Canadian banks are announcing their fully digital application process to apply for the CEBA.
The CEBA is an interest-free loan of $40,000 for qualifying businesses. 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.
Financial institutions are set to begin accepting online enrollments the week of April 6, 2020.
Banks such as RBC and CIBC have reached out to their customers, letting them know they will be alerted when the process is live.
For more information about the loan including eligibility and how to enroll and prepare:
- Check your emails to see if you received an announcement from your financial institution and;
- Learn more about the Business Credit Availability Program (BCAP) on the government website.