CIBC is launching a digital application process for clients eligible for the new Canada Emergency Business Account (CEBA) as part of the government’s $25 billion loan program for small businesses.
The new digital application process will allow small business owners who bank with CIBC to apply for the CEBA once the loans are available starting April 6th. CIBC notes that clients will be notified about the application launch date.
Once the loan is processed, funds will be deposited directly to the customer’s CIBC Business Operating Account. CIBC says the CEBA is designed to support small business owners in meeting their immediate cash flow needs.
“We know many small businesses in Canada have an urgent need to access the loan program announced by the federal government, so we have fully automated the loan application and disbursement process to get funds flowing as fast as possible,” said Laura Dottori-Attanasio, the senior vice-president of personal and business banking at CIBC, in a press release.
CIBC notes that for customers to be ready to apply for a CEBA as soon it becomes available, they should ensure that they have registered for CIBC Online Banking for Business and have their T4 Summary of Remuneration Paid available.