TORONTO, Dec. 4, 2020 /CNW/ - Scotiabank announces that it is ready to support business owners through the next phase of the Canada Emergency Business Account (CEBA) program. The CEBA program now includes $20,000 in additional financing for eligible existing recipients and $60,000 for eligible new applicants. In addition, the deadline to apply has been extended to March 31st, 2021.
As part of this next phase of CEBA, the federal government has expanded the support for small businesses to provide an additional $20,000 in interest-free financing for a limited time. This expansion will be available to all eligible existing borrowers who already received the $40,000 loan. For new CEBA applicants, they can now apply for a loan of $60,000 if they qualify under the program requirements. In addition, the federal government is increasing the maximum forgivable amount from $10,000 up to $20,000 if the total CEBA amount borrowed is repaid by December 31, 2022. The amount of forgiveness is dependant on a number of variables including loan size, which are detailed in the FAQs on the CEBA website.
"Scotiabank commends the federal government for expanding support for small businesses across Canada with additional financing when they need it most," said Dan Rees, Group Head, Canadian Banking, Scotiabank. "With restrictions increasing across the country, these funds are an essential resource for many small businesses. We're proud to be able to continue helping business owners with access to these programs, advice and solutions as they navigate the months ahead."
For customers interested in applying for the CEBA program or for information on Scotiabank's support for small businesses, please visit: https://www.scotiabank.com/ca/en/personal/scotia-support/business-banking.html
Scotiabank stands behind Canadian businesses
Scotiabank was recently rated the leading bank in client satisfaction according to the Bond COVID-19 Canadian Client Impact Study.
Scotiabank's support for eligible Canadian Business Banking and Small Business clients affected by COVID-19 include:
- Online application for the Canada Emergency Business Account (CEBA);
- Online application for the Canada Emergency Wage Subsidy (CEWS);
- Support through the Business Development Bank of Canada (BDC) financial relief program;
- Support through the Export Development Canada (EDC) financial relief program;
- Continued access to Small Business Advisors and Business Banking Relationship Managers for customized advice.
For more information on our customer assistance programs for individuals and businesses, please visit Scotiabank.com.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.1 trillion (as at October 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.