Businesses with a $40,000 CEBA loan can now borrow an additional $20,000 to cover payroll and non-deferrable expenses. Businesses applying for CEBA for the first time now qualify for a $60,000 interest-free loan.
Highly Affected Sectors Credit Availability Program (HASCAP)
The Government of Canada’s HASCAP program provides businesses facing ongoing impacts from COVID-19 with loans of up to $1 million over extended terms, with interest-only payments for the first 12 months.
To begin your application, contact your CIBC Advisor, or have us contact you at your convenience.
Any business with a decline in revenue is eligible to apply for this program. The wage subsidy is proportional to the revenue drop your business has experienced, to a maximum of 65% of eligible wages, retroactive to March 15, 2020.
Any business with a decline in revenue is eligible to apply for this program. The rent subsidy is proportional to the revenue drop your business has experienced, to a maximum of 65% of eligible rent and property expenses, retroactive to September 27, 2020. Certain businesses may also qualify for additional lockdown support Opens in a new window..
CEBA is an interest-free loan to help cover operating costs if business revenues have been temporarily reduced due to the economic impacts of COVID-19. It offers a loan of up to $60,000 for eligible businesses that’s interest-free until December 31, 2022.
Business Development Bank of Canada (BDC) Co-Lending Program
The Co-Lending Program offered by the BDC provides variable-rate term loans at market rates to eligible businesses. It’s available to Canadian businesses that operate in Canada and use CIBC as their primary bank.
Export Development Canada (EDC) Business Credit Availability Program
Eligible domestic or export-oriented Canadian companies can get an EDC-guaranteed loan of up to $6.25 million. You can get this as a term loan or revolving line of credit to cover your operating and liquidity expenses.
Self-employed individuals can qualify for $1,000 for a 2-week period ($900 after taxes withheld). To be eligible, you must not have been employed or self-employed during the period you’re applying for; or you must have experienced a 50% reduction in your average weekly income compared to the previous year.
Self-employed individuals can qualify for $500 for each 1-week period ($450 after taxes withheld). To be eligible, you must be unable to work at least 50% of your work week due to COVID-19 or other eligible reasons.
Self-employed individuals can qualify for $500 for each 1-week period ($450 after taxes withheld). To be eligible, you must be unable to work at least 50% of your work week because you’re caring for your family members or children due to COVID-19 or other eligible reasons.
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