On March 27, the federal government announced additional measures to support businesses and not-for-profits. In particular, the Canada Emergency Business Account is an interest-free loan of $40,000 for qualifying businesses. Up to $10,000 of that amount will be eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022. The Applications for the loan start today but you must be registered online with your banking institution. It is possible that some banks are taking application over the phone however if you are a CIBC customer it must be done online. For those who bank with CIBC. got to www.CIBC.com you will see an image “we’re here for you during COVID-19” click onto “learn more” go-to “Financial relief program” then to “Request financial assistance” then to “Financial assistance form for business banking” then click “Apply Now” You will be directed to your CIBC Online Banking. Once you sign in, you will see the application, you must provide the information on line 14 of your 2019 T4 Summary. Good luck and we wish you all the best. Please take note that this program is for those businesses with a payroll of $50,000.00 or more. If there are member who banks with other banking institutions, please send us the process to access the Application and we will post the process on the OPA’s Website
