The Government of Canada is planning to expand eligibility for the CEBA program. Learn more about CEBA

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Video: Support and advice for business owners during COVID-19 (12:02)

Video: Support and advice for business owners during COVID-19 (12:02)

Andrew Turnbull, Senior Vice President, Business Banking, and Jamie Golombek, Managing Director, Tax and Estate Planning, provide small business owners with practical support and advice during COVID-19.

Transcriptfor the video support and advice for business owners during COVID-19. Opens a new window in your browser.


Programs and options to help your business

We’re here to help business owners and professionals experiencing financial hardship. The Government of Canada is also taking immediate actions to support businesses.

Government business relief programs with Canadian banks

Canada Emergency Business Account (CEBA)

CEBA is an interest-free loan to help cover operating costs if business revenues have been temporarily reduced due to the economic impacts of COVID-19. It offers a loan of up to $40,000 for eligible businesses that’s interest-free until January 1, 2023.

Learn moreabout CEBA.

Business Development Bank of Canada (BDC) Co-Lending Program

The Co-Lending Program offered by the BDC provides variable-rate term loans at market rates to eligible businesses. It’s for Canadian businesses that operate in Canada and use CIBC as their primary bank.

Learn moreabout the BDC Co-Lending Program.

Export Development Canada (EDC) Business Credit Availability Program

Eligible domestic or export-oriented Canadian companies can get an EDC-guaranteed loan of up to $6.25 million. You can get this as a term loan or revolving line of credit to cover your operating and liquidity expenses.

Learn moreabout the EDC Business Credit Availability Program.

Other government programs

The Government of Canada introduced some programs to help businesses with wages and taxes.

For a current list of government programs and measures, visit Canada’s COVID-19 Economic Response PlanOpens a new window in your browser..

Canada Emergency Wage Subsidy (CEWS)

Canadian employers may be eligible for a subsidy of 75% of employee wages for up to 24 weeks, retroactive from March 15, 2020 to August 29, 2020.

The government is now accepting online applications for the CEWS programOpens a new window in your browser..

Sign up for CRA direct deposit through CIBC Online Banking for Business Opens a new window in your browser. or CIBC Mobile Banking® AppOpens your banking app. to ensure the fastest funding experience and avoid delays of physical cheques.

Learn more about how to set up CRA direct deposit for your business.

Temporary Wage Subsidy (TWS)

The 10% Temporary Wage Subsidy for Employers is a 3-month measure that allows eligible employers to reduce the amount of payroll deductions required to be remitted to CRA.

Learn more in Wage Subsidy Programs for Employers: Canada’s COVID-19 Response Plan (PDF, 205 KB)Opens a new window in your browser.  and FAQ — Temporary wage subsidy for employers: CRA and COVID-19Opens a new window in your browser..

Canada Emergency Commercial Rental Assistance (CECRA)

The program will provide forgivable loans to qualifying commercial property owners to cover 50% of 3 monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.

It’s expected that CECRA will be operational by mid-May, and further details will be announced soon.

Tax payment and filing deadlines

The government announced extensions of certain deadlines for filing tax returns and paying balances owing.

Refer to Information from the CRA on income tax filing and payment dates in light of COVID-19Opens a new window in your browser..

Canada Emergency Response Benefit (CERB)

This taxable benefit of $2,000 per month ($500 per week) is available for up to 16 weeks to eligible workers, including self-employed individuals, who have lost their income due to COVID-19. 

On April 15, the Government announced changes to the eligibility rules to allow people to earn up to $1,000 per month while collecting the CERB, in addition to other eligibility changes.

Learn more in Personal tax measures: Canada’s COVID-19 response plan (PDF, 125 KB) Opens a new window in your browser..

Set up CRA direct deposit for your business

A direct deposit is a fast and secure way to receive your CRA payments, including the Canada Emergency Wage Subsidy (CEWS). 

Learn more about how to set up CRA direct deposit for your business.

Financial assistance options through CIBC

We’re ready to help you manage through any business disruption with a range of convenient financial assistance measures.

Accepting a financial assistance option won’t negatively impact your credit bureau report.

Get answers to COVID-19 financial relief frequently asked questions

Loans

Business loans may be eligible for payment deferrals. Extension of the amortization term may also be available for eligible loans, including the Canadian Small Business Financing Program.

Note: This relief option doesn't feature principal and/or interest skipping or forgiveness. You must pay the principal and interest. Interest will continue to accrue over the deferral period. For more information on how this will impact your account, refer to our COVID-19 Financial Relief FAQ.

Learn more about business loans

Lines of credit

Business lines of credit may be eligible for payment deferrals.

Note: This relief option doesn't feature principal and/or interest skipping or forgiveness. You must pay the principal and interest. Interest will continue to accrue over the deferral period. For more information on how this will impact your account, refer to our COVID-19 Financial Relief FAQ.

Learn more about business lines of credit

Authorized overdraft

Business overdraft may be eligible for payment deferrals.

Note: This relief option doesn't feature principal and/or interest skipping or forgiveness. You must pay the principal and interest. Interest will continue to accrue over the deferral period. For more information on how this will impact your account, refer to our COVID-19 Financial Relief FAQ.

Learn more about business overdraft

Credit cards

For more information on how this will impact your account, refer to our COVID-19 Financial Relief FAQ.

To request financial assistance, call the phone number on the back of your business credit card.

Learn more about business credit cards

GICs

Funds held in non-registered GICs may be eligible for early withdrawal.

Learn more about business GICs

New business borrowing

If your business has new borrowing needs as a result of disruptions from COVID-19, you can apply online through CIBC Online Banking for Business.

Learn more about the BDC Co-Lending Program

Start your application today

Financial assistance options through CIBC are available for your business.

Ways to bank

We’re committed to maintaining a high level of banking access and support, providing expert advice and protecting our team and you.

Digital

Save the trip to the branch and bank online, anytime.

Apply for government relief programs through CIBC Online Banking® for BusinessOpens a new window in your browser..

Get a clear view of your banking, accounting and payroll all in one place with CIBC SmartBanking™ for Business.

Contactless payments

Tap more. Touch less. You can now tap your CIBC credit cards for purchases up to $250. You can also tap credit cards stored on your phone. Available at participating retailers. 

Find a banking centre or ATM

As always, we’re here to help you manage your money. Stay on top of your banking at CIBC ATMs.

Note: Some of our banking centres are closed, but ATMs at these locations are still available. Review a full list of banking centre temporary closures (PDF, 255 KB) Opens a new window in your browser..

Telephone