BMO Update: COVID 19 Emergency Support & Canadian Emergency Business Account

Below is an update from BMO about the COVID 19 Supports. See more information at:

I hope you are keeping healthy and safe during these uncertain times.
You may have heard that the federal government recently announced COVID-19 financial relief for businesses. The government is working with all the Banks to make the application available during the week of April 6. We will send a follow-up email when the application is available.
The Canada Emergency Business Account is a government-guaranteed loan of up to $40,000 that is interest-free until December 31, 2022. The loan is available to help businesses with operating costs during COVID-19. Twenty-five percent of the loan amount ($10,000) is eligible for forgiveness as long as the business pays back $30,000 on or before December 31, 2022. If the business cannot pay back the loan by December 31, 2022, it can be converted into a 3-year term loan at an interest rate of 5%.
As a BMO client, you will be able to apply for this financial relief, on our COVID-19 support websiteBanks do not have the ability to process applications at the branch or through our call centre or through your Relationship Manager; this program will only be available online through our COVID-19 website.
Please continue to visit our COVID-19 website regularly for updates.
Please note that you may also be eligible for Personal Relief programs for individuals. For more information click here.
As always, we are committed to supporting you and your business and we will continue to share new information on our COVID-19 support website as soon as the information is available. Please check this website for the most recent information and updates and feel free to contact your Relationship Manager if you have any further questions.
Stay safe,
Andrew Irvine
Head, Canadian Business Banking