Canada Emergency Business Account

The Canada Emergency Business Account (CEBA) provides qualifying commercial banking clients access to a $60,000 term loan:

• 0% interest until December 31, 2022
• Principal repayments can be voluntarily made at any time without fees or penalties
• Up to $10,000 loan forgiveness is available on CEBA loans advanced for $10,000 provided $30,000 is paid back prior to December 31, 2022.
• Up to $20,000 loan forgiveness is available on CEBA loans advanced for $60,000, provided $40,000 is paid back prior to December 31, 2022.
• If loan is outstanding on January 1, 2023, 5% interest starts but no minimal principal payments required; and remaining balance to be paid in full no later than December 31, 2025

The CEBA Application period for New $60,000 loans and $20,000 Expansions has now ended effective June 30th, 2021. Applications submitted prior to the June 30th deadline will be processed provided required documents are uploaded within the permitted time frame and approval of your application is received from the Government of Canada.

When you are approved, you will have access to a $60,000 term loan with a 0% interest rate, no fees, and requires no repayments of principal until December 31, 2025.

For Commercial Banking Business Clients, CEBA will be offered as a term loan. You will be able to view your term loan through ScotiaConnect.

The interest-free period for CEBA loans ends on December 31, 2022.  A 5% annual interest rate will be applied on the outstanding balance until it is paid off in full. Monthly interest-only payments will begin in January 2023 and the full outstanding principal balance must be repaid no later than December 31, 2025. CEBA loans not paid off in full by December 31, 2022 will no longer be eligible for the forgiveness benefit. 

Per the requirements of the program, as set out by the Government of Canada, clients must agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax.

Any balance owing on this account can be repaid at any time. To qualify for the loan forgiveness, you will need to repay the required amount from your operating account to your loan prior to the December 31, 2022 deadline. You will not be charged any interest charges or service fees if you pay your CEBA loan in full prior to December 31, 2022.

For $40,000 CEBA loans, if you repay $30,000 from your operating account to your CEBA loan prior to December 31, 2022, the remaining $10,000 balance will be eligible for forgiveness if you meet all requirements as set out by the Government of Canada.  

For $60,000 CEBA loans, if you repay $40,000 from your operating account to your CEBA loan prior to December 31, 2022, the remaining $20,000 balance will be eligible for forgiveness if you meet all requirements as set out by the Government of Canada. 

No. The eligibility criteria only applies to your 2019 payroll expenses, as displayed on your T4 Summary of Remuneration Paid (T4SUM). For customers who also pay employees tax-exempt employment income under the Indian Act, all employment income reported in Box 71 of T4 statements issued to the organization’s employees for 2019 must also be included in the total.

If you have applied for CEBA and would like to check the status of your application online please visit the CEBA Application Status Website. Please wait 5 to 7 business days after finalizing your application before checking your status.  The loan status website will be able to address the following types of questions:

• What is the status of my application?
•  Why was my application declined? How can I fix those errors if applicable?
• Why was my submitted document rejected?

Applicants will need to have the following information to view the status of their loan:

• The name of the financial institution through which they applied for CEBA
• Their 9-digit CRA business number
• The applicable T1, T2, T2 Short, or T4 SUM used in the CEBA application

If you have questions or would like to check the status of your application by phone, please contact the CEBA Call Centre at 1-888-324-4201.  The CEBA call centre is open Monday to Friday from 8:00 am to 9:00 pm EST.

The CEBA Application period for New $60,000 loans and $20,000 Expansions has now ended effective June 30th, 2021. Applications submitted prior to the June 30th deadline will be processed provided required documents are uploaded within the permitted time frame and approval of your application is received from the Government of Canada.

As per the requirements outlined by the Government of Canada, the business is required to be an existing Canadian business with a Canadian physical address, associated with a CAD operating account

Submitting supporting documentation within the program deadlines is a critical part of the application process. Documents must be uploaded through the website application-demande.ceba-cuec.ca as soon as the application is completed and no later than July 14th, 2021. Please visit https://ceba-cuec.ca/ for up to date information on program details and deadlines.

If you have applied for CEBA and would like to check the status of your application online please visit the CEBA Application Status Website. Please wait 5 to 7 business days after finalizing your application before checking your status.  The loan status website will be able to address the following types of questions:

• What is the status of my application?
•  Why was my application declined? How can I fix those errors if applicable?
• Why was my submitted document rejected?

Applicants will need to have the following information to view the status of their loan:

• The name of the financial institution through which they applied for CEBA
• Their 9-digit CRA business number
• The applicable T1, T2, T2 Short, or T4 SUM used in the CEBA application

If you have questions or would like to check the status of your application by phone, please contact the CEBA Call Centre at 1-888-324-4201.  The CEBA call centre is open Monday to Friday from 8:00 am to 9:00 pm EST.