Canada Emergency Business Account
The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
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.
It can be converted into a 3-year term loan charging an interest rate of 5%.
- an operating company registered in Canada
- annual payroll of between $20,000 and $1.5 million* April 16, 2020 Update
- Clients will be asked to provide their CRA payroll employer number, T4SUM Summary of Remuneration Paid
- Only apply once
How to Apply
- Contact your primary bank directly.
- Provide your
- Payroll Business Number
- Box 14 on 2019 T4 Summary.
- Business bank account details (ex: business account number, business bank branch number)
- Accounting Plus would provide supporting documents base on your requirement.