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​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

Effective June 19, 2020 there are two CEBA application streams. A new stream has been added (‘Non-Deferrable Expenses Stream’) to include eligibility for 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. 

An eligible small business must have total employment income paid to employees in 2019 of $20,000 or less and 2020 eligible non-deferrable expenses (subject to adjustments for support or subsidies under other Government of Canada COVID response programs) greater than $40,000 and less than $1,500,000. Expenses will be subject to verification and audit by the Government of Canada.

About the CEBA Loan Program

  • An eligible business can receive a loan of up to $40,000 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 one quarter of each loan, up to $10,000 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.

R​eceive a loan of up to $40,000

Government-guaranteed Credit Solution

Help Cover Operating Costs 

CEBA - Payroll Stream

An eligible business must have paid between $20,000 to $1.5 million in total payroll in 2019, based on tax records, and in good financial health before the impact of COVID-19. 
  • CEBA applications under the Payroll Stream will be completed directly through the financial institution in which your business holds its primary business chequing / operating account.
  • Once you will have completed your application, the Government of Canada will assess the application and inform your financial institution of the approval or decline of the loan. If approved, your Financial Institution will provide the funds into your business chequing / operating account.
  • Financial institutions provide application information to the Government of Canada to confirm eligibility. If successful, the Government of Canada will notify your financial institution and provide funding for your CEBA loan.

Preparing to apply

  • You will need your 15-digit Business Number and the Box 14 amount for remuneration issued in 2019 T4 Summary of Remuneration Paid statement. You can access this information online through the CRA portal.
  • You must identify and confirm Tandia as your primary financial institution - the one that holds your primary business operating account. If this is not the case, you will need to apply through the financial institution that does hold your primary operating account. The person applying for the CEBA loan must have the authority to attest on behalf of your organization to the terms of the CEBA loan agreement.

CEBA Non-Deferrable Expenses Stream

As of June 19 2020, to be eligible to apply, A business must have paid $20,000 or less in total payroll to employees in 2019 and have 2020 eligible non-deferrable expenses (subject to adjustments for support or subsidies under other Government of Canada COVID response programs) greater than $40,000 and less than $1,500,000.
CEBA applications under the 2020 Eligible Non-Deferrable Expenses Stream will follow a two-step process:
  • Step 1: Businesses will initiate applications directly at their primary financial institution where they hold their primary business chequing / operating account. The financial institution will then direct applicants to
  • Step 2 of the application process.Step 2: Following the initial application through your financial institution, applicants will be directed to a CEBA website to provide supporting documentation of the 2020 eligible non-deferrable expenses and to complete the application.

The Government of Canada will assess application information submitted via financial institutions in Step 1 together with the supporting documentation and information provided in Step 2. If successful, the Government of Canada will notify your financial institution and provide funding for your CEBA loan.

Preparing to apply:

  • You will need your 15-digit Business Number, a 2018 or 2019 tax return and proof of eligible non-deferrable expenses of between $40,000 and $1.5 million. Expenses will be subject to verification and audit by the Government of Canada.
  • You must identify and confirm Tandia as your primary financial institution - the one that holds your primary business operating account. If this is not the case, you will need to apply through the financial institution that does hold your primary operating account. The person applying for the CEBA loan must have the authority to attest on behalf of your organization to the terms of the CEBA loan agreement.

Apply for the CEBA Loan

​CEBA FAQs 

​How do I apply for this program? 

You must apply for the program at your main financial institution of record as of March 1, 2020.

Where do I obtain an application for the program?

Please visit tandia.com to find the CEBA application form.  If you have any additional questions please contact your local Tandia branch or our Member Solutions Centre at 1-800-598-2891. 

​Can I go apply for the program at a bank or other credit union? 

 This loan must be taken out through your primary financial institution. 

​How do I qualify?

All credit-worthy businesses with viable business models whose activities fall within the mandate are eligible to benefit from CEBA. Businesses must also be registered in Canada and will need to prove that: 

  • between $20,000 to $1.5 million was paid out in total payroll in 2019 or
  • they paid $20,000 or less in total payroll to employees in 2019 and have 2020 eligible non-deferrable expenses greater than $40,000 and less than $1,500,000.

​What are the details of the loan?

CEBA will provide interest-free loans of up to $40,000 to eligible businesses. Repaying the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000). The CEBA will be implemented by eligible financial institutions in cooperation with Export Development Canada and the Department of Finance.

​How long will it take to receive the money after I’ve applied?

After you have completed the required documentation, your application will be assessed and money will be deposited in your account, likely within 4-5 business days. 

​What is the interest rate on the loan?

The $40,000 loan is interest-free and no principle payments will be required until December 31, 2022. Up to $10,000 is eligible for complete forgiveness if $30,000 is fully repaid before December 31, 2022. 

​Who can I contact for more information? 

You can reach out to your local credit union for more information on this program and other supports available.