The new Canada Emergency Business Account (CEBA) will provide interest-free loans of up to $40,000 to small businesses and not-for-profits to help cover their operating costs during a period where their revenues have been temporarily reduced.
To qualify, Clubs will need to demonstrate they paid more than $20,000 (updated April 14th, 2020) in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
Clubs should have the following supporting documentation available for the application:
- The Club’s Canada Revenue Agency Business Number (BN) (15 digits)
- The Club’s 2019 T4SUM
- Legal business name, address, phone number
Clubs should contact their financial institution to apply for these loans – click your bank below to be taken to their CEBA information/application page: