Additional funds available to business owners

TORONTO, Dec. 4, 2020 /CNW/ - CIBC today announced that it is now accepting applications under the expanded Canada Emergency Business Account (CEBA) program. Eligible businesses facing financial hardship as a result of COVID-19 that previously applied and received a $40,000 CEBA loan, may be eligible to receive an additional $20,000 loan under the expanded program, with $10,000 forgivable if the loan is repaid by December 31, 2022.

In addition, businesses applying for the first time may be eligible to apply for a $60,000 CEBA loan, of which a total of $20,000 will be forgiven if the balance of the loan is repaid on time. The deadline for applications has been extended to March 31, 2021.

"With COVID-19 continuing to impact so many businesses across the country, we're here and ready to continue supporting Canadian entrepreneurs," said Laura Dottori-Attanasio, Group Head, Personal and Business Banking. "Running a business can be challenging at the best of times, and we know many businesses in our communities have been hard hit by the pandemic. We've had thousands of conversations with business owners to help them build a plan to work through this unprecedented time, and we're committed to continuing to be there for our clients, offering advice and support, including enabling access to additional funding through the CEBA program."

Business owners whose primary bank is CIBC can simply initiate an application through CIBC Online Banking for Business. Upon approval, clients will receive a confirmation email from CIBC, and the loan will be deposited into their existing CIBC Business Operating Account.

Businesses with a CEBA loan application already in progress are eligible to apply for an additional $20,000 loan under the expanded program once their application is approved.

For questions about a pending applications, please contact the Government of Canada CEBA Call Centre at 1-888-324-4201.

More information can be found at the CIBC Canada Emergency Business Account FAQs page.

About CIBC

CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC

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