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 the Canada Emergency Business Account (CEBA) to support businesses with non-deferrable expenses through this time. Scotiabank, together with other financial institutions has been consulted by the government on these measures, designing them specifically to help small business owners with their most pressing needs and position the economy for recovery.
On May 19, Prime Minister Trudeau announced enhancements, expanding the eligibility of the Canada Business Emergency Account to also include a broader range of businesses.
If you are a qualifying Commercial Business Banking client, the CEBA program provides access to a $40,000 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 outstanding balance is $40,000 at December 31, 2020, and $30,000 is paid back between January 1, 2021 and December 31, 2022.
- If the balance is not paid by December 31, 2022, the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023.
- The full balance must be repaid by no later than December 31, 2025.
For more details on the CEBA program, click here.
Additional relief measures for commercial business banking clients
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 to discuss further.