COVID-19: Support for Businesses
April 30th, 2020

Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account is a government guaranteed loan provided to help Canadian businesses through the current challenges presented by the COVID-19 crisis. Detailed information on this program can be found here.


  • An interest-free loan of up to $40,000 to help eligible businesses pay for operating expenses, payroll and other non-deferrable costs.
  • $10,000 (25%) of the $40,000 is completely forgivable if $30,000 (75%) of the loan is repaid on or before December 31, 2022.
  • No interest applies until January 1, 2023.
  • If 75% of the loan cannot be repaid on or before December 31, 2022, it can be converted into a three-year term loan at an interest rate of 5%.
  • The full loan balance and all accrued unpaid interest is due and payable on December 31, 2025.

How to Apply

Eligible businesses can apply for the loan through their primary financial institution. We encourage you to contact your financial representative today, to determine eligibility and begin the application process.


To be eligible to receive the loan, a business must:

  • Be an operating company registered in Canada as of March 1, 2020.
  • Have paid between $20,000 and $1.5 million in total employment income in 2019 (as per the 2019 T4 Summary of Remuneration Paid statement).
  • Have a 15-digit Canada Revenue Agency Number.
  • Hold an active chequing/operating account with a primary financial institution, on or prior to March 1, 2020. As at March 1, 2020, the account must not have been in arrears on existing borrowing facilities with the financial institution by 90 days or more.
  • Apply only once with a single financial institution.
  • Intend to continue operations or resume operations.
  • Agree to participate in post-funding surveys.


Funds from this loan can only be used to pay for non-deferrable operating expenses critical to sustain business continuity including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service.

Funds may not be used for prepayment/refinancing of existing indebtedness, payments of dividends, distributions and/or increases in management compensation.

Posted in COVID-19

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