New small business relief loan announced by the government
In conjunction with Canadian banks, the federal government announced a new loan program to support small businesses in Canada. This initiative builds on the other small business relief measures CIBC has put in place and shared with you earlier, including payment deferrals, cash management, new lending needs, and a dedicated call centre team of small business lending experts.
As the government finalizes details on eligibility and timing, we will post further information on our website and proactively follow-up with our small business clients by email in the coming days with details on eligibility and how to apply for this loan online. While we await details, please sign up for CIBC Online Banking for Business, if you are not already registered, so we can reach out to you by email with further updates.
There is no action you need to take today, but please check cibc.com/business regularly for more details.
Small businesses like yours play a critical role in the Canadian economy and we are committed to making these funds available as quickly as we can. We commit to keeping you informed on this new loan program every step of the way.
We sincerely appreciate your patience as we do our best to help you and all of our clients.
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