COVID-19 – What you need to know

Supporting our customers is our top priority

We’re committed to supporting and working with our customers to understand the financial hardships your business may be experiencing.

How do I apply for the Canada Emergency Business Account?

If your business has been impacted by COVID-19, we’re here to support you. You can apply online for the Canada Business Emergency Account. Please note, your Relationship Manager won’t be able to submit an application for you.

I’m a small business owner and want to know more about the government programs.

The Government of Canada recently announced a number of relief measures to support small businesses, including the Canada Emergency Business Account. You can review program eligibility and enrollment details, including how to request financial relief here. If you need us, our dedicated relationship managers are here to support. If your business has experienced financial impacts from COVID-19 please reach out to discuss options.

How is HSBC protecting customers and employees from COVID-19?

  • We are monitoring the COVID-19 situation very closely and liaising with government and public health officials. 
  • Our teams are meeting frequently to assess risks to our operations, and are in constant contact with our global teams. 
  • At this time, all of our office and branch locations continue to operate. For everyone’s health and wellbeing, we’ve temporarily reduced our branch hours to limit social interaction. 
  • We are asking employees to follow health and hygiene precautions and have implemented more frequent cleaning and disinfecting of our branches, including frequently touched objects and surfaces. 
  • We’ve restricted travel and implemented self-isolation requirements for employees who have travelled outside of Canada, or exposed to potentially-infected individuals.

How will the current situation impact HSBC in terms of operations?

  • We are monitoring the situation closely and potential impacts are escalated through the Incident Management command and control structure which is used to initiate local and global responses and to drive any beneficial changes to our existing plans and capabilities.
  • We have contingency plans including split-site operation, work transfer and homeworking capabilities, and business continuity procedures will be activated as needed.
  • A large number of our processes are performed across our network of sites around the globe, so any potential impact on our day-to-day operation can be minimized in the event of disruptions at a particular location.

If you temporarily close any branches due to COVID-19, how will I know?

In the event of a disruption, we will post a notice at the branch entrance. You can also check back here or check our branch locator.

Having been impacted by the coronavirus, I am currently self-quarantined and can’t get to a branch, can you help me?

You can access your accounts and perform routine banking transactions at home using HSBCnet or the HSBCnet Mobile Banking App, or to use an ATM near you where you can also access cash. You can also call us at 1-866-808-4722

I’m a business customer and I’m facing challenges. What options are available to me?

We are ready to assist customers requiring additional assistance. Please speak to your Relationship Manager, since help is offered on a case-by-case basis.

How do you continue to service client needs during a national lockdown scenario?

It depends on the nature of the lockdown but, in the cases witnessed so far in Europe, critical staff are permitted to travel to work locations.

For liquidity and cash management:

  • Our digital platforms such as HSBCnet and HSBC Connect offer clients a fast, simple and secure way to run their business remotely, either online or via mobile.
  • We are accelerating the deployment of new digital capabilities to make it even simpler for clients to move money when out of the office – enabling more clients to log-on via mobile authentication, use their phones to pay cheques, and provide documents online instead of paper copies.
  • We are also advising and alerting clients to increased fraud risks as businesses adopt new working practices – helping to prevent clients from becoming victims of business email compromise and phishing scams. For more details, visit: https://www.hsbcnet.com/learningcentre/news/impt-info/coronavirus-advisory-6-mar-2020    
  • It is now more important than ever to maintain contact with clients to ensure we are servicing their needs during a period of market and economic turmoil.

I’m experiencing financial difficulties because I’ve been impacted by COVID-19, what can I do?

At HSBC our key priority is the wellbeing of our customers during this uncertain time. We fully support and are in line with the Federal government’s recently announced economic response plan. We will work with all of our customers that are experiencing financial impacts due to COVID-19.

Customers can contact their relationship managers to discuss their circumstances.

How is the risk of supplier failures due to the COVID-19 outbreak being managed?

We are working closely with our suppliers and making back-up arrangements if necessary.

What are the options to receive CEWS payments?

  • Direct deposit registration through HSBCnet: You can set up direct deposit the next business day after submission if your information matches CRA files, allowing you to receive payments on scheduled payment dates directly into your business account.
  • Direct deposit registration through CRA: Enrolling through CRA website will require an activation code to be mailed to you before direct deposit can be set up. If direct deposit is not set up by the scheduled payment date, the CEWS payment is mailed as a cheque.
  • No direct deposit: CEWS payment is mailed as a cheque.
  • Existing direct deposit: CRA uses direct deposit on file and completes payment into your account on scheduled payment dates.

Why direct deposit?

Direct deposit is a safe, fast, and secure method of payment, and is an alternative to payment by cheque through traditional mail.

Does enrolling for the CRA direct deposit automatically sign me up for CEWS?

Registering for the CRA direct deposit doesn’t automatically register you for the CEWS. To apply for the CEWS, please visit the Government of Canada’s website. If you don’t register for the CRA direct deposit (through HSBCnet or the CRA), your CEWS payment will be issued as a mailed cheque.

What do you need to register for direct deposit?

Access to HSBCnet.

Your 15 digit CRA Business Number   (BN15). 

Your business entity's current account (CAD only) opened before March 1, 2020.

Can I still sign up for the CRA direct deposit even if I don’t have HSBCnet?

Yes, you can register through the CRA website My Business Account. If you’d like to register for HSBCnet, please contact your Relationship Manager or your Global Liquidity and Cash Management Sales Manager.

Why do I need to provide my CRA Business Number (BN15) when registering for the CRA direct deposit?

Your CRA Business Number (BN15) is required by the CRA to verify which account you are enrolling for the direct deposit.

What if I prefer to give my information directly to the CRA?

You can still register for the CRA direct deposit through the CRA website My Business Account. In order to receive your payments easily and directly though, Government of Canada has recommended to enrol through your bank.

How will I know if my CRA direct deposit information has been set up properly with the CRA?

You will receive a confirmation at the end of the enrolment process that your information has been submitted to the CRA. The CRA will contact you directly if there are any issues with your application. You can confirm, or cancel the request by calling CRA directly at 1-800-959-5525.

If my CRA direct deposit is already set up, do I need to enrol again to receive CEWS payments?

If your CRA direct deposit is already set up, you don’t have to enrol again. The CRA will use the existing account information. If you enrol again, CRA will use the new information provided.

What if I want to change my existing direct deposit information? What if I submit more than one request in a day?

CRA will replace existing direct deposit information on file with what is submitted most recently. HSBCnet will send the last form submitted each day by the customer. (e.g. If two forms are submitted on the same day, only the last submission is sent to CRA.)

What do I need to do if I am expecting a payment of $25 million or more?

Payments of $25 million or more are required to go through the large value transfer system (LVTS) to be direct deposited into your account. If you want to receive these payments through direct deposit, you need to enroll for LVTS through the CRA webpage AND direct deposit through HSBCnet. For faster LVTS setup, email the dedicated CRA mailbox for LVTS at BRDLVTSREG@cra-arc.gc.ca.

Who can I contact at the CRA about CEWS?

Monday to Friday 9am to 9pm (local time)

Canada Emergency Wage Subsidy: 1-833-966-2099

CRA direct deposit: 1-800-959-5525

CRA Contact Page

Questions? Ready to get started?

Questions? Ready to get started?

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