Canada Emergency Business Account Agreement
To meet the challenges of COVID-19, the Canadian government has created an emergency account for businesses. This program allows small and medium-sized enterprises (SMEs) and non-profit organizations (NICs) to apply for an interest-free loan by December 31, 2022. Canadian companies operating since March 1, 2020 are entitled to CEBA as long as they do: if you manage your business through a personal account at National Bank, you can quickly open a business account. To request a business account if you don`t have a personal account yet, click here. The most important financial institution in your business is the one with which you make most of your daily transactions. This includes paying your employees, payments to suppliers, debt collection and other day-to-day cash management transactions. In the case of registered businesses, the person applying for the emergency loan must be a legally approved partner. The partner`s name is used for identity confirmation with the government. If you need more than $60,000 from CEBA, contact your RBC Account Manager or call RBC Telephone Banking to explore other RBC solutions to meet your additional financing needs.
Details on other government business support initiatives, including the Business Development Bank of Canada`s (BDC) Co-Lending Facility and the Business Credit Availability Program (EDC) Are also available. Visit the Government of Canada website regularly for the latest details. If you qualify, you must provide a T4 summary and sign a credit application contract. The minimum waiting time expected to receive your money once your application has been submitted is 2 to 5 days. For now, we need to process applications by email with your subsidiary until the launch of our online channel is imminent. Once you have met the qualification criteria set by the Canadian government and your registration is approved, the $60,000 loan will be granted to small businesses within 7 business days of RBC CreditLine`s approval. The funds will be transferred directly from your RBC CreditLine for Small Business to the RBC Business bank account listed on your registration application to reflect a maximum credit balance of $60,000, which is a requirement under the Canada Emergency Business Account program to ensure that you are eligible for maximum forgiveness. This page is available for companies with payrolls of $20,000 or less, including businesses without payrolls in 2019.
If your business has a salary cost of more than 20,000 USD and less than 1,500,000 USD, please follow the process found here. If you are a small business customer and would like to apply for the CEBA program, you can apply through the Scotiabank mobile app or through Scotia OnLine Banking. Yes, yes. Applications may be made for any legal entity that meets the CEBA eligibility criteria. Each qualifying company must have a unique 9-digit Business Number of Canada. Each qualified company is limited to a CEBA loan. For CEBA submissions that are completed by branches, the process takes up to 15 business days. If, by December 4, 2020, you have applied for a CEBA loan as soon as the government completes the audit process, RBC will tell you by email whether the government has authorized your organization`s registration.
Once the government has approved your registration for the program, the $40,000 loan will be made available within 7 business days of government approval through RBC CreditLine for Small Businesses. For businesses applying for a new $60,000 CEBA loan, successful applications will be funded in 10 to 15 business days from the date the Canadian government receives its application. For clients who apply based on their unreferred expenses, funding will be accepted within 10 to 15 business days after your justified expense documentation is posted online.