Can the Canada Emergency Business Account be cancelled or closed at any time without penalty?

Any balance owing on this account can be repaid at any time. To qualify for the $10,000 loan forgiveness, the outstanding balance should be $40,000 at December 31, 2020, and you will need to repay $30,000 from your operating account to your ScotiaLine for business Visa between Jan. 1, 2021 and Dec. 31, 2022. You will not be charged any interest charges or service fees.

Last updated May 6, 2022