Are you in need of financial assistance? The Canadian Emergency Business Account (CEBA) loan agreement from BMO may be the solution for you.
The CEBA loan agreement is a government-funded program designed to provide financial relief to small and medium-sized businesses affected by the COVID-19 pandemic. BMO, one of the big banks in Canada, is one of the financial institutions that offer this program.
The loan provides businesses with up to $60,000 CAD to help cover operating costs, such as payroll, rent, and utilities. The loan is interest-free until December 31, 2022, after which a 5% annual interest rate will be applied.
To be eligible for the CEBA loan agreement from BMO, your business must meet certain criteria. Firstly, your business must have been active and operating as of March 1, 2020. Secondly, your business must have paid between $20,000 and $1.5 million in total payroll in 2019. Lastly, your business must have a BMO business account that was opened on or before March 1, 2020.
To apply for the loan, you will need to provide the following documents:
– Business number (BN) and business legal name
– 2019 T4 Summary of Remuneration Paid (T4SUM)
– Business chequing account information
– 2019 T1 General if you are a sole proprietorship
– 2018 or 2019 financial statements
The application process can be completed online, and it only takes about 10 minutes. Once your application is approved, the funds will be deposited into your business account within five business days.
It is important to note that the CEBA loan agreement is not forgivable. This means that it will need to be paid back in full by December 31, 2025.
In conclusion, the CEBA loan agreement from BMO is a great option for businesses in need of financial assistance during these difficult times. As a professional, I highly recommend exploring this program if you think it may be beneficial for your business.