The deadline to apply for the Canada Emergency Business Account (CEBA) has been extended. Your owner-operated business may be eligible for a $40,000 interest-free loan. Learn more about CEBA.

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Rebound and Recover series: Small business strategies for growth

Presented in partnership with CIBC, the Globe and Mail hosted a series of webcasts focused on strategies for small businesses to recover and retool for growth.

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Have a plan and make the most of CEBA

Did you get an interest-free loan from the government of Canada? Here are some tips on how to make the most of your Canada Emergency Business Account (CEBA) funds.

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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 December 31, 2022.

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 emergency benefits and other programs to help Canadians and businesses facing hardships.

For a current list of government programs 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, retroactive from March 15, 2020 to December 19, 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 Rent Assistance (CECRA)

CECRA provides forgivable, unsecured loans to eligible commercial property owners, whether they have a mortgage on their property or not. The loans cover 50% of 3 or 4 monthly rent payments that are payable by eligible small-business tenants who are experiencing financial hardship during April, May, June and July.

The loans will be forgiven if the qualifying property owner agrees to reduce the small-business tenants’ rent by at least 75% under a rent-reduction agreement.

Learn more and apply through the Canadian Mortgage and Housing CorporationOpens a new window in your browser.

Regional Relief and Recovery Fund (RRRF) 

RRRF is for businesses that may require additional help to recover from the COVID-19 pandemic, but have been unable to access other support measures. It offers businesses an interest-free repayable contribution of:

  • up to $40,000, with up to 25% forgivable
  • up to $1,000,000, fully repayable 

Apply to the RRRF through your Regional Development Agency. Before applying, businesses must have already applied to other Government of Canada emergency credit relief measures.

Learn more at the Government of Canada websiteOpens 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..

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.

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Client stories

Josh Cormier having a drink next to his distilling equipment.

Josh Cormier, Pepprell Distilling Co.

Pepprell has always had a social and environmental mission at its core. When the pandemic hit, the business pivoted from distilling spirits to making hand sanitizer to help its community. Our advisor, Elaine Purdy, has supported Josh and his team through the transition to make their banking easier. 

Read moreabout Pepprell Distilling’s story.

Cory-Lynn Styles in her studio.

Cory-Lynn Styles, Lagom Studio

Cory-Lynn has started turning her studio into a virtual experience, offering take-home paint-your-own-pottery kits as a much needed creative outlet during the pandemic. Our advisor, Louis Choi, has helped her during this stressful time by enrolling her in a business relief program so that she could focus running the business. 

Read moreabout Cory-Lynn Styles’ pottery studio.

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.

Request a call from a CIBC expert

One of our advisors will call you back when it’s convenient for you.

Find a CIBC Banking Centre or ATM.

Some banking centres are closed, but ATMs are still available.

Telephone