Canada Emergency Business Account
We are committed to working with our business clients, on a case-by-case basis, to provide flexible solutions to help you manage through the financial challenges presented by COVID-19.
Supporting our Commercial Business Banking clients
On March 27, Prime Minister Trudeau announced additional measures to support businesses through this time. Scotiabank, together with other leaders in the banking community, has been consulting with the government on these measures, designing them specifically to help small and medium-sized business owners with their most pressing needs and position the economy to recover.
If you are a qualifying commercial business banking client, and your organization’s payroll expense in the 2019 calendar year was between $20,000 and $1,500,000, the Canada Emergency Business Account (CEBA) provides access to a $40,000 term loan:
- 0% interest until December 31, 2022.
- No principal payments until December 31, 2022.
- Principal repayments can be voluntarily made at any time without fees or penalties.
- $10,000 loan forgiveness is available, provided $30,000 of the initial principal amount is fully paid on or before December 31, 2022.
- If the loan is outstanding on January 1, 2023, 5% interest starts but no minimal principal payments are required; and remaining balance to be paid in full no later than December 31, 2025.
For more details on the CEBA program, click here.
Additional relief measures for commercial business banking clients
We are making available various additional accommodations related to liquidity and financial covenant relief to assist clients who have been impacted by COVID-19. We are offering temporary loan payment deferrals or other forms of short-term support to customers who meet required qualifications.
If your business is experiencing financial hardship as a result of COVID-19, please contact your Agriculture Relationship Manager, Healthcare & Professional Specialist, Automotive Finance Relationship Manager, or Business Banking Relationship Manager.