Canada CEBA Loans

The Canada Emergency Business Account (CEBA) was a financial support program for small businesses affected by the economic challenges posed by the COVID-19 pandemic.

The CEBA provided interest-free loans of up to $60,000 to eligible small businesses and not-for-profit organizations. The loan could be used to cover operational costs and other non-deferrable expenses, such as rent, utilities, and insurance.

To be eligible for the CEBA, businesses had to meet certain criteria, including having a payroll between $20,000 and $1.5 million in the 2019 calendar year. They were required to have an active business operating account with a participating financial institution.

The terms and conditions of the program, as well as the application process, were managed by financial institutions participating in the program. Business owners were encouraged to contact their financial institution for detailed information and to initiate the application process.

As of October 26, 2020, eligibility for CEBA expanded by removing the previous March 1, 2020 condition for having an active business chequing/operating account. With this removal, eligible businesses were able to apply after opening a business chequing/operating account with their primary financial institution.

As of December 4, 2020 the maximum CEBA loan amount was increased to $60,000. CEBA loan holders who had received the $40,000 CEBA loan were able to apply for the CEBA expansion, which offered eligible businesses an additional $20,000 of financing.