CANADA EMERGENCY BUSINESS ACCOUNT

Program Details

• Intended to support businesses by providing financial support to help cover their expenses that cannot be avoided as they take steps to safely navigate a period of shutdown
•  Loans avaliable up to $40,000, interest free until December 31, 2022 (subject to avaliability of funding)
• Up to $10,000 may be eligible for loan forgiveness (if at least 75% of the loan is paid by December 31, 2022)
• As of October 26, 2020, eligibility for CEBA has expanded by removing the previous March 1, 2020 condition for having an active business chequing account   
• As of October 26, 2020, eligible Canadian businesses that currently operate through a personal bank account will be able to apply for CEBA

Qualifications

Every applicant must meet the following criteria:

• Has an active CRA Business Number with an effective date of registration on or prior to March 1, 2020
• Has an active business chequing account at the time of applying for CEBA 
• Has not previously used CEBA and will not apply for support from CEBA at any other Financial Institution 
• Intends to continue to operate its business or to resume operations 

Use the government's CEBA Pre-screen Tool to see and confirm your elbigility.

For more information on the CEBA program you can visit the Federal Government's website.