If you wish to fully repay your loan and do not want to take advantage of the forgiveness benefit, please indicate this to your advisor or in your repayment form.
Repayments after January 1, 2023
Monthly interest-only payments will automatically be deducted. The outstanding balance must be repaid in full by December 31, 2025.
Advice and resources
So long CEBA, hello HASCAP
You may be eligible to borrow up to $1 million with the Government of Canada’s Highly Affected Sectors Credit Availability Program (HASCAP).
Did you get an interest-free loan from the Government of Canada? Here are some tips on how to manage your Canada Emergency Business Account (CEBA) funds going forward.
Your completed application will be sent to the government for review. This entire process can take between 10 to 15 business days from the date that all required supporting documentation is received by the Government of Canada.
You’ll receive a decision on the application from the Government of Canada, and CIBC will notify you via email. If approved, you can expect to receive the CEBA loan directly in your existing CIBC Business Operating Account.
The deposit will be for the $60,000 or the $20,000 upsize and will appear in your account as, “credit memo CEBA loan advance.”
Before you begin your application, make sure you have:
Your 9-digit CRA Business Number (BN);
Your most recent business tax filing, such as:
T2 Corporation Income Tax Return
T1 General Form
Ffinancial statements or documentation for calculating projected non-deferrable expenses during 2020. Eligible non-deferrable expenses include:
Wages and other employment expenses
Rent or lease payments for real estate used for business purposes
Rent or lease payments for capital equipment used for business purposes
Payments incurred for insurance related costs
Payments incurred for property taxes
Payments incurred for telephone and utilities in the form of gas, oil, electricity, water and internet
Mandatory payments to service debt incurred for business purposes
Payments incurred under agreements with independent contractors
Fees required in order to maintain licenses, authorizations or permissions necessary to conduct business;
You’ll also be asked to provide input on any other funds you received through other Government of Canada relief programs; and
Your business contact information, including phone number and email address.
We’ll keep you informed of the status of your application by emailing the business email address you provided. Our advisors, Relationship Managers, banking centre and Contact Centre teams are unable to support the application process for this government loan.
Your application will be sent to the government for review. This entire process can take between 10 to 15 business days from the date that all required supporting documentation is received by the Government of Canada;
Approved clients will be notified via email, and receive their loan directly into their CIBC Business Operating Account;
The deposit will be for the $60,000 or the $20,000 upsize and appear in your account as “credit memo CEBA loan advance”; and
Clients with declined applications will also be notified via email.
Check the status of your CEBA application online at the CEBA Application Status Website Opens in a new window.. Alternatively, you can also contact the new Government of Canada CEBA Call Centre at 1-888-324-4201 Opens your phone app. to receive clarification on the program eligibility criteria or non-deferrable expense document upload issues on the Export Development Canada (EDC) website, or make inquiries like “why was I declined?” or “why were my documents rejected?” about a status update on your CEBA application. CIBC is administering the Canada Emergency Business Account loan program on behalf of the federal government. The program eligibility criteria are defined by the Government of Canada. No organization involved in administering the CEBA program has the authority to grant exceptions, including CIBC, your financial institution. Visit Government of Canada website for more information.
Loan details
For businesses applying for a new $60,000 CEBA loan, approved applications will be funded in 10 to 15 business days from the date the Government of Canada receives your completed application. For clients applying based on their non-deferrable expenses, funding is received in 10 to 15 business days after the uploading of your eligible expense documentation.
For business applying for a $20,000 CEBA loan, approved applications will be funded in 5 to 7 business days from the date the Government of Canada receives your application from CIBC.
The application deadline for CEBA is June 30, 2021. If applying on the basis of non-deferrable expenses, applicants must upload all supporting documents no later than July 14, 2021. If there are observations on your documents, you will have until October 1, 2021 to fix or upload additional documentation.
In the event that your application has been on hold for a few months and you have been directed to upload additional information on your non-deferrable expenses, your deadline to submit the documentation is October 1, 2021.
The CEBA loan is interest-free. If the loan can’t be repaid by December 31, 2022, it will be converted into a 3-year term loan charging an interest rate of 5%.
You have until December 31, 2022 to repay the loan without interest charges.
If you have a $40,000 loan, a quarter of the CEBA loan, $10,000, is eligible for complete forgiveness1 if $30,000 is fully repaid on or before December 31, 2022.
If you have a $60,000 loan, a third of the CEBA loan, $20,000, is eligible for complete forgiveness1 if $40,000 is fully repaid on or before December 31, 2022. After this date, any outstanding principal is automatically converted into a 3-year term loan charging an interest rate of 5%.
You can make payments on your CEBA loan by speaking to your advisor or in-person at any CIBC Banking CentreOpens a new window in your browser.. We can’t accept payments via online banking or telephone banking, or set up automatic recurring payments at this time.
The loan is interest-free until December 31, 2022. Furthermore, no principal repayments are required during this period, unless you are seeking to repay $30,000 or $40,000 to qualify for the $10,000 or $20,000 forgiveness1 feature. You can make a payment by speaking to your advisor or in-person at any banking centreOpens a new window in your browser..
If you choose to extend the loan beyond this date, interest of 5% applies during the extension period. While no principal repayments are required until December 31, 2025, it’s always good practice to make steady installment payments to match the incoming cash flows from your business operations.
Only the forgivable portion of the CEBA loan is taxable ($10,000 or $20,000 depending on loan type), while the remaining amount ($30,000 or $40,000) is considered a repayable loan and doesn’t need to be declared. The forgivable portion of the CEBA loan ($10,000 or $20,000) is taxable in the year in which the loan is received. You can declare the forgivable loan portion to the CRA for the year in which the loan is received either by including it in your business reported income or reducing the deduction for business expenses by the amount of the forgivable portion. If you need more information on how to do this or have other questions about how to prepare your future tax returns, speak to the CRA or your accountant.
No. The eligibility criteria only applies to your 2019 payroll expenses.
Afterwards, registering for CIBC Online Banking for Business with your new Convenience Card can be done at home within minutes.
Issues with applications
Business number related issues
If you are in any of the cases below:
a) You never applied for a $20,000 expansion and received an email instructing you to resubmit your Business Number
b) You applied for a $20,000 expansion and received an email instructing you to resubmit your Business Number
In any of those cases, follow the instructions provided by email and resubmit your Business Number before September 10, 2021.
If you are not in any of the cases above and you are still waiting for a reply on your Business Number issue, no further action is required on your end at this moment, we’ll make the correction on your behalf and notify you on the outcome.
If you successfully remedy your original loan application, your business may be eligible for the $20,000 expansion.
The Government of Canada remains committed to supporting small businesses throughout the pandemic. You may be able to remediate your original loan application by requalifying under the Non-Deferrable Expense stream. To requalify under the Non-Deferrable Expense stream, please visit the CEBA Document Upload Website Opens in a new window., complete a new attestation, and provide supporting documentation to demonstrate between $40,000 CA and $1,500,000 CA in 2020 Non-Deferrable Expenses. You have until October 1, 2021 to submit this information and upload supporting documents for your eligible non-deferrable expenses. For more information please visit the Canada Emergency Business Account website Opens in a new window..
If you successfully requalify under the Non-Deferrable Expense stream, your business may also be eligible for the $20,000 expansion.
Applicants who do not attempt to requalify under the Non-Deferrable Expense stream will be contacted with further information regarding their original loan 4 to 8 weeks following the October 1 deadline to requalify.
The specific reason for the decline of your application was communicated to you by email.
CEBA eligibility is determined based on the criteria established by the Government of Canada. No organization involved in administering the CEBA program has the authority to grant exceptions, including CIBC.
For status questions, you will be contacted by CIBC via email once there is a response on your Business Number remediation application.
Requalifying under the Non-Deferrable Expense stream
The message means that based on the information in the CRA’s records, your business does not meet eligibility criteria for the CEBA payroll stream.
The Government of Canada remains committed to supporting small businesses throughout the pandemic. You may be able to fix your original loan application by requalifying under the Non-Deferrable Expense stream.
To requalify under the Non-Deferrable Expense stream, please visit the CEBA Document Upload Website Opens in a new window., complete a new attestation, and provide supporting documentation to demonstrate between $40,000 CA and $1,500,000 CA in 2020 Non-Deferrable Expenses. You have until October 1, 2021 to submit this information and upload supporting documents for your eligible non-deferrable expenses. For more information please visit the Canada Emergency Business Account website Opens in a new window..
If you successfully requalify under the Non-Deferrable Expense stream, your business may also be eligible for the $20,000 expansion.
Applicants who do not attempt to requalify under the Non-Deferrable Expense stream will be contacted with further information regarding their original loan 4 to 8 weeks following the October 1 deadline to requalify.
Before you update your application, make sure you have:
Your 9-digit CRA Business Number (BN);
Your most recent business tax filing, such as:
T2 Corporation Income Tax Return
T1 General Form
Financial statements or documentation for calculating projected non-deferrable expenses during 2020. Eligible non-deferrable expenses include:
Wages and other employment expenses
Rent or lease payments for real estate used for business purposes
Rent or lease payments for capital equipment used for business purposes
Payments incurred for insurance related costs
Payments incurred for property taxes
Payments incurred for telephone and utilities in the form of gas, oil, electricity, water and internet
Mandatory payments to service debt incurred for business purposes
Payments incurred under agreements with independent contractors
Fees required in order to maintain licenses, authorizations or permissions necessary to conduct business;
You’ll also be asked to provide input on any other funds you received through other Government of Canada relief programs; and
Your business contact information, including phone number and email address
Based on the information in the CRA’s records and the supporting documents uploaded to demonstrate eligible non-deferrable expenses, your business does not meet eligibility criteria for the CEBA program. As such, you are not eligible for the $20,000 expansion. The specific reason for the decline of your application was communicated to you by email.
The Government of Canada remains committed to supporting small businesses throughout the pandemic. For a list of other Government of Canada COVID-19 response programs you may be eligible for please check Canada’s COVID-19 Economic Response Plan page Opens in a new window..
CEBA eligibility is determined based on the criteria established by the Government of Canada. No organization involved in administering the CEBA program has the authority to grant exceptions, including CIBC.
Please note: Multilanguage sites do not provide full access to all content on CIBC.com. The full CIBC website is available in English and French.
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