TORONTO, May 4, 2020 /CNW/ - BMO Business Clients are now able to access funds more quickly and securely from the Canada Emergency Wage Subsidy (CEWS) by enrolling for direct deposit with the Canada Revenue Agency directly through BMO Online Banking. Upon enrollment, eligible businesses will have funds from the CEWS deposited directly into their BMO Business Bank account once they've been approved for the program.
The CEWS is intended to help provide business continuity to eligible businesses. Under the program, eligible employers can receive government subsidies covering 75 per cent of employee wages (up to $847 per week, per employee) for a period 12 weeks retroactive to March 15, 2020. To determine eligibility or apply for the CEWS, business clients can visit the Canada Revenue Agency (CRA) page.
"We recognize the importance of making every effort to support Canadian businesses right now, including ensuring they have quick access to crucial funds to help them cross this economic bridge," said Andrew Irvine, Head, Canadian Business Banking, BMO Bank of Montreal.
"In conversations with our clients, we're encouraging them to leverage BMO's online capabilities and sign up for direct deposit to help capital flow more quickly into their business," said Christine Cooper, Co-Head, Canadian Commercial Banking, BMO Financial Group.
Commercial banking clients can stay updated with BMO on COVID-19 and find the latest insights from experts on the bank's commercial relief page.
Business banking clients are encouraged to visit BMO's dedicated COVID-19 small business support page for regular updates and to learn about financial relief measures.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $880 billion as of January 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group