Entrepreneurship & Small Business

Scotiabank CEBA - Anyone Successful?

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  • Apr 24th, 2020 4:31 pm
[OP]
Newbie
Nov 17, 2007
28 posts
7 upvotes
Toronto

Scotiabank CEBA - Anyone Successful?

I keep seeing "technical difficulties" after submitting- what a joke!
13 replies
Deal Fanatic
User avatar
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?
I use voice typing, expect mistakes...
Deal Fanatic
User avatar
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
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...
Deal Fanatic
User avatar
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 use voice typing, expect mistakes...
Member
Aug 13, 2003
425 posts
261 upvotes
Calgary
dazz wrote: Another thing, it seems you would need to make 50K+
I am pretty sure he said he made 48K so seems like not qualified.
Need $50,000 plus in payroll. Profits could be zero and you would still qualify.
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!
Deal Addict
Dec 13, 2007
1639 posts
103 upvotes
Toronto
Swilt wrote: 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!
No they don't. It WILL start off as a LOC. Separate acct. No one has reported that actually happening though.
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?
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.
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.
Deal Addict
Jan 21, 2018
4591 posts
4655 upvotes
Vancouver
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.
Surely the LOC would show negative $40,000!

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.
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.
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.

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