Scotiabank CEBA - Anyone Successful?
I keep seeing "technical difficulties" after submitting- what a joke!
- Last Updated:
- Apr 24th, 2020 4:31 pm
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- SCORE
- blade8079 [OP]
- Newbie
- Nov 17, 2007
- 28 posts
- 7 upvotes
- Toronto
13 replies
- dazz
- Deal Fanatic
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- Dec 10, 2004
- 6555 posts
- 2244 upvotes
- Vancouver
I am curious as well for someone I know who is self employed and is not getting the CERB as this person still has about $1500/m income(down from ~5000/m). So this person wants to apply for CEBA 40K. Is there a TOS for what is involved. I believe it's until 2022 to pay off without any % and 5% there after for 3 more years, if needed.
What's the deal with 10K?
What's the deal with 10K?
I use voice typing, expect mistakes...
- dazz
- Deal Fanatic
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- Dec 10, 2004
- 6555 posts
- 2244 upvotes
- Vancouver
Alright, found the TOS, which I will forward. This one is from TD:
https://www.td.com/ca/en/business-banki ... eement.pdf
https://www.td.com/ca/en/business-banki ... eement.pdf
Loan Forgiveness for Early RepaymentIf you have repaid at least 75% of the Loan Amount on or prior to the Initial Term Date, the Bank will forgive the remaining balance of the Loan Amount as of the Initial Term Dateprovided thatan Event of Default has not occurred.
I use voice typing, expect mistakes...
- dazz
- Deal Fanatic
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- Dec 10, 2004
- 6555 posts
- 2244 upvotes
- Vancouver
Another thing, it seems you would need to make 50K+
I am pretty sure he said he made 48K so seems like not qualified.
I am pretty sure he said he made 48K so seems like not qualified.
I use voice typing, expect mistakes...
- DentDude
- Member
- Aug 13, 2003
- 425 posts
- 261 upvotes
- Calgary
- Polavarapu12
- Newbie
- Oct 26, 2019
- 1 posts
I tried today and it worked for me. please try again.
- Swilt
- Newbie
- Mar 18, 2009
- 59 posts
- 5 upvotes
What happened when you applied, do they say they will get back to you? Does it just dump money in the account?
Thanks in advance!
Thanks in advance!
- slavka012
- Deal Addict
- Dec 13, 2007
- 1639 posts
- 103 upvotes
- Toronto
- Swilt
- Newbie
- Mar 18, 2009
- 59 posts
- 5 upvotes
I was just approved today right after applying and it says it will be deposited in 5 days?
- GPS
- Deal Addict
- Nov 1, 2003
- 1103 posts
- 323 upvotes
I just got approved and instantly my business account has a new LOC with 40k limit, but I can't seem to see how to draw on it. Do the options come later on? The only button is to make a payment to this LOC right now.
- eliseharlow
- Newbie
- Dec 25, 2017
- 10 posts
- 7 upvotes
The LOC opens first and shows up as $0. After 5 business days $40 000 gets deposited into your operating chequing account. The LOC will appear as $40000 at that point rather than 0.
- Scote64
- Deal Addict
- Jan 21, 2018
- 4591 posts
- 4655 upvotes
- Vancouver
Surely the LOC would show negative $40,000!eliseharlow wrote: ↑ The LOC opens first and shows up as $0. After 5 business days $40 000 gets deposited into your operating chequing account. The LOC will appear as $40000 at that point rather than 0.
I'm surprised that they don't just leave it up to business owners to decide when to transfer money from the LOC to their operating account, rather than automatically taking a full $40K immediately.
- eliseharlow
- Newbie
- Dec 25, 2017
- 10 posts
- 7 upvotes
I don't mind that they deposited the money in the operating account actually, it's zero interest so it really makes no difference.
- caprio
- Member
- Dec 2, 2007
- 338 posts
- 62 upvotes
- Toronto
The $40000 was deposited into my account first. A few days later there was another LOC account created and it shows the $40000 liability. But hey zero interest and possibility up to $10000 loan forgiveness. How can you refuse. Also, it took literally minutes after I applied, I was approved. The money came in a few days later.