We know that this is a difficult and confusing time for businesses. We are working tirelessly to make sure that you know all your options for relief and support. Soon, the Government of Canada will launch the Canada Emergency Business Account Loan Program, which we will be able to help you implement.

All applications for this program must be submitted through one of Meridian’s online banking platforms. If your business isn’t registered for either Business or Small Business 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 when the loan becomes available.

The Canada Emergency Business Account Loan Program aims to help small and medium-sized employers with their most pressing needs and position the economy to recover. Based on the latest updates we’ve received, 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 as at Jan. 1, 2021 is fully paid on or before Dec 31, 2022.
• You will need your 15-digit Business Number and the Box 14 amount for remuneration issued in 2019 T4 Summary of Remuneration Paid statement. You can access this information online through the CRA portal.

To qualify for this program, you must have had a payroll expense between $50,000 to $1 million for the year 2019 and have 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: This program is not available yet, so we are not accepting applications right now. We will let you know when the program launches.

When it launches, you can only apply online, you won’t be able to apply by calling the Contact Centre. That’s why it’s a good idea to make sure that you’re registered for either Business or Small Business Online Banking, and that your account is active, so you can apply as soon as the program is available.

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.