The Canadian Emergency Business Account will now provide up to $40,000 in government-guaranteed loans to businesses that had payrolls last year between $20,000 and $1.5 million. It previously offered loans to business with a narrower range of payrolls, between $50,000 and $1 million.
Log on to your banking institution’s website or contact them today.
This $40,000 interest-free loan, guaranteed by the Federal government, is meant to help you cover operation costs you can’t postpone because of COVID-19. If you reimburse $30,000 of the $40,000 loan by December 31, 2022, you won’t have to reimburse the remaining $10,000 (full exemption of 25% of the loan). If you cannot reimburse the loan by December 31, 2022, you will be able to extend the loan to December 31, 2025, with a fixed interest of 5%.
This loan is guaranteed to banking institutions by the Federal government.