A: Yes you may apply for both; however the amount of the subsidy that will be applied for those CEBA eligible clients will be 25%. If the applicant is subsequently declined from getting CEBA support and provides documentation to that effect, AMDI will apply 50% of the funds advanced to the loan as a subsidy.

A: No, if you do not apply for the CEBA loan and otherwise would be eligible, you will only receive 25% as a subsidy from MBEL.

A: No these loans do not have a government guarantee attached.

A: Yes the amount borrowed will require Apeetogosan to bind the repayment obligation to the business and the owner. The general security documents will require a Promissory Note, a General Security Agreement and a personal guarantee or co-signor of the individual (at the discretion of management).

A: We will allow the funds to be used for legitimate business expenses, these include the following:

• Rent or lease payments
• Insurance
• Loan payments on any business debt
• Interest on business loans
• Wages to arms-length employees
• Supplies
• Inventory
• Small tools
• Wages for draw to the owner or spouse (limit to $3,000 per month)
• Advertising & promotion
• Fuel & oil
• Source deductions to CRA
  New capital purchases (i.e. equipment, vehicles)

A: If you are a current Apeetogosan borrower and you receive funding for the MBEL Program you will be required to at least pay interest on the loan during your business interruption on a monthly basis. Principal payments on your loan will be deferred up to June 30, 2020. You will be allowed to claim the interest portion as an eligible business expense for purposes of receiving the MBEL subsidy.

A: Yes, however we will limit the amount you can pay yourself or your spouse (non-arms length) to $3,000 per month, combined per household. As well if you are also claiming the $2,000 Canada Emergency Response Benefit (CERB) you will be excluded from taking a salary or draw from your business during the months you are receiving the CERB.

A: If Apeetogosan does not currently have it on file, you should provide the following:
– Certificate of Incorporation with confirmation of share structure (if corporation);
– Copy of last Annual Alberta Corporate Registry filing;
– Certificate of trade name registration (if a sole proprietor);
– Business Number with CRA;
– Most recent Annual Financial Statement prepared in 2019. If a sole proprietor your 2019 (if available) or 2018 T1 Tax return;
– Copy of your current MNA Membership card;
– Copy of a cheque or banking information of your business bank account.

A: You must be prepared to submit copies of bank statements, credit card statements and/or invoices and receipts confirming that the funds were used for allowable business purposes. You will be assigned a Pinnacle consultant or Apeetogosan representative to work with you to vet the information and submit the claim to ensure the subsidy is applied to your loan account.

A: Any funds provided as a subsidy must be treated as revenue to the business in the period when it was received. Apeetogosan will not be issuing any tax slip for these funds.