CEBA LOAN APPLICATION SOON TO BE OFFERED AT CAISSE ALLIANCE
Dear business members,
I personally wish to confirm that Caisse Alliance will soon be providing our business members with quick access to the federal government’s new $ 25 billion loan program for small and medium-sized businesses (SMEs), more specifically the $40,000 Canada Emergency Business Account (CEBA). Rest assured, we are working on the online application process to give you to access as quickly as possible. You will be notified by email, as well as through Facebook and AccèsD once the system is ready. The easy-to-use application will be available directly in your AccèsD Affaires portal.
It is therefore strongly recommended that all those who do not have access to AccèsD Affaires register as soon as possible. If you have any questions, please contact your branch by telephone.
I would like to take this opportunity to remind you of the highlights of the program, following the latest announcements on April 16, 2020.
- A $40,000 interest-free loan until December 31, 2022 to help cover the operating costs that cannot 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.
- The funds from this loan can only be used by the Borrower (businesses and non-profit organizations) to pay non-deferrable operating expenses, including, but not limited to, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. The funds may not be used to cover any payments or expenses, such as existing indebtedness, payments of dividends, distributions or increases in management compensation.
To be eligible for this loan:
- The Borrower must have an operating business, as of March 1st, 2020, that is registered in Canada;
- The Borrower must be registered with the federal tax roll.
- The total payroll paid by the Borrower for the 2019 calendar year must be between $20,000 CAD and $1,500,000 CAD.
- The Borrower must have a chequing account or an active commercial current account with the Lender (Caisse Alliance), as is their primary financial institution. This account was opened on or prior to March 1, 2020 and was not in arrears on existing borrowing facilities with the Lender, as the case may be, by more than 90 days as of March 1, 2020.
- No prior request for this Program has been submitted by the Borrower or will be submitted to another financial institution.
- The Borrower acknowledges its intention to continue to operate its business or to resume operations.
- The Borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.
Required information to complete the application:
- The form will be deployed in AccèsD Affaires.
- The Borrower must provide their telephone number and email address.
- The Borrower must also have their T4 2019 statement on hand to answer questions from the Government, including their employer number.
To learn more about other business support programs, please click here.
Thank you for your cooperation.
President & CEO