For greater certainty, the following expenses are not Eligible Non-Deferrable Expenses and the Borrower cannot use the funds received under the Program to pay such expenses: any other payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation, in each case except to the extent that such expense falls under part (i) above.
As part of the online application, you must attest to all the conditions below in order to apply: The undersigned hereby certifies to Manulife Bank (the "Lender") for and on behalf of the applicant (the "Borrower") that: and its business, operating, or trade name (if different from its legal name) is: Please note that a sole proprietor’s legal name is the individual’s legal name as it is recorded in the CRA’s Business Number (BN) registry. outstanding principal of the loan must be fully repaid by December 31, 2025. Visit our updated CEBA page for information on small business opportunities. Note: Total employment income can be calculated by adding the amounts shown in Box 14 on each of the Borrower’s 2019 T4SUM statements, except where the Borrower also pays employment income that is tax-exempt under the Indian Act. Please print and/or download a copy of the Loan Agreement and Privacy Agreement for your records. For the purposes of verifying the Borrower’s eligibility for this Program, the Borrower hereby authorizes the CRA to share its business income and expenses, business number, legal name and address in respect of the 2018 and/or 2019 and/or 2020 tax years with the GOC, and further authorizes Export Development Canada, and its agents to act as the Borrower’s representative with the Canada Revenue Agency, to CRA in order to share such required information in respect of the Borrower. The loan will be interest free until December 31, 2022. up to $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022. if the loan is not repaid by December 31, 2022, it will be converted into a 3-year term loan, bearing an interest rate of 5% per annum. The Borrower can and shall demonstrate the above information by presenting applicable records if and when requested upon audit by the GOC, and the Borrower shall cooperate with the GOC in conducting such audits including, without limitation, requesting or instructing third parties to provide information as may be necessary.

Full details are included in the agreement below. When first launched, CEBA was designed to allow for rapid deployment of credit to businesses with 2019 payroll between $50,000 and $1 million. https://www.canada.ca/en/department-finance/economic-response-plan.html. CEBA is delivered by Export Development Canada (EDC), which is working closely with Canadian financial institutions to deliver the loans to their existing business banking customers. There will be two CEBA application streams: Payroll Stream: for businesses with total employment income paid to employees in 2019 greater than $20,000 and less than $1,500,000. Information Required In the Application


Up to and including $20,000 (includes businesses with no payroll expenses in 2019) This business account was opened on or prior to March 1, 2020 and the Borrower was not in arrears on existing borrowing facilities, if applicable, with the Lender by 90 days or more as at March 1, 2020.


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