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BUSINESS

Loan request

SME and NPO: Submit your financing application

May 19, 2020 | The Government of Canada recently announced that the eligibility criteria for this program will be expanded. Stay tuned. This page will be updated as soon as the new criteria are finalized by the government.

IMPORTANT: If you become eligible as a result of the expanded eligibility criteria, please wait for the update before submitting your application.

Emergency loan of
$40,000
0% interest
until December 31, 2022
Forgiveness of
$10,000
of capitalif $30,000 is paid back by December 31, 2022

This federal program provides interest-free loans of up to $40,000 to small businesses and not-for-profits experiencing temporary financial hardship to help cover their operating costs.

For any questions, call 1-888-359-1357. As we have a high call volume, we thank you in advance for your patience.

To qualify, businesses must meet the following requirements:

  • Be a Canadian business in operation on March 1, 2020.
  • Be registered for federal tax.
  • Demonstrate that the company’s total payroll was between $20,000 and $1.5 million in the 2019 calendar year (this information is available on your business’s “T4 Summary of Remuneration Paid”).
  • Have an active business chequing account with UNI that was opened before March 1, 2020.
  • Have as its primary financial institution.
  • Not have been more than 90 days delinquent on existing borrowing facilities on March 1, 2020.
  • Not have previously used or applied to the Program at any other financial institution.

The eligibility criteria were provided to us by the government and cannot be adjusted by UNI.

Businesses that do not qualify include:

  • Government organizations or bodies, or entities owned by a government organization or body
  • Unions, charities, religious or fraternal organizations, or entities owned by such organizations except if a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services
  • Entities owned by individuals who hold political office

BEFORE COMPLETING YOUR APPLICATION, PLEASE HAVE THE FOLLOWING ON HAND:

  • Your business's 2019 "T4 – Summary of Remuneration Paid"
  • Your Employer's account number (15 characters) as registered with the Canada Revenue Agency and indicated in the field "Employer's account number"

Your employment income as indicated on line 14
The transit number and the folio number of your business account with UNI.

Begin your application

MY PRIMARY BUSINESS OPERATING ACCOUNT IS WITH UNI

No
Yes

On March 27, the Government of Canada announced the creation of the Canada Emergency Business Account for Canadian businesses affected by the COVID-19 situation.

This federal program allows small businesses and non-profit organizations to obtain interest-free loans of $40,000 to help them with operating costs at a time when their income is temporarily lower. Twenty-five percent (25%) of the loan amount ($10,000) may be forgiven as long as the business pays back $30,000 on or before December 31, 2022. If the business cannot pay back the loan by December 31, 2022, it can be converted into a 3-year term loan at an interest rate of 5%.

To qualify, businesses must meet the following requirements:

  • Be a Canadian business in operation on March 1, 2020.
  • Be registered for federal tax.
  • Demonstrate that the company’s total payroll was between $20,000 and $1.5 million in the 2019 calendar year (this information is available on your business’s “T4 Summary of Remuneration Paid”).
  • Have an active business chequing account with UNI that was opened before March 1, 2020.
  • Have as its primary financial institution.
  • Not have been more than 90 days delinquent on existing borrowing facilities on March 1, 2020.
  • Not have previously used or applied to the Program at any other financial institution.

The eligibility criteria were provided to us by the government and cannot be adjusted by UNI.

Businesses that do not qualify include:

  • Government organizations or bodies, or entities owned by a government organization or body
  • Unions, charities, religious or fraternal organizations, or entities owned by such organizations except if a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services
  • Entities owned by individuals who hold political office

The requirements of the program, as set out by the Government of Canada, are that funds from this loan may only be used to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, regularly scheduled debt service, insurance, and property tax. They may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payment of dividends, distributions, or increases in management compensation.

Only online applications on the UNI.ca website will be accepted. No applications can be made in person or by phone.

UNI’s payment deferral program and other government relief programs are unrelated. Companies can therefore apply to each of the programs, provided they meet the eligibility criteria.

You will need to have the following information available when you are ready to start your application:

  • Your 2019 “T4 Summary of Remuneration Paid” document (confirmation that your payroll totalled between $20,000 and $1.5 million in 2019)
  • Your 15-digit employer number
  • Your business account cheque book or your most recent business bank statement (chequing account) indicating your transit and account numbers

An email confirming that your application has been received will be sent to you as soon as the application is entered into our systems.

We advise you to consult your accountant for information in this regard.

Yes, if your business meets the eligibility criteria, including the amount paid in salaries during 2019 (a total between $20,000 and $1.5 million). This information is included on the “T4 Summary of Remuneration Paid.”

Application can be made providing your business can produce a “T4 Summary of Remuneration Paid” showing a total payroll in 2019 between $20,000 and $1.5 million.

Application can be made once for each of your businesses that meet the Canada Emergency Business Account eligibility criteria, and must be done through their primary financial institution.

The Canada Emergency Business Account is a government program that is not designed to address every situation. Eligibility criteria are provided to us by the government and cannot be adjusted by UNI.

Government assistance measures change regularly. We recommend that you regularly consult the information posted on the UNI.ca and/or Government of Canada websites.