CIBC is launching a digital application process for clients eligible for the new Canada Emergency Business Account (CEBA) under the government’s $25 billion loan program for small businesses.
The new digital application process will allow small business owners who do business with CIBC to apply for CEBA once loans become available beginning April 6. CIBC notes that customers will be notified when the app launches.
Once the loan has been processed, the funds will be deposited directly into the client’s CIBC business operating account. According to CIBC, CEBA is designed to help small business owners meet their immediate cash flow needs.
“We know that many small businesses in Canada urgently need access to the loan program announced by the federal government. So we have fully automated the loan application and disbursement process to get funds flowing as quickly as possible,” said Laura Dottori-Attanasio, Senior Vice President, Personal and Business Banking, CIBC, in a Press release.
CIBC notes that in order for clients to be ready to apply for a CEBA when it becomes available, they should ensure that they have registered for CIBC Online Banking for Business and have their T4 compensation paid.