COVID-19 Business Owner Information Update

COVID-19 Updates, Information and Resources Centre

Canada Emergency Bank Account Loans – $40,000

At Health Risk Services, we are continuing to monitor the COVID-19 situation closely and provide updates for our clients on measures we think will be helpful for them during these unprecedented times. If you are a business then please read on as this update is particularly useful for you.

More information has recently been released about business loans under the Canada Emergency Bank Account, so we outline what we know below.   What I can tell you is that I went on-line with Scotia Bank today, applied and was approved for my loan within 15 minutes!  This included receipt of the actual contract documentation.

What is it?

Government-backed loans for businesses up to $40,000 per business through your financial institution. The loans are to cover operating costs that cannot be deferred. It will be converted to a term loan by January 1, 2021 but remains interest free until December 31, 2022.