is proud to announce that we are offering our business members quick access to the federal government’s new $25 billion loan program for small and medium-sized enterprises (SMEs).

The registration process for the Canada Emergency Business Account (CEBA) is now open. As part of this new program, offered during this period of great economic hardship due to COVID-19, SMEs in need of financial support can take advantage of an interest-free loan of $40,000.

“We are aware that many businesses are in dire need of the loan program announced by the Government of Canada. Therefore, we have worked with our partner Desjardins to fully adapt the process so that funds can be transferred as quickly as possible to our business members’ accounts”, said Pierre Dorval, President & CEO of Caisse Alliance. “In this time of crisis, we are taking all the necessary measures to assist our businesses and to facilitate the process remotely.”

The application process for this new CEBA is simple and entirely digital. Once the loan is processed, the funds are directly deposited into the member’s business account.

To apply within a few minutes, click here.

If you are not already registered, business owners are invited to register with our AccèsD Affaires online service. If you have any questions, please contact your branch by telephone or by email.

Highlights:

The Canada Emergency Business Account includes:

  • A $40,000 interest-free loan to help pay for operating costs that can’t be deferred as a result of COVID‑19.
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 20‍22.
  • If the loan cannot be repaid by December 31, 20‍22, it can be converted into a 3‑year term loan at a 5% interest rate.

To be eligible for this loan, businesses and not for profit organizations must:

  • have an operating business that is registered in Canada;
  • have an annual payroll of between $20,000 and $1,500,000 (based on their 2019 T4SUM Summary of Remuneration Paid); and
  • have Caisse Alliance as their primary financial institution. This means that the business uses a Caisse Alliance business operating account (opened on or before March 1, 2020) for its day-to-day payments and cash management activities.

To learn more about other business support programs, click here.

New

If you’ve applied for CEBA and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application. The CEBA call centre is open Monday to Friday from 8:00 am to 9:00 pm ET.

-30-

Media contact 
Members of the media, for interviews, please contact:

Émilie Deschênes
Communications Advisor
Caisse Alliance
Email: edeschenes@acpol.ca

Share this post