Scotiabank launches application process for Canada Emergency Business Account

Thursday 9 April 2020 12:31 CET | News

Scotiabank has announced the launch of its application process for the Canadian Government's new Canada Emergency Business Account (CEBA).

The application process will be available via the Scotia mobile banking app and Scotia online banking for Scotiabank Small Business Banking customers, and through their respective relationship managers for Scotiabank Commercial Banking customers.

The CEBA is a government-guaranteed loan of EUR 36.000, designed to help small business owners meet their immediate cash flow needs.

Consistent with program requirements set by the Government of Canada, customers and clients must agree to use funds from this line of credit to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax.  Businesses and not-for-profits will be eligible to apply for this program from Scotiabank if they have an operating company registered in Canada, an annual payroll of between EUR 46.000 and EUR 920.000 and Scotiabank as their primary bank.

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Keywords: Scotiabank, Canada, CEBA, mobile app, payroll
Categories: Banking & Fintech
Countries: Canada
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