Canada Emergency Business Account
On March 27, Prime Minister Trudeau announced additional measures to support small 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 employers with their most pressing needs and position the economy to recover.
The Canada Emergency Business Account will provide qualifying business customers with access to a $40,000 line of credit:
- at 0% interest until Dec 31, 2022
- requires no minimum monthly principal payments until December 31, 2022
- principal repayments can be made at any time
- $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before Dec 31, 2022.