The Canada Emergency Business Account (CEBA) is a loan of up to $60,000 (up to $20, 000 is forgivable). This program is legislated by the Federal Government, administered by Export Development Canada (EDC) and delivered through financial institutions with the intent of helping businesses pay their non-deferrable expenses during this challenging period. The CEBA has two streams of eligibility: the Payroll stream and the Non-Deferrable Expense stream. If you previously received a loan of up to $40,000, you can apply for the CEBA expansion to increase your loan by an additional $20,000 ($10,000 of which is forgivable if repaid before Dec 31, 2022).
New CEBA applications to financial institutions (FI) are no longer being accepted.
CEBA escalations have quadrupled. If you were asked to provide information and have not yet heard back, it is likely that the CEBA administrators are still processing your application. For status updates please call the CEBA call centre at 1-888-324-4201 and stay in touch with your financial institution. Should you be unhappy with the results of your CEBA call centre conversation, you can request to have a supervisor call you back.
Existing program deadline:
You can find a list of past CEBA updates in the CEBA timeline.
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How much your business can receive:
- CEBA: Your business can receive a loan of up to $60,000. If you repay the balance on or before December 31, 2022, your loan will be interest-free with 33% forgivable (up to $20,000).
- CEBA expansion: If your business has already qualified for a CEBA loan, you can receive an expansion of $20,000. If you repay the balance on or before December 31, 2022, your loan will be interest-free with up to $10,000 forgivable.
Each financial institution determines the form of their CEBA loan. For example, the loan may come to you via a credit card, line of credit, or term loan as defined in the terms and conditions. Contact your financial institution if you have further questions or concerns.
Program duration: April 9, 2020, to June 30, 2021
How to apply: Apply through your financial institution. See the list of providers on the CEBA website.
Application Deadline: June 30, 2021 (the program is now closed to new applications)
Document upload deadline: Please see FAQ
Eligibility criteria: See the FAQ below for details.
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How is CFIB advocating for small business on CEBA?
What we have achieved:
What we’re pushing for:
- Immediately include new firms.
- Make it easier for small firms without a formal payroll to access CEBA, including those with less than $40,000 in non-deferrable expenses.
- Further increase the amount forgiven to 50%.
How you can help:
- Join our push for better relief measures by signing our COVID-19 petition.
CFIB members get one-on-one advice from our business counsellors, exclusive access to helpful webinars, weekly email updates, and a voice in the support measures we push for from the government.
CFIB members: Get in touch today.
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Our primary concern at CFIB is making sure you have the support you need to get through this uncertain and challenging time. We provide you with expert advice and ensure that you have all of the latest information on government announcements and available support.