Here's what you need to know about the Canada Emergency Business Account
The Canada Emergency Business Acount is a new, $25 billion program that will provide government-backed loans of up to $40,000 to small businesses and not-for-profits.
The loan will help small businesses cover their operating costs during this period of economic challenges.
The loans will be interest-free for the first year. Businesses that repay the loan on or before December 31, 2022 will also be forgiven 25 percent of that loan (up to $10,000).
If you're a small business or not-for-profit that paid between $50,000 to $1 million in total payroll in 2019, then you're eligible.
If you're eligible, you'll need to contact your financial institution to apply for the loan.
In a bid to encourage more small businesses to keep employees on the payroll, Canada will increase the temporary wage subsidy up to 75 percent for small businesses, backdated to March 15.
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