May 19, 2020 | The Government of Canada recently announced that the eligibility criteria for this program will be expanded. Stay tuned. This section will be updated as soon as the new criteria are finalized by the government.
On March 27, the Government of Canada established a new Canada Emergency Business Account for Canadian businesses affected by the COVID-19 situation.
This program is designed to help small businesses and non-profit organizations cover operating costs by providing them with a $40,000 loan during a period of temporary reduction in revenue. Twenty-five per cent (25%) of the amount of the loan ($10,000) is forgivable if the business repays $30,000 by December 31, 2022. If the business is unable to repay this amount by December 31, 2022, the balance may be converted to a three-year term loan with an interest rate of 5%.
UNI is proud to be accredited to offer this assistance to eligible businesses.
To qualify, your business must have:
- Paid between $20,000 and $1.5 million in total payroll in 2019
- Been using UNI as its primary financial institution since March 1, 2020, or earlier
To find our more, consult our frequently asked questions (FAQ).
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For any questions, call 1-888-359-1357. As we are currently experiencing a high call volume, we thank you in advance for your patience.