CIBC GIRDS FOR RELIEF REQUESTS

Canadian Imperial Bank of Commerce is preparing for an onslaught of applications from small businesses looking to tap $25 billion in government relief from the coronavirus pandemic. “They say that this pandemic is like wartime, where all Canadians gear up for the war against the enemy that you really can’t see,” chief executive officer Victor Dodig said in an interview. “We’re doing the same thing.” The head of the country’s fifth-largest lender said there’s a “hive of activity” within the bank to prepare for the government’s upcoming Canada Emergency Business Account program, which will provide interest-free loans of as much as $40,000 to small businesses and not-for-profit organizations. “We have teams working around the clock to have our digital platform ready, and it’s ready for that,” Dodig said.