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We Are Here For Our Business Members

​The Canada Emergency Business Account (CEBA)

The government recently announced that a new application stream is being added to the CEBA Program called a Non-Deferrable Expenses Stream. Eligible small businesses that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs such as rent, property taxes, utilities and insurance will also be able to receive a loan of up to $40,000 to help cover operating costs during a period where their revenues have been temporarily reduced. 

CEBA Program Update

To provide additional financial support to Canadian small businesses during this time of unprecedented economic challenge brought on by the COVID-19 pandemic, the Government of Canada, alongside its partners EDC and Canada’s financial institutions, are now offering an increase in support for eligible CEBA applicants.

Effective December 4, 2020, the Canada Emergency Business Account (CEBA) loan maximum has increased from $40,000 to $60,000. 

Applicants who have received the $40,000 CEBA loan may apply for the additional $20,000 expansion. 

All applicants have until June 30th, 2021 to apply for the $60,000 CEBA loan or the $20,000 expansion.

 

CEBA Program Overview

On March 25, 2020, the Government of Canada announced the creation of the Canada Emergency Business Account (CEBA). Since then, the program has been expanded and enhanced several times as a result of feedback received from Canadian business owners to enable increased support.

  • An eligible business can now receive a loan of up to $60,000 to help cover operating costs during a period where their revenues have been temporarily reduced. 
  • Eligible businesses must apply where they have their business banking relationship (day-to-day banking).
  • Principal repayments can be made at any time however, no monthly minimum principal payments are required until December 31, 2022.
  • Loan forgiveness of up to one third (33%) of each loan, up to $20,000 is available if businesses repay their loan balance by December 31, 2022.
  • Any unpaid remaining balance by the end of 2022 will convert to a three-year term loan at 5% interest. All principal and accrued interest will be due by December 31, 2025.
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R​eceive a loan of up to $60,000

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Government-guaranteed Credit Solution

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Help Cover Operating Costs 

Getting Started 

To learn more about the CEBA program including an expansive list of questions and answers, please visit the CEBA website or contact our Member Solutions Centre at 1.800.598.2891.

Apply for the CEBA Loan

CEBA has been extended to June 30th, 2021, making the program accessible longer to Canadians.