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COVID-19 FAQ

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Loan Relief from CWB Canada Emergency Business Account EDC BCAP Loan Guarantee BDC Highly Affected Sectors Credit Availability Program Guarantee Continuing to manage and access your business banking

Loan Relief from CWB

I'm struggling to manage my cash flow given the impact of COVID-19. What relief is available from CWB?

CWB is committed to helping business clients experiencing financial stress as a result of COVID-19 on a case-by-case basis to ensure the solution fits with the client’s immediate and medium-term needs. Clients may benefit from flexible solutions on their commercial credit facilities, such as skip payments, interest only payments or an extended amortization, as appropriate to the individual situation. Please contact your Relationship Manager to discuss your options, including those announced by the federal government.

Read more about how we have your back during this uncertain time here

I’m self-employed and have a residential mortgage with CWB Optimum Mortgage. What’s the best way to discuss loan relief options?

CWB Optimum Mortgage is currently experiencing significant phone and email volume, so have created an online form to help manage requests for payment deferral. Once submitted, your request will join our queue and you can expect a response within five business days. Learn more about the financial hardship program in place

Canada Emergency Business Account

The CEBA application and remediation period is now closed 

The deadlines to apply and receive funding for the federal government’s CEBA loan program are now passed. 

Repayment extension: the deadline to repay a CEBA loan and qualify for partial forgiveness has been extended to December 31, 2023, for all eligible borrowers in good standing.

When do I need to repay my CEBA loan?

The repayment deadline for CEBA loans to qualify for partial loan forgiveness is December 31, 2023, for all eligible borrowers in good standing. Outstanding loans will subsequently convert to two-year term loans with interest of 5 per cent per year commencing on January 1, 2024, with the loan fully due by December 31, 2025. Please refer to the CEBA website for more details about loan forgiveness and the repayment terms based on the amount of your loan. 

 

 

 

Can I repay my CEBA loan before December 31, 2023?
Yes, you can repay the outstanding balance of your loan anytime on or before December 31, 2023 and be eligible for a portion of forgiveness. Please speak with your Relationship Manager for help determining a repayment strategy that works best for your business. 

EDC BCAP Loan Guarantee

BCAP Guarantee application period is now closed
The onboarding period for BCAP Guarantee ended December 31, 2021. If you have a BCAP Guarantee in place, your coverage may continue for up to five years from the loan signing date, subject to annual credit review and approval to renew by CWB.
What is the EDC BCAP Loan Guarantee Program?

The EDC BCAP Loan Guarantee Program offered eligible businesses new operating lines of credit or term loans of up to $6.25 million, with 80% guaranteed by Export Development Canada. Funds must be used to finance the Borrower’s normal business/commercial operations in response to the impact of COVID 19. This includes recurring expenses like payroll, rent, ordinary course of business lease, equipment, or supplier financing payments, and other normal course of business operating expenses.  Also includes normally scheduled interest payments or repayment of temporary advances or borrowing excesses on facilities advanced to the Borrower after March 1, 2020.  Borrowers can also use funds for capital expenditures if part of their normal business/commercial operations.  Repayment schedules will be determined on a case-by-case basis. 

This program featured:

  • A loan term for up to 5 years, with 80% guaranteed by EDC
  • Loan subject to annual review and approval to renew by the Bank. 
  • 1.8% EDC BCAP Guarantee Fee is also payable for each 12-month period of the loan based on the principal amount authorized at each anniversary date (paid quarterly in advance).  Principal repayment may be made via lump sum “bullet” payment(s) at maturity date or be amortized by monthly principal and interest payments (or a combination thereof).

 

When do I need to repay my BCAP Guarantee loan?

The terms, including repayment, for your BCAP loan were established at the time of your advance. Please speak with your Relationship Manager or local banking centre if you have questions about your repayment details or options to renew.

BDC Highly Affected Sectors Credit Availability Program Guarantee

Program application period extension 
To help support businesses that are still facing significant pandemic-related challenges, the Government of Canada extended the HASCAP Guarantee program until March 31, 2022.
What is the HASCAP Guarantee Program?

The Government of Canada’s HASCAP Guarantee program helps Canadian businesses that have been most impacted by the COVID-19 pandemic get access to new 100% guaranteed* term loans between $25,000 to $1 million. A single entity with multiple business sites—such as restaurants and hotels—can apply for loans up to $1 million per business site, up to a maximum of $6.25 million. Proceeds from the loan must be used to finance operations and cannot be used to repay or refinance existing debt.

Client benefits include:

  • A low 4% fixed interest rate
  • Repayment term of up to 10 years
  • Up to 12-month postponement of principal payments at the start of the loan

*The Business Development Bank of Canada (BDC) guarantees the loan to CWB for 100% of the value. 
How do I know if I qualify for the HASCAP Guarantee? 

Your business must have been financially stable and viable prior to the current economic situation and have been in operation as at March 1, 2020.

IT MUST ALSO fall into one of the following categories:

  1. Your business has received subsidies under the CEWS Program, or the CERS Program, the CRHP Program, the THRP Wage Program, the THRP Rent Program, HHBRP Wage Program or the HHBRP Rent Program by having demonstrated a minimum 50% revenue decline, for at least 3 months, within the last 8-month period prior to the date of your HASCAP Guarantee application.
  2. Your business has not received CERS, CEWS, CRHP, THRP Wage, THRP Rent, HHBRP Wage or the HHBPR Rent program support and it qualifies for any of these programs. You must first:

    • Apply for the CERS Program, and/or, the CEWS Program, the CRHP Program, the THRP Wage Program, the THRP Rent Program, the HHBRP Wage Program and/or the HHBRP Rent Program, demonstrating that your business has experienced a minimum 50% revenue decline, for at least 3 months, and within the last 8-month period prior to the date of your HASCAP Guarantee application 
  3. If your business does not qualify for the above programs, it must provide financial statements that reflect at least 3 months (which do not need to be consecutive) of monthly year-over-year revenue decrease of a minimum of 50% per month, within the 8-month period prior to the date of your HASCAP Guarantee application.

 

Your business will be required to provide the CEWS, CERS, CRHP, THRP Wage, THRP Rent, HHBRP Wage or the HHBPR Rent attestation forms demonstrating required revenue decline [and proof of payment under the Program (via bank statements or cancelled cheques)] during the application process with CWB. 

Other conditions may apply. CWB does not have the authority to grant exceptions to the program eligibility requirements.

Are there businesses that are not eligible for HASCAP?

Please note the following businesses are not eligible to apply:

  • Businesses whose revenue model is predicated on non-commercial sources such as direct government funding or private donations;
  • Government organization or body (other than an indigenous entity or body);
  • Entities in which a government organization or body (other than indigenous entities or bands) owns equity interests;
  • Non-profit organizations, registered charity, union, or a fraternal benefit society or order, or a Person in which any such organization owns equity interests [except if it is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue primarily from the regular supply of property/goods or services and not from non-commercial sources such as direct government grant funding or private donations]
  • Religious organization, or a Person in which any such organization owns equity interests;
  • Fundraising vehicle for charities;
  • Person in which equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada other than a Person whose equity interests are publicly traded;
  • Operates any form of sexually exploitive business; promotes violence, incites hatred or discriminates on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability
  • Businesses that have been determined to have committed tax evasion.
How do I apply for the HASCAP Guarantee?

CWB clients who meet the eligibility criteria for the HASCAP Guarantee program can contact their Relationship Manager or local CWB banking centre to apply.

I have received other COVID-related benefits from the federal government since March 2020. Can I still apply for this program?

Yes, you may. Contact your Relationship Manager or CWB banking centre to confirm your eligibility and start the loan request process. 

What is the deadline for completing a HASCAP application?

The program is available until March 31, 2022. 

Continuing to manage and access your business banking

How can I take care of my business banking needs while I work remotely?

Business owners can do many of their banking activities online or by mobile with CWBdirect Online Banking and CWBdirect Business Online Banking. You can:

  • View detailed balance and transaction reports for both your business and personal accounts
  • Transfer funds, and pay bills and taxes
  • Send, request and receive Interac® e-transfers
  • Deposit cheques
  • Upload and download payment files
  • Customize access based on the needs of your employees

Don’t have online banking but want to sign up? We can do that remotely when you reach out to your Relationship Manager or the nearest CWB banking centre.

With my employees now working remotely, we’re finding it difficult to obtain the correct signing authority on physical cheques required for suppliers, etc. What can we do?

CWB offers a variety of ways to ensure you can continue to make payments including electronic funds transfer to pay vendors, suppliers and payroll. Business clients can also use our tools to collect funds electronically, like rent or lease payments for example. If you’re currently not set up and would like to be, please contact your Relationship Manager or Cash Management Specialist to discuss your options.

I need to deposit cheques, but don’t want to come into a banking centre. What are my options?

CWB has a number of products to help business clients deposit cheques. Our three most popular, not requiring face-to-face transactions, are:

  • Deposit Anywhere via CWB’s mobile app.
  • Remote Deposit Capture which allows businesses to deposit large quantities of cheques with a specialized scanner in your office.
  • Our Day/Night Depository Service, available via a mail slot at all CWB banking centres. Note that staff are actively managing this service for same day credit, regardless of whether the banking centre is open to the public at this time.
I have a CWB Visa Business Card. How can I find out about my travel insurance coverage related to COVID-19?

Clients with inquiries about travel insurance coverage should contact 1-800-463-1623 in Canada or the US, and 1-418-647-5299 internationally.

You can also log in to MyCardInfo for self-serve options including account monitoring and management, viewing available credit, and online claims submissions.

How can I set up direct deposit for my Canada Revenue Agency (CRA) payments?

Visit our CRA direct deposit page for immediate access to your CRA payments and benefits, including the new Canada Emergency Response Benefit.