To address the challenges of COVID-19, the Canadian government has established an emergency account for businesses. This program allows small and medium-sized businesses (SMEs) and non-profit organizations (NPOs) to apply for a loan, interest-free until December 31, 2022.

If you are a qualifying small business customer, the Canada Emergency Business Account provides access to a $40,000 loan:

• 0% interest until December 31, 2022
• No principal payments until December 31, 2022
• Principal repayments can be voluntarily made at any time without fees or penalties
• $10,000 loan forgiveness is available, provided $30,000 is paid back on or before December 31, 2022
• If any part of the balance is not paid by December 31, 2022, the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023
• The full balance must be repaid by no later than December 31, 2025

To find out more, please click your respective bank logo: