Canadian Western Bank today announced that eligible business clients can now apply for the Government of Canada’s Canada Emergency Business Account to cover operating costs that that cannot be deferred, such as payroll, rent, utilities, insurance and property tax.
“The Canada Emergency Business Account, and other government financial relief programs, are an important way that we’re helping meet our clients’ urgent need for additional working capital during these uncertain times,” said Stephen Murphy, executive vice president, banking.
“We continue to proactively talk to our clients to understand what solutions they need now, and how we can help them plan for the medium-term. We’ve been really pleased to see how resilient our business owner clients are and continue to be committed to having their backs through thick and thin.”
CWB’s small- and medium-sized business clients with an active business operating account opened prior to March 1, 2020, who use CWB as their primary financial institution, and meet other government eligibility requirements should contact their relationship manager or nearest branch by phone or email to apply.
“For ease of application, clients should have a copy of their 2019 T4 Summary of Remuneration Paid at-the-ready. CWB anticipates that eligible clients can expect funds in their primary operating account within five business days following approval,” the bank said in a release.
The Canada Emergency Business Account, introduced by the Government of Canada on March 27, provides qualifying businesses with access to a $40,000 loan that offers 0.00% interest with no monthly principal payments until December 31, 2022, plus other favourable terms to help business owners facing hardship as a result of COVID-19.