But before you join birthday money donors, check out the CEBA agreement you signed with your bank. Only one person in the organization can accept legal documents in the online registration application process for CEBA. The applicant for your organization must have the legal authority to certify on behalf of the organization and legally hire them under the terms of the RBC legal documentation that applies to the CEBA. If z.B. more than one person must normally sign legal documents for your organization, whether because of your internal requirements or your agreement with RBC, your organization must ensure .B adequate documentation, for example, a resolution, in order to waive the request of several signatories for the registration of the organization to the CEBA in order to legally authorize a particular person to request registration and confirm on behalf of the organization. If the other usual signatories accept your organization, the designated person can request registration. CEBA agreements with different banks define the expenses you can make with your CEBA funds. For the purposes of this contribution, we characterize the eligible expenses of the CEBA. The term is much less restrictive. There are restrictions on how you can use the $40,000 CEBA funds. The limits are set in your CEBA contract with your financial institution.
Some questions and differences between agreements: Note that many questions and elements are still very uncertain. While the program should probably be implemented by each financial institution in the same form, there are certainly differences in lending contracts. It is also pointed out that lending contracts within the same institutions have also evolved over time. Unfortunately, there is no legislation that governs this program, so the primary source, to which borrowers must seek answers, is the special agreement they have signed. If you spend CEBA funds as if it were your birthday money, you are of course violating your CEBA agreement with your bank and you can expect consequences. RBC has updated its loan agreement and has stated that the $40,000 line of credit that will be suspended on March 31, 2021, funded by the Canadian government, will cease. As of April 1, 2021, the outstanding account as of March 31, 2021 is automatically converted to a non-renewable term loan.