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.
About Scotiabank
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.
SOURCE Scotiabank