Coronavirus: Conexus receives 700 applications and processes $ 28 million through CEBA loan program

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Conexus Credit Union says it has received over 700 applications and processed $ 28 million under the Canada Emergency Account for Businesses (CEBA) loan program.

Launched over a week ago, the loan program provides support to Saskatchewan businesses in need as the coronavirus pandemic continues.

“We understand the stress many of our member companies are feeling due to COVID-19, and we are committed to ensuring that our merchant bank members have access to these funds as quickly as possible,” said Eric Dillon, CEO of Conexus.

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“Saskatchewan businesses play a vital role in our economy and it is imperative that we do what we can to ensure they get the help and support they so badly need to help them manage and maintain their operations during this period.

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Part of the federal government’s more than $ 25 billion program, the CEBA Loan Program provides assistance to small, medium and large businesses as well as nonprofits and charities.

Eligible businesses can apply for an interest-free loan of $ 40,000 to help pay for operating costs that cannot be deferred during the pandemic.

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If $ 30,000 is repaid by December 31, 2020, $ 10,000 of the loan is eligible for full forgiveness. If the loan cannot be repaid by then, it has the option of being converted into a three-year loan with an interest rate of five percent.

To be eligible through Conexus, member companies must operate a Canadian business, have an annual payroll of between $ 20,000 and $ 1.5 million in 2019, use Conexus as their primary financial institution and have their corporate account in good standing. .

For more details, visit www.conexus.ca/CEBA.


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Questions about COVID-19? Here are some things you should know:

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Health officials warn against all international travel. Returning travelers are legally required to self-isolate for 14 days, starting March 26, in case they develop symptoms and to avoid spreading the virus to others. Some provinces and territories have also implemented recommendations or additional enforcement actions to ensure that those returning to the region isolate themselves.

Symptoms can include fever, cough, and difficulty breathing, very similar to a cold or the flu. Some people can develop a more serious illness. Those most at risk are the elderly and people with serious chronic illnesses such as heart, lung or kidney disease. If you develop symptoms, contact public health authorities.

To prevent the virus from spreading, experts recommend washing your hands frequently and coughing up your sleeve. They also recommend minimizing contact with others, staying home as much as possible, and maintaining a two-meter distance from others if you go out.

For full COVID-19 coverage from Global News, click here.

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