Toronto 
As part of the Government of Canada’s COVID-19 Economic Response Plan, the government has established Canada Emergency Business Account (CEBA) as part of the federal government’s $25 billion loan program for Canadian small businesses.
WHAT IS CEBA
The CEBA is a government-guaranteed loan of $40,000, designed to help small business owners meet their immediate cash flow needs:
- 0% interest until December 31, 2022
- No principal payments until December 31, 2022
- Principal repayments can be made voluntarily at any time without fees or penalties
- $10,000 loan forgiveness is available, provided $30,000 is paid back on or before December 31, 2022
- If the balance is not paid by December 31, 2022, the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023
- The full balance must be repaid by no later than December 31, 2025
WHO IS ELIGIBLE FOR CEBA
Update April 16: Small Business With Minimum Payroll of $20,000 Now Eligible For Canada Emergency Business Account
The Canada Emergency Business Account is for SMEs and NPOs. The conditions of the federal program require that:
- The person applying has the ability and authority to bind the organization
- Your organization is a Canadian operating business (i.e. not a holding company) in operation on March 1, 2020
- Your organization’s payroll expense in the 2019 calendar year was between $50,000 and $1,000,000. You will need to have a federal tax registration and provide:
- Your Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of the 2019 T4 Summary of Remuneration Paid
- Your total employment income reported in Box 14 of the 2019 T4SUM
- Your 2019 T4SUM when requested upon audit by the Government of Canada
- Per the requirements of the program, as set out by the Government of Canada, you will agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service
- You have an active business chequing/operating account at your primary financial institution.
- You are not applying for this program at any other financial institution. You understand that applying for support under the Program at more than one financial institution may result in ineligibility under the Program, default under the facility in respect of which this attestation is being provided, prosecution or other enforcement measures available at law or otherwise.
- You intend to continue to operate your business or to resume operations
WHO IS NOT ELIGIBLE
- Government organizations or bodies, or entities owned by a government organization or body
- Entities owned by individuals holding political office;
- Entities that are structured as a holding company;
- Unions, charitable, religious or fraternal organizations or entity owned by such an organization or if it is, it is a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services; and
- Entities that promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, color, religion, sex, age or mental or physical disability
The applications are open through your banking institution. Contact your bank for more details.
HOW TO APPLY FOR CEBA THROUGH CANADA’s BIG BANKS:
TD customer:
- To apply for the CEBA loan through TD, customers must have an active Business Chequing Account with TD as of March 1, 2020 and 2019 payroll expenses between $50,000 and $1,000,000.
CIBC Customer:
- To be ready to apply for a CEBA as soon as it becomes available, clients should ensure they have registered for CIBC Online Banking for Business and have their T4 Summary of Remuneration Paid available to supply key information for their application.
- CIBC as their primary bank. This means that the business uses a CIBC Business Operating Account (opened on or before March 1, 2020) for day-to-day payments and cash management activities. More Information
RBC Customer:
- Update their email and contact details within their RBC Online Banking for Business profile before starting their enrollment
- Their RBC business client card number
- Their organization’s 2019 T4 Summary of Remuneration Paid statement. They can also contact the Canada Revenue Agency to have them re-issue their organization’s 2019 statement
- Confirm that the person enrolling for CEBA has the authority to attest on behalf of the organization and legally bind the organization to the terms of the CEBA loan agreement.
Scotiabank Customer:
- An operating company registered in Canada;
- Annual payroll of between $50,000 and $1,000,000 (based on your 2019 T4SUM Summary of Remuneration Paid); and
- Scotiabank as their primary bank. This means that the business uses a Scotiabank Business Operating Account (opened on or before March 1, 2020).
- For full eligibility criteria and further details, please visit Scotiabank.com/SmallBusinessRelief for Scotiabank Small Business customers and Scotiabank.com/CommercialRelief for Scotiabank Commercial Banking customers.
National Bank Customer:
- You have an active business account (business current account) at National Bank, in Canadian dollars, opened no later than March 1, 2020
- The enterprise was not in arrears on existing borrowing facilities, if applicable, with National Bank by 90 days or more as at March 1, 2020
- National Bank is your primary financial institution
- You will need the following information for your application:
- Your National Bank business account number (indicated at the bottom of your cheques)
- The transit number of your branch (5 digits, indicated at the bottom of your cheques)
- The sum of salaries paid in 2019 (see box 14 of the 2019 T4 Summary for your business)
- Your business number or employer account number (15 characters, see the 2019 T4 Summary for your business)
- Additional support measuresSome businesses could also already be eligible for the following support measures.
- Concerted Temporary Action Program for Businesses from Investissement Québec: This program is only for businesses operating in Quebec and gives access to a working capital loan of a minimum of $71,500. For more information, go to the Investissement Québec website.
- Export Development Canada’s Business Credit Availability Program (BCAP): This measure is aimed at direct exporters, indirect exporters, and future direct exporters. It allows them to obtain an operating line of credit or cash flow loan of up to $6.25M in CAD, USD or another currency. For more information, go to the Export Development Canada website.
National Bank Insurance Auto | Home: Support measures for retail clients: National Bank Insurance Auto | Home would also like to remind clients who are experiencing financial difficulties that they could be eligible for various relief measures, including:
- Payment deferrals
- Premium adjustments to reflect reduced vehicle use
- Flexibility offered to clients who use their vehicle for certain types of deliveries
- Claims may be submitted online or by phone
You may like:
Is our incorporated business be eligible if we apply using T5s, not T4s? We pay ourselves with dividends.
We only have T5s, not T4s, since we pay ourselves (my husband and I are the only two shareholders/owner operators) with dividends. Would our incorporated business be eligible?
Please call your bank. As far as we know, you need T4s.