Thank you for your interest in the Canada Emergency Business Account program (the "Program"). The Program provides access to a loan $40,000 for eligible borrowers with payroll between $20,000 and $1.5 million in the 2019 calendar year to help cover non-deferrable operating costs while their businesses are affected by COVID-19. The loan is interest free until December 31, 2022. If you repay at least 75% of the loan before December 31, 2022, 25% of the loan will be forgiven. If not repaid by December 31, 2022, the loan can be extended to December 31, 2025 at 5% interest.
We are expecting a high volume of requests for this program, and our dedicated business team members are urgently processing applications in the order they are received. Once you submit your application, you should expect to hear from us within five business days.
As a condition to receiving access to a loan under the Program, you must meet all of the eligibility criteria for the Program and certify this for and on behalf of the Borrower through the following attestation. Please review all of the criteria carefully and input the required information. Once you have done this, if all of the information below is true and accurate, select the click box at the end to complete the attestation. If you are not eligible for the Program and your business is in need of financing, please contact us to discuss alternative options.
For the purposes of the following attestation, "Lender" refers to Coast Capital Savings, "Borrower" refers to the organization applying for a loan under the CEBA program, and "the undersigned" refers to the person completing this application for and on behalf of the Borrower.
The undersigned hereby certifies to the Lender for and on behalf of the Borrower that:
- The Borrower can demonstrate the above information when requested upon audit by the Government of Canada or any of its agents.
- Per the requirements of the Canada Emergency Business Account Program (the “Program”), as set out by the Government of Canada, the undersigned acknowledges that the funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.
- The Borrower has an active business chequing/operating account with the Lender, which is its primary financial institution. This account was opened on or prior to March 1, 2020 and the Borrower was not in arrears on its existing borrowing facilities, if applicable, with the Lender by 90 days or more as at March 1, 2020.
- The Borrower has not previously used the Program and will not apply for support under the Program at any other financial institution.
- The Borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.
- The Borrower understands that applying for support under the Program at more than one financial institution may result in ineligibility under the Program, default under the facility in respect of which this attestation is being provided, prosecution or other enforcement measures available at law or otherwise.
- The Borrower acknowledges its intention to continue to operate its business or to resume operations.
- Per the requirements of the Program, as set out by the Government of Canada, the Borrower confirms that:
- it is not a government organization or body, or an entity owned by a government organization or body;
- it is not a union, charitable, religious or fraternal organization or entity owned by such an organization or if it is, it is a registered organization that has filed its T2 return or T3010 return and that generates a portion of its revenue from the sales of goods or services;
- it is not an entity owned by any Federal Member of Parliament or Senator; and
- it does not promote violence, incite hatred or discriminate on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age or mental or physical disability, contrary to applicable laws.
- The undersigned acknowledges that the Lender will rely upon the accuracy of this attestation in making loans and advances to the Borrower pursuant to the Program and acknowledges and agrees that an audit may be conducted by the Government of Canada or any of its agents to ascertain the veracity of this attestation and the eligibility of the Borrower under the Program.
- For the purposes of verifying the Borrower’s eligibility for this Program, I hereby authorize Export Development Canada, as the Borrower’s representative with the Canada Revenue Agency, to access any required payroll information in respect of the Borrower.
