The Federal Government has announced more measures to help Canadian businesses get through the COVID-19 crisis, including expanded loan eligibility.
Change in Canada Emergency Business Account
To ensure that small businesses have access to the capital they need to see them through the current challenges, two weeks ago, the Government of Canada announced a new Canada Emergency Business Account program.
This program will provide interest-free loans of up to $40,000 to small businesses and not-for-profit companies, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.
Small businesses and not-for-profits should contact their financial institution to apply for these loans.
To qualify, these organizations will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019. Previously, the interest-free loan was for those with payrolls worth between $50,000 and one million. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
The loan is available now.
Please check your bank's website for details.
In extraordinary times like these, being here for you is our most important job. Please feel free to contact the following individuals from our COVID -19 help team.
CPA, CMA, MBA, Barrister & Solicitor
VP Membership - CTCC
Area Sales Manager, Residential Mortgages
Advisory Committee Member - CTCC
Ari Ariaran, CPA, CGA
VP Finance - CTCC
Vithu Ramachandran, LLB
Director and Governance Committee Member - CTCC
If you have any further questions, please feel free to call me and I will try connecting you with the right person.
Canadian Tamils' Chamber of Commerce