The big banks are now rolling out the procedure for applying for the new Canada Emergency Business Account (the “CEBA”), being the $40,000 line of credit available to registered businesses.
For more information about CEBA and whether you qualify, check here: https://wardlegal.ca/31585663827865
To enroll for CEBA, you will likely be required to log into your bank’s online banking for business account – enrollment will be online for most of the big banks.
If you are not registered for online banking, you should do so on your bank’s online registration page.
As part of the enrollment process, you will need: :
- to update your email and contact details with your bank, likely using your online for business profile, before starting your enrollment;
- your business client card number;
- your organization’s 2019 T4 Summary of Remuneration Paid statement – you can also contact the Canada Revenue Agency to have it re-issue your organization’s 2019 statement, if necessary; and
- you will need to confirm that the person enrolling for CEBA has the authority to attest on behalf of your organization and legally bind the organization to the terms of the CEBA loan agreement.
More information about the CEBA is also available here: https://www.canada.ca/en/department-finance/economic-response-plan.html