Canada Emergency Business Account

If you were a qualifying small business customer, the CEBA program provided access to a $60,000 loan:

• 0% interest until January 18^th, 2024.

• Principal repayments can be voluntarily made at any time without fees or penalties.

• Up to $10,000 loan forgiveness is available on eligible CEBA loans advanced for $40,000 provided $30,000 is paid back prior to January 18^th, 2024.
  
  
• Up to $20,000 loan forgiveness is available on eligible CEBA loans advanced for $60,000 provided $40,000 is paid back prior to January 18^th, 2024. 
  
  

• If the balance is not paid by January 18^th, 2024, the remaining balance will be charged 5% annual interest, paid monthly, effective  January 19^th, 2024.

• The full balance must be repaid by no later than December 31, 2026.

The CEBA Application period for New $60,000 loans and $20,000 Expansions ended effective June 30th, 2021.

For Scotiabank small business customers, the Canada Emergency Business Account was offered as a ScotiaLine for Business VISA. You will be able to access your account through Scotia OnLine Banking or the Scotia mobile banking app.

The interest-free period for CEBA loans ends on January 18^th, 2024.  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 19^th, 2024 and the full outstanding principal balance must be repaid no later than December 31, 2026. CEBA loans not paid off in full by January 18^th, 2024 will no longer be eligible for the forgiveness benefit.

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 ScotiaLine for Business VISA prior to January 18^th, 2024 deadline. You will not be charged any interest charges if you pay your CEBA loan in full prior to January 18^th, 2024.

For $40,000 CEBA loans, if you repay $30,000 from your operating account to your ScotiaLine for Business VISA prior to January 18^th, 2024, 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 ScotiaLine for Business VISA prior to January 18^th, 2024, the remaining $20,000 balance will be eligible for forgiveness if you meet all requirements as set out by the Government of Canada.

Payments can be made to your CEBA loan by making a bill payment to the ScotiaLine for business VISA that was set-up as your CEBA.