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We wanted to share some additional details about the Canada Emergency Business Account (CEBA), which was announced by the Government of Canada on March 27.
What is it?

• It’s a $40,000 government guaranteed loan to help eligible businesses pay for operating expenses, payroll and other non deferrable expenses which are critical to sustain business continuity.

• Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000.

• After December 31, 2020, any outstanding balance on the revolving $40,000 line of credit will be converted into a non revolving 5 year term loan maturing on December 31, 2025, at which time the balance must be paid in full.

• No interest applies until January 1, 2023.

• Commencing on January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

• If you pay 75% of the balance of the term loan (as at January 1, 2021), on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

• If you do not repay 75% of the balance of the term loan (as at January 1, 2021) on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

What’s the eligibility criteria?
Please visit our COVID FAQ under the section “Government Relief for Businesses” for more details.
When can I enroll for CEBA?
We understand that access to these funds may be critical to the continuity of your business and time is of the essence. We are working as quickly as we can to build a fully online CEBA enrollment process for our clients. Please note that the CEBA enrollment will only be available online. We are working together as an industry and with our partners in Government to begin accepting online enrollments the week of April 6, 2020. We will be notifying you as soon as the process is live.
Please note that the RBC Advice Centre is currently experiencing very high call volumes and does not have any further enrollment details at this time. Upon launch, our Advisors will not be able to fulfill any online enrollment processes. Visit our CEBA FAQ at rbc.com/businessrelief which may help address some of the questions you have and help you avoid waiting on the call line.
What can I do today to prepare for the launch of the CEBA enrollment?

1. Visit rbc.com/businessrelief and read the CEBA FAQ to learn more about the relief solution.

2. Update your email and contact details on your RBC Online Banking for Business profile. We will need this information to notify you of the CEBA enrollment process. If you’re not enrolled in Online Banking for Business, you can sign up now by clicking here.

3. Locate your 2019 T4 Summary of Remuneration Paid statement. You can also contact the Canada Revenue Agency to have them re issue your 2019 statement. Information on this document will be required for the enrollment process.

4. Please ensure that the person enrolling your organization for CEBA has the authority to attest on behalf of the organization and bind the organization to the terms of the CEBA loan agreement.

Completing these steps today will help ensure a smoother, faster experience once the enrollment process launches in the coming days.
For the latest updates on CEBA and other COVID related updates for businesses, please visit rbc.com/businessrelief.
Greg Grice
Executive Vice President, Business Financial Services, RBC

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