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COVID-19 FAQ

On This Page:

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

Business is very slow and I’ve received loan relief for the next few months. What more can I do to prepare for what comes next? 

Over the next few weeks, feel free to reach out to your Relationship Manager to talk about the medium-term.

You should also:

  • Create a new budget for the balance of the year by taking a close look at your revenues or anticipated revenues and determine if you’re able to cover your basic expenses. Talk to your accountant or bookkeeper for advice on whether to stay open, pause your business, shut down temporarily, or close your business indefinitely.
  • Create a plan for business continuity by thinking through any opportunities to revise your business model (for example, moving your products online). Also consider any inputs to your business, like your supply chain, that may need to be revised or adapted due to pandemic situations and regulations in other provinces and countries.
  • Review your commercial insurance policy to determine whether you are eligible for any coverage for business interruption. If you think you are eligible, call your provider to confirm.
  • Stay in touch with your clients, suppliers, vendors, etc. by phone and email where possible. It’s best to know how others are weathering the situation so you have a sense of forthcoming challenges or opportunities.

Canada Emergency Business Account

CEBA application period is now closed 

The June 30, 2021, application deadline for the federal government’s CEBA loan program is now past. If you applied on or before June 30, your application will be processed as long as the required documents are submitted by their due dates. We continue to support clients with applications in process or in remediation.

My application for the $20,000 expansion loan was not successful, how should I proceed?

Depending on the reason for which your $20,000 expansion application was not successful, you may be able to remedy your application. The government is working on new processes that will allow some businesses with an unsuccessful CEBA expansion application to submit corrected and/or additional information and attempt to remediate their original loan application.

  • If this process applies to you, CWB will contact you with details on next steps. Visit https://ceba-cuec.ca/ for more program details and upcoming deadlines.

Who do I contact if I have questions about my CEBA application or loan status?

Contact your Relationship Manager if you have questions about your eligibility, the application process and for final decisions on completed application forms.

If you have submitted your application and have questions about the status of your loan, visit EDCs loan status website. Please allow 5 to 7 business days before checking your status. If you continue to have questions after checking the website, you can call the CEBA Call Centre at 1.888.324.4201. Callers will be asked to leave a callback number. An agent will return your call between Monday and Friday from 10:00 am to 9:00 pm EST.

 

 

 

I do not qualify or have been declined for the Canada Emergency Business Account. Where can I get more information?

To find out why your application was declined, you can contact the CEBA Contact Centre at 1.888.324.4201. Callers will be asked to leave a callback number. An agent will return your call between Monday and Friday from 10:00 am to 9:00 pm EST.

You can also visit the CEBA website for further details about the program.

EDC BCAP Loan Guarantee

What is the EDC BCAP Loan Guarantee Program?

The EDC BCAP Loan Guarantee Program offers 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 features:

  • A loan term for up to 5 years, with 80% guaranteed by EDC
  • Loan subject to annual review with renewal submitted to EDC.
  • A 1.8% fee to EDC on the authorized loan amount that will be deferred for six months
  • Loan is repayable in full on maturity.

 

How do I determine if I'm eligible for the EDC BCAP Loan Guarantee Program?

Businesses are eligible to apply through CWB if they meet all of the following criteria:

  • Are a Canadian-based business with a current CRA Business Number (BIN) and has operations in Canada.
  • Are a client in good standing with CWB.


The following organizations also qualify under this program: 

 

  • Not-for-profit organization, registered charity, union, or fraternal benefit society or order, or an entity owned by such an organization, and actively carrying on a business in Canada (including a related business in the case of a registered charity) earning revenue from the regular supply of property/goods or services, for the Borrower’s business operations that earns revenue from the regular supply of such property/goods or services. 
  • Indigenous community-owned corporations where such corporations make payments back to Band councils and communities in the form of dividends to support community operations and members (such as social programs, food programs, income support, etc.). The term “Band” in the preceding sentence shall have the meaning ascribed to it in the Indian Act, RSC 1985, c I-5.

Entities that promote violence, incite hatred or discriminate on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age or mental or physical disability, contrary to applicable laws, are not eligible.

All applicants must complete and receive a BCAP Successful Application Confirmation through EDC prior to commencing their formal application with CWB.

Detailed eligibility information is provided by EDC.

Does my business need to be exporting given that the program is run through Export Development Canada?

No, this program is available to all Canadian businesses regardless of whether they export or not, subject to the eligibility criteria outlined above.

I have an existing loan facility with EDC. Can I use EDC BCAP Guarantee Program to top it up?

No, this program cannot be used to support an existing facility. It must be used on a new facility with the intent to use the funds for incremental liquidity in response to the impact of COVID-19.

BDC Highly Affected Sectors Credit Availability Program Guarantee

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. 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 the Canada Emergency Wage Subsidy (CEWS) Program or the Canada Emergency Rent Subsidy (CERS) 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 or CEWS and it qualifies for one of these two programs. You must first:

    • Apply for the Canada Emergency Wage Subsidy (CEWS) Program or the Canada Emergency Rent Subsidy (CERS) 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 CEWS and CERS, 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 or CERS attestation forms demonstrating required revenue decline [and proof of payment under the Program (via bank statements or cancelled cheques)] during the application process with your financial institution.]

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 branch 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 branch to confirm your eligibility and start the loan request process. 

What is the deadline for completing a HASCAP application?

The program is available until June 30, 2021. 

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 branch.

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 branch. 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 branches. Note that staff are actively managing this service for same day credit, regardless of whether the branch 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.