Message from the CEO
April 14, 2020

Dear members,

Synergy will be making CEBA (Canada Emergency Business Account) loans available to its members very soon. You can follow us on our social media channels and the FAQ’s on our website for updates on timing of availability.

CEBA will provide interest-free loans up to $40,000 to eligible businesses. To qualify, businesses will need to demonstrate they:

  • Paid between $20,000 and $1.5 million in total payroll in 2019.
  • Have operated a business account as of March 1, 2020.
  • Have a federal tax registration and business number as reported on the borrower’s 2019 T4 summary of remuneration paid.
  • Are not a union, charitable, religious or fraternal organization.  
Repaying the loan on or before December 31, 2020, will result in loan forgiveness of 25% (up to $10,000).

If interested, please call our Member Contact Centre (1-866-825-3301 or 1-306-825-3301) to make arrangements for the CEBA loan. I anticipate significant interest in this loan program, therefore, please be patient with my team as we work through the requests on a first-in, first-out basis.

The final details of the BCAP (Business Credit Availability Program) are not yet available from the federal government. I will share them as soon as possible when they become available.

To stay up to date on what is available from the government, I encourage you to visit COVID-19: Guide and Government Aid Programs regularly.   

Drop me a note if you have questions or concerns.

Stay safe. Take care.

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