Supporting our members is our top priority
We recognize that small and medium enterprise owners are among those hit the hardest by the COVID-19 pandemic. We are committed to working with our business members to help understand the financial hardships your business may be experiencing and provide solutions to get you through this time.
The Government of Canada recently announced a new relief package to support Canadian businesses that have been impacted by COVID-19. Relief solutions include:
- The Canada Emergency Business Account
- The Business Development Bank of Canada (BDC) Co-Lending Program
- The Export Development Canada (EDC) Business Credit Availability Program
Currently, the details around the eligibility criteria and enrollment process for the Canada Emergency Business Account are being finalized; therefore, we are not yet taking applications. A launch date is expected to be communicated by mid-April.
What we do know today is the Canada Emergency Business Account will provide a $40,000 loan to eligible business members. Publicly available information on the Canada Emergency Business Account and other Government support for Canadian businesses can be found in the Government of Canada’s recent press release.
For those who are self-employed or contract workers, please refer to the Government of Canada’s Canada Emergency Response Benefit for further support and details.
Most importantly, we are here to help. If your business experiences hardship due to COVID-19, you may be eligible to qualify for additional relief measures, and we will work with you to get you through this. We’re in this together. Please contact your Business Advisor or Relationship Manager.
Business members can fill out the form for CEBA, here.
Frequently Asked Questions
The Government of Canada announced the Canada Emergency Business Account to support Canadian businesses that have been negatively impacted by COVID-19.
This will provide eligible small businesses and not-for-profits with an $40,000 line of credit loan to help in the interim when businesses may need funds to cover operating costs.
Until December 31st, 2020 it will be funded as a line of credit, after that point the balance will become a five-year term loan.
The loan will not have interest until January 1, 2023 and then it will accrue 5% interest on the remaining balance paid monthly.
If the business repays 75% ($30,000) of the loan by December 31, 2022 they may be eligible for forgiveness of the remaining 25% ($10,000).
To qualify for the Canada Emergency Business Account (CEBA), you must:
- be an operating business or not-for-profit registered in Canada on March 1, 2020
- have an annual payroll between $20,000 and $1.5 million (based on your businesses 2019 T4 Summary of Remuneration Paid).
- Westoba must be your primary financial institution to enroll for CEBA through us. If Westoba is not your primary financial institution, please apply through the institution that holds your primary Business Operating Account instead.
Make sure you’ve provided us with your contact details on the form above, so that we can reach out to you once information is available and registration opens up.
Locate your 2019 T4 Summary of Remuneration Paid statement that you will need for the application process. If you don’t have a copy, contact the Canada Revenue Agency to have them provide you with one.
As of right now most of our branches are still open. We have moved to a locked door system to ensure proper physical distancing and our door monitors are letting members in based on capacity.
For a full list of closures and hour changes, click here.