How to apply for the government’s $25-billion CEBA business loan program

The federal government has rolled out a series of measures to help Canadian businesses and families weather the COVID-19 pandemic. , or CEBA:The Canada Emergency Business Account is part of the federal government’s loan and loan-guarantee program for small and medium-sized businesses affected by the COVID-19 pandemic.​

​CEBA loans are backed by the government, and up to 25 per cent of each loan, or $10,000, is eligible for forgiveness if the rest is paid on time . For those unable to repay at that time, the loan can be converted into a three-year term loan at an interest rate of five per cent. Applicants need their T4SUM document from the Canada Revenue Agency, as well as their 15-digit CRA business number or employer’s account number. Bank account information is also required. ​

Royal Bank of Canada had approved 35,439 applications, each for $40,000, for a total of $1.4 billion as of 9 a.m. Monday.

I applied through the Scotia site on April 9th and the funds were deposited on the 15th.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Some small-business owners say restrictions on Ottawa’s emergency-loan program have left them out in the coldMany small and medium-sized businesses already feel left behind because the federal government’s key programs for entrepreneurs are focused on loans that add to a company’s debt, including the CEBA GlobeSmallBiz Does she know she cant remove those. GlobeSmallBiz In 40 years her skin will be like crumpled up newspaper that's been left out in the rain. The young rarely think of the future.
Source: globeandmail - 🏆 5. / 92 Read more »