We wanted to update you that the federal government is expanding the Canada Emergency Business Account (CEBA) loan program for small businesses.
Under the expanded terms, businesses and not-for-profits with an annual payroll between $20,000 and $1.5 million will now be eligible to apply for CEBA beginning Friday, April 17.
The CEBA application process is quick and easy
If your business now qualifies given the expanded criteria or if you haven’t done so yet, you can apply for the CEBA loan online. For full information about the program and the quickest and easiest way to apply, visit our COVID-19 business page.
Please ensure your business is registered for CIBC Online Banking for Business, and if it isn’t, please register hereOpens a new window in your browser. using your CIBC Business Convenience Card number. The entire loan application process can take up to 5 business days from the date of your submission. Upon approval, you will receive a confirmation email from CIBC, and the $40,000 loan will be deposited into your existing CIBC Business Operating Account.
If you need help or have questions about the federal government’s eligibility criteria, application process and loan details, please visit our Canada Emergency Business Account FAQs page.
We’re here for you when you need us most
CEBA is just one of the financial relief measures that CIBC has announced to help you and your business during these challenging times. Please visit our COVID-19 business page regularly for the most up-to-date information on all relief measures available or contact your CIBC Advisor.
Thank you for your business and for trusting in our team.
Senior Executive Vice-President and Group Head,
Personal and Business Banking