[This article was last updated on April 27, 2020]

The COVID-19 crisis has financial impacts on everyone, but particularly on companies. To help business owners, Canadian financial institutions have put in place various relief measures. You can view a summary of the measures announced by your financial institution by clicking on its name.

Summary of this article:

• Royal Bank (RBC)
• CIBC
• Desjardins
• BMO Bank of Montreal
• Scotiabank
• TD Bank
• National Bank
• Laurentian Bank

Royal Bank (RBC)

• Canada Emergency Business Account: Enrolment in the program cannot be done in branch or through RBC advisors or the RBC Advice Centre. To enrol, log in to RBC Online Banking for Business. Online registration is only available through this platform. If you are not registered for RBC Online Services, click here to register for RBC Online Banking for Business. Eligibility
• BDC Co-Lending Program

• Financial assistance assessed according to business needs is available and may include :
  • Business loan payment deferrals;
  • Increases to operating line of credit limits;
  • Request a deferral of your minimum payment obligations on your credit cards;
  • Credit Card Interest Relief: Effective April 6, 2020, RBC will reduce credit card interest charges by 50% for personal and small business clients receiving credit card minimum payment deferrals. The 50% relief will automatically be applied to your statement;
  • Waived setup fees for new enrollments to cash management solutions;
  • Waived Stop Payments fee.

Details

CIBC

• Canada Emergency Business Account: Applications must only be submitted online through CIBC Online Banking for Business. A new window will appear in your browser. If your business is not registered for CIBC Online Banking for Business, register using your CIBC Business Convenience Card number. Once submitted, your application will be reviewed for eligibility and submitted to the federal government for funding. This entire process could take up to five (5) business days from the date of application submission. Frequently Asked Questions
• BDC Co-Lending Program: applications must be submitted through CIBC Online Banking for Business.
• Financial assistance measures announced by CIBC :
  • Business loans may be eligible for payment deferrals;
  • A deferral of your credit card payments for up to 3 months is available at an effective interest rate of 10.99% less during the deferral period, which will be applied as a rebate on your next statement(s);
  • Business lines of credit may be eligible for payment deferrals;
  • Business overdraft may be eligible for payment deferrals;
  • Funds held in non-registered GICs may be eligible for early withdrawal.

Details

Desjardins

• Canada Emergency Business Account: The loan application can be made on AccèsD Affaires. Only senior administrators will have access to the form and will be able to fill it out. You can sign up for AccèsD Affaires here. You will also have to provide a telephone number and e-mail address so that Desjardins can contact you and have your 2019 T4 Summary with your employer number on hand to answer any questions the government may have. Apply
• BDC Co-Lending Program: more information will be available soon…
• Several financial products are affected by exceptional measures:
  • Temporary revision of financing conditions on lines of credit;
  • Temporary reduction of the credit card interest rate to 10.9%;
  • Discount on car insurance premiums for commercial vehicles.

Details

BMO Bank of Montreal

• Canada Emergency Business Account: Application must be completed online on BMO Business Xpress following the instructions. You will need your 2019 business T4 slip and you will need to provide your business account number and BMO Bank of Montreal direct deposit number. Apply
• BDC Co-Lending Program: to apply for this program, please reach out to your Relationship Manager;
• Financial relief program for businesses:
  • Deferral payments on small business credit cards and business lines of credit;
  • Deferral of principal payments on small business loans;
  • Increase in small business lines of credit to help with short-term working capital.

Details

Scotiabank

• Canada Emergency Business Account: Application must be submitted using Scotiabank Online Banking or the Scotiabank mobile application. Frequently Asked Questions;
• BDC Co-Lending Program
• Reduction of credit card interest rates to 10.99%.

Details

TD Bank

• Canada Emergency Business Account: Applications can only be submitted online. When completing the application, you will need to have your 2019 T4 slip – Summary of remuneration paid on hand. Apply
• BDC Co-Lending Program: more information will be available soon…
• Financial assistance measures announced :
  • Deferral of up to four principal payments on commercial term loans and up to six months on loans secured by real property;
  • Request for additional credit for businesses;
  • Loan guarantee for SMEs (coming soon);
  • Joint lending program with the Business Development Bank of Canada (coming soon).

Details

National Bank

• Canada Emergency Business Account: Applications can only be submitted online. You will need your 2019 T4 Summary and National Bank business current account number. The loan will be deposited there if your application is accepted. Apply
• BDC Co-Lending Program: more information will be available soon…

Details

Laurentian Bank

• Canada Emergency Business Account: Applications can only be submitted online. You must have your employer’s account number, as indicated at the top of the 2019 T4 slip, your employment income reported in box 14 of the 2019 T4 slip and your current business account number held at Laurentian Bank. Apply
• BDC Co-Lending Program
• Financial assistance measures announced:
  • Deferral of minimum monthly payments for Laurentian Bank Visa credit cards for a period of 3 months – no charge. The interest rate of 10.99% has been temporarily reduced;
  • Deferral of principal and interest payments for 3 months on mortgage and personal loans may be offered.

Details

To find out about all the assistance programs for which you are eligible in the context of the COVID-19 crisis, we invite you to consult our COVID-19 Assistance Programs application.