The Government of Canada had recently announced its Canada Emergency Business Account to deliver much-needed financial relief by providing eligible businesses with access to a $40,000 loan.
Your organization may be eligible to enroll in the Canada Emergency Business
Account through your bank. Here’s a quick overview, for more details please contact your bank:
Features of the Loan:
- This program will provide $25 billion in total funding consisting of interest-free, partially forgivable loans of up to $40,000 to small businesses and not-for-profits in all sectors and regions of Canada
- To qualify, organizations will need to demonstrate they paid between $50,000 and $1 million in total payroll in 2019
- To avail the loan, your business should not be a holding company
- It’s a $40,000 loan to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity
- No interest may apply until January 1, 2023
- Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000
- You have to submit your organization’s 2019 T4 Summary of Remuneration Paid to the Bank
- If you have more than one business owner, your bank may ask for more documents
To apply and for more information on this loan, please talk to your bank.
Please feel free to contact us for any information or clarification. We continue to remain open at V-TAC, Monday – Friday between 9 a.m. and 5 p.m. Drop off your documents with us and pick them up the next day. We are also accessible via e-mail and fax, feel free to send us your files and we’ll file your taxes for you.
We hope you and your family are staying safe during this pandemic crisis. Please call us at any time if you need assistance, we’re here to help.