As we await the Federal Government’s finalization of program details, we are committed to keeping you informed. We are writing to let you know that we now expect the application process to launch later this week or next week.
We will email you as soon as we have confirmation from the government, at which time we will begin to accept online applications. Full qualification criteria and application details are available on our Relief FAQs page. In the meantime, there are steps you can take now to get your business ready.
What can I do now to ensure I am ready to apply?
To ensure we can manage application volumes and process loans quickly, all applications must be submitted online via CIBC Online Banking for Business. With that in mind, if your business is not registered for CIBC Online Banking for Business, you must register here in advance using your CIBC Business Convenience Card number.
Completing this step now will help ensure you gain access to the loan as quickly as possible once the application becomes available.
A reminder about the information you’ll need to apply…
Businesses or not-for-profits, are eligible to apply for this loan if they have:
- an operating company registered in Canada on March 1, 2020;
- annual payroll of between $50,000 and $1 million as evidenced by the organization’s 2019 T4 Summary of Remuneration Paid (T4SUM) (if you cannot locate your T4SUM, contact the Canada Revenue Agency to have them reissue it to you);
- a 15-digit Canada Revenue Agency Number also shown on the T4SUM;
- CIBC as their primary bank. This means that the business uses a CIBC Business Operating Account (opened on or before March 1, 2020) for day-to-day payments and cash management activities. Otherwise, please apply through the financial institution that holds your primary Business Operating Account;
- good standing as an existing borrower; and
- business contact information, including phone number and email address.
A reminder about the loan…
- A $40,000 interest-free loan to help you pay for operating costs that you’re not able to defer as a result of COVID-19.
- $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022.
- If the loan cannot be repaid by December 31, 2022, it can be converted into a 3-year term loan charging an interest rate of 5%.
- The outstanding principal of the loan must be fully repaid by December 31, 2025.
- Your application will be reviewed for eligibility, and submitted to the Federal Government for funding. This entire process will take up to seven business days from the date of your submission. Upon approval, you’ll receive a confirmation email from CIBC, and the $40,000 loan will be deposited into your existing CIBC Business Operating Account.
Being here for you when you need us the most is our most important job. Thank you for your patience and for your trust in our team.
Group Head, Personal and Business Banking