Conexus Credit Union says it has received more than 700 applications and processed $28 million as part of the Canada Emergency Business Account (CEBA) loan program.
Launched over a week ago, the loan program is providing support to Saskatchewan businesses in need as the coronavirus pandemic continues.
“We understand the stress many of our business members are feeling due to COVID-19, and we are committed to ensuring our business banking members have access to these funds as quickly as possible,” said Conexus CEO Eric Dillon.
“Saskatchewan’s businesses play a vital role in our economy and it’s imperative we do what we can to ensure they have the much-needed relief and support to help them manage and sustain their operations during this time.”
Part of the federal government’s $25-billion-plus program, the CEBA loan program provides assistance to small, medium and large businesses along with not-for-profits and charities.
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Eligible businesses can apply for a $40,000 interest-free loan to help pay for any operating costs not able to be deferred during the pandemic.
If $30,000 is paid back by Dec. 31, 2020, $10,000 of the loan is eligible for complete forgiveness. If the loan is unable to be paid back by then, it has the option of being converted into a three-year loan with a five per cent interest rate.
To be eligible through Conexus, business members must be operating a Canadian company, have an annual payroll between $20,000 and $1.5 million in 2019, use Conexus as their primary financial institution and have their business account in good standing.
For further details, visit www.conexus.ca/CEBA.
Questions about COVID-19? Here are some things you need to know:
Health officials caution against all international travel. Returning travellers are legally obligated to self-isolate for 14 days, beginning March 26, in case they develop symptoms and to prevent spreading the virus to others. Some provinces and territories have also implemented additional recommendations or enforcement measures to ensure those returning to the area self-isolate.
Symptoms can include fever, cough and difficulty breathing — very similar to a cold or flu. Some people can develop a more severe illness. People most at risk of this include older adults and people with severe chronic medical conditions like heart, lung or kidney disease. If you develop symptoms, contact public health authorities.
To prevent the virus from spreading, experts recommend frequent handwashing and coughing into your sleeve. They also recommend minimizing contact with others, staying home as much as possible and maintaining a distance of two metres from other people if you go out.
For full COVID-19 coverage from Global News, click here.
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