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COVID-19 Canada Emergency Business Account Now Open

COVID-19 Canada Emergency Business Account Now Open

April 9, 2020 – 8:00 AM

By Nizam Shajani, CPA, CA, MBA

The Canada Emergency Business Account applications are now open.

The account will provide interest-free loans in the form of lines of credit of up to $40,000 to businesses with payrolls of between $50,000 and $1 million in the 2019 year.

A quarter of this loan (up to $10,000) is eligible for complete forgiveness if the loan is repaid by December 31, 2022.  After this date the loan will be converted to a 3-year term loan charging an interest rate of 5%.

You are able to apply via your financial institution website.

 

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