Canada Emergency Business Account What isit? • A $40,000 interest-free, government‑guaranteed loan to help you pay for operating costs that you’re not able to defer as a result ofCOVID‑19. 40,000加元的政府担保无息贷款,可帮助您支付因COVID‑19而无法延期的运营成本 • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or beforeDe cember31,2 0 22. 如果在12月31日,20月22日当天或之前已偿还30,000加元,则40,000加元贷款中的10,000加元(25%)有资格获得完全的宽恕。 • If the loan cannot be repaid byDe cember 31, 2 0 22, it can be converted into a 3‑year term loan charging an interest rate of5%. 如果在2020 年12月31日之前无法偿还贷款,则可以将其转换为3年期贷款,利率为5% Who is eligible for theloan? Businesses or not‑for‑profits, will be eligible to apply for this loan if theyhave: • an operating company registered inCanada; • annual payroll of between $50,000 and $1 million (based on your 2019 T4SUM Summary of Remuneration Paid);and • CIBC as their primary bank. This means that the business uses a CIBC Business Operating Account (opened on or beforeMa rch 1, 2 0 20) for day‑to‑day payments and cash management activities. Otherwise, please apply through the financial institution that holds your primary Business OperatingAccount. When will the loan beavailable? The loan will be available beginning the week of Apr il 6th — and as such, we are not accepting applications until then . https://youtu.be/N_ESyAYrXXI Details: https://www.cibc.com/en/business/covid-19/emergency-business-account-faq.html