MONTREAL, April 8, 2020 /CNW Telbec/ - Starting tomorrow,
owners of small and medium-sized enterprises (SMEs) and managers of
non-profit organizations (NPOs) who are National Bank clients will
be able to submit their applications online for the Canada Emergency Business Account. This
program is guaranteed by the Government of Canada and aims at helping businesses cope
with the economic challenges resulting from the COVID-19 crisis. It
will be used to grant $40,000 loans
that are interest-free until December 31,
2022 to SMEs and NPOs.
"Being the Bank of entrepreneurs means prioritizing advice based
on needs, be it day-to-day or in exceptional situations, such as
what we're currently experiencing. Our employees are working
tirelessly to assist our clients during the COVID-19 pandemic, and
to help them obtain support measures to deal with the crisis,"
stated Stéphane Achard, Executive Vice-President – Commercial
Banking and Insurance at National Bank.
To apply for an emergency loan, you must complete the online
form, which will be available tomorrow. Here are a few steps to
follow before you apply.
1. Check if you are eligible
The Canada Emergency Business
Account is for SMEs and NPOs. The conditions of the federal program
require that:
- Organizations have paid $50,000
to $1 million in salaries in 2019, as
declared on their T4 Summary
- NPOs have submitted a T2 Corporate Income Tax Return for the
2019 tax year
- Registered charities have submitted a T3010 Registered Charity
Information Return for the 2019 tax year
Moreover, to submit your emergency loan application to National
Bank, please make sure that:
- You have an active business account (business current account)
at National Bank, in Canadian dollars, opened no later than
March 1, 2020
- The enterprise was not in arrears on existing borrowing
facilities, if applicable, with National Bank by 90 days or more as
at March 1, 2020
- National Bank is your primary financial institution
2. Have the right information on hand
You will need the following information for your
application:
- Your National Bank business account number (indicated at the
bottom of your cheques)
- The transit number of your branch (5 digits, indicated at the
bottom of your cheques)
- The sum of salaries paid in 2019 (see box 14 of the 2019 T4
Summary for your business)
- Your business number or employer account number (15 characters,
see the 2019 T4 Summary for your business)
3. Consult our FAQ
To learn more about how the emergency business loan works,
consult our FAQ.
Additional support measures
Some businesses could also already be eligible for the following
support measures. We ask that they contact their Account Manager
and consult nbc.ca/business where we regularly update information
on relief measures and available government programs.
- Concerted Temporary Action Program for Businesses from
Investissement Québec: This program is only for businesses
operating in Quebec and gives
access to a working capital loan of a minimum of $71,500. For more information, go to the
Investissement Québec website.
- Export Development Canada's Business Credit Availability
Program (BCAP): This measure is aimed at direct exporters,
indirect exporters, and future direct exporters. It allows them to
obtain an operating line of credit or cash flow loan of up to
$6.25M in CAD, USD or another
currency. For more information, go to the Export Development Canada
website.
National Bank Insurance Auto | Home: Support measures
for retail clients
National Bank Insurance Auto | Home would also like to remind
clients who are experiencing financial difficulties that they could
be eligible for various relief measures, including:
- Payment deferrals
- Premium adjustments to reflect reduced vehicle use
- Flexibility offered to clients who use their vehicle for
certain types of deliveries
- Claims may be submitted online or by phone
Clients must call 1-877-871-7500 to find out if they are
eligible for relief measures. Further details are available on
National Bank Insurance's website. Using the Client Centre or
app, policyholders can access documentation, start a claim or
obtain proof of insurance.
Related links
- National Bank – Update on COVID-19
- National Bank Announces New Support Measures and a Special
Approach for Seniors
- National Bank Encourages its Clients to Stay Safe and Use
Digital Banking Solutions
About National Bank of Canada
With $289 billion in
assets as at January 31, 2020,
National Bank of Canada, together
with its subsidiaries, forms one of Canada's leading integrated financial groups.
It has more than 26,000 employees in knowledge-intensive
positions and has been recognized numerous times as a top employer
and for its commitment to diversity. Its securities are listed on
the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities
at nbc.ca or via social media such as Facebook,
LinkedIn and Twitter.
SOURCE National Bank of Canada