The Canada Emergency Business Account (CEBA) Loan Program has officially launched today by the Government of Canada and you can start applying on Monday, April 13, through either of Meridian’s online banking platforms: Business or Small Business Online Banking. Plus, you get peace of mind: we designed our online application to protect your privacy and information security.
If your business isn’t registered for online Banking, please contact your Meridian Business Advisor or Relationship Manager to get this process started. Completing this step now will mean you’re ready to go.
Not sure how the loan program works? Here are the details:
- The Canada Emergency Business Account Loan Program will provide qualifying businesses with access to a $40,000 term loan at 0% interest until Dec 31, 2022.
- There are no minimum monthly principal payments until December 31, 2022.
- You can make principal repayments at any time.
- $10,000 loan forgiveness is available, provided that the outstanding balance is fully paid between Jan 1, 2021 and Dec 31, 2022.
- Unpaid balances as of December 31, 2022 will be converted to a 3-year term loan at 5% interest; all principal and accrued interest will be due by December 31, 2025.
- You will need your 15-digit Business Number and the Box 14 amount for remuneration issued in your 2019 T4 Summary of Remuneration Paid statement. You can access this information online through the CRA portal.
Does your business qualify?
To qualify for this program, you must have had a payroll expense between $50,000 and $1 million for the year 2019 and been in good financial health before the COVID-19 crisis. To qualify through us, you need to have identified Meridian as your primary bank. This means that you use a Meridian business operating account, opened on or before March 1, 2020, for day-to-day payments and/or cash management activities. If Meridian isn’t your primary bank, apply through the financial institution that holds your primary business operating account. Also, make sure that the person applying for the CEBA loan has the authority to attest on behalf of your organization and bind the organization to the terms of the CEBA loan agreement.
Remember: Make sure you’re registered for either Small Business or Business Online Banking, and that your account is active to start your application process.
We’re here to help.
If you have any questions about this loan, you’re interested in other government relief programs, or you want to register for Business or Small Business Online Banking, please contact your Meridian Business Advisor or Relationship Manager or call 1-866-592-2226.
For updates about our response to COVID-19 challenges, visit our Business Banking COVID-19 page.