RBC announced today that the online-only enrollment process to participate in the Government of Canada’s Canada Emergency Business Account (CEBA) will be live on April 9, 2020 via RBC Online Banking for Business.
Eligible businesses will receive a $40,000 government-funded loan to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.
“We understand how important and time-sensitive this relief is for businesses across Canada in order to support their workforce and sustain business continuity,” said Greg Grice, Executive Vice-President, Business Financial Services for RBC. “We’ve created a self-serve, digital-only enrollment process so that we can quickly and seamlessly deliver critical funds to eligible businesses through our existing RBC Online Banking for Business channel.”
To enroll for CEBA, clients must log into their RBC Online Banking for Business account as the online enrollment process for RBC clients will only be available through this platform. If clients are not registered for online banking, they can do so by visiting RBC’s Online Banking for Business registration page. As part of the enrollment process, clients will need four things:
Update their email and contact details within their RBC Online Banking for Business profile before starting their enrollment
Their RBC business client card number
Their organization’s 2019 T4 Summary of Remuneration Paid statement. They can also contact the Canada Revenue Agency to have them re-issue their organization’s 2019 statement
Confirm that the person enrolling for CEBA has the authority to attest on behalf of the organization and legally bind the organization to the terms of the CEBA loan agreement.
RBC Express clients who are not enrolled for Online Banking for Business will need to contact their RBC Account Manager for separate instructions on CEBA enrollment.
Clients who need more information about CEBA and its eligibility requirements should visit The Government of Canada’s website for more information.
Scotiabank announces the launch of its application process for the Canadian Government's new Canada Emergency Business Account (CEBA), effective April 9th, 2020. The application process will be available via the Scotia mobile banking app and Scotia online banking for Scotiabank Small Business Banking customers, and through their respective relationship managers for Scotiabank Commercial Banking customers.
"As COVID-19 impacts businesses and communities across the country, Scotiabank will continue to be here for our business banking customers. We know the stress COVID-19 has caused for many business owners across Canada, which is why Scotiabank remains committed to making sure our business banking customers can access these funds as quickly as possible," said Dan Rees, Group Head, Canadian Banking. "The Canada Emergency Business Account will provide much needed relief for Canadian small businesses to help manage and sustain their operations through this difficult time."
The CEBA is a government-guaranteed loan of $40,000, designed to help small business owners meet their immediate cash flow needs:
0% interest until December 31, 2022
No principal payments until December 31, 2022
Principal repayments can be made voluntarily 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 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
Consistent with program requirements set by the Government of Canada, customers and clients must agree to use funds from this line of credit to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax. Businesses and not-for-profits will be eligible to apply for this program from Scotiabank if they have:
An operating company registered in Canada;
Annual payroll of between $50,000 and $1,000,000 (based on your 2019 T4SUM Summary of Remuneration Paid); and
Scotiabank as their primary bank. This means that the business uses a Scotiabank Business Operating Account (opened on or before March 1, 2020).
For full eligibility criteria and further details, please visit Scotiabank.com/SmallBusinessRelief for Scotiabank Small Business customers and Scotiabank.com/CommercialRelief for Scotiabank Commercial Banking customers.
Scotiabank businesses and customers may also qualify for a variety of other support measures and are encouraged to visit Scotiabank.com for more information.