Canada Emergency Business Account (CEBA)

 The Government of Canada is planning to expand eligibility for the CEBA program. Check here for updates.

What’s CEBA?

An interest-free loan of $40,000 for qualifying businesses and non-profits

$10,000 eligible for forgiveness if $30,000 is fully repaid on or before December 31, 2022

Receive funds in up to 5 business days from the date of your submission


CEBA details

This Government of Canada program provides an interest-free loan to help cover operating costs during a period where your business revenues have been temporarily reduced due to the economic impacts of COVID-19.

  • A $40,000 interest-free loan for businesses and not-for-profits.
  • Eligible clients will have their funds deposited in their CIBC Business Operating Account within 5 business days.

Is my business eligible?

To be eligible for the CEBA program, you must have:

  • An operating company registered in Canada on or before March 1, 2020.
  • Annual payroll of between $20,000 and $1.5 million, based on the employment income reported by the business on all employee T4 slips for 2019.

Note: Total employment income can be found in Box 14 of the Borrower’s 2019 Summary of Remuneration Paid (T4SUM). The limited number of borrowers who also pay employees tax-exempt employment income under the Indian Act must also add this employment income for 2019, as reported in Box 71 of all employee T4 slips for 2019.

  • A 15-digit Canada Revenue Agency Number, also shown on the T4SUM.
  • CIBC as your primary bank. This means that your business uses a CIBC Business Operating Account, opened on or before March 1, 2020, for day-to-day payments and cash management activities. Otherwise, you may apply through the financial institution that holds your primary Business Operating Account.
  • Good standing as an existing CIBC client, meaning you weren’t behind on your payments for an existing lending product on March 1, 2020.

Which businesses aren’t eligible to apply?

  • Government organizations or bodies, or entities owned by a government organization or body.
  • Unions, or charitable, religious or fraternal organizations or entities owned by such an organization. (Registered T2 or T3010 corporations that generate a portion of their revenue from the sales of goods or services are, however, eligible.)
  • Entities that are structured as a holding company.
  • Entities owned by individuals holding political office.
  • Entities that promote violence, incite hatred or discriminate on the basis of sex, gender, sexual orientation, race, ethnicity, religion, culture, region, education, age, or mental or physical disability.

How can I apply?

Your business must apply through CIBC Online Banking® for BusinessOpens a new window in your browser.. If you don’t have access to online banking, you can register for online banking with your CIBC Business Convenience Card®Opens a new window in your browser..

In preparation for completing your application online, you should:

  • update your business contact information, including phone number and email address through online banking; and
  • locate your 2019 T4SUM in order to provide your annual payroll and your Canada Revenue Agency Payroll Account Number. If you can’t locate your T4SUM, contact the Canada Revenue Agency to have it re-issued.

What happens after I apply?

  • your application will be sent to the government for review;
  • you’ll be notified of your application status through your business email included in your application;
  • approved clients will be notified via email, and receive their loan directly into their CIBC Business Operating Account. From your initial date of submission, this entire process typically takes up to 5 business days; and
  • the deposit will be for the full amount of $40,000, and appear in your account as “Credit memo CEBA loan advance.”

CEBA loan details

Before December 31, 2022

  • 0% interest per year
  • No principal payments required
  • Loan may not be paid in part or in full prior to July 1, 2020
  • Eligible for $10,000 forgiveness if $30,000 is fully repaid by December 31, 2022

After January 1, 2023

  • If not fully repaid, the loan will be converted into a 3-year term loan
  • Fixed interest rate of 5% per year
  • No principal payments required
  • Interest-only payments
  • Outstanding balance must be repaid in full by December 31, 2025

Applications are now being accepted online

Your business must apply through CIBC Online Banking® for Business. If you do not have access to CIBC Online Banking for Business, you can register for online banking with your CIBC Business Convenience Card®.

Eligibility updates

The Government of Canada announced enhancements to CEBA on May 19, 2020. How do I determine if my business is now eligible?

The Government of Canada is currently finalizing plans to extend the CEBA program to include certain:

  • sole proprietors receiving income directly from their businesses;
  • businesses that rely on contractors; or
  • family-owned corporations that pay employees through dividends.

Once these enhancement details are finalized, businesses and not-for-profits that have filed taxes during 2018 or 2019 with payrolls below the current $20,000 eligibility amount will be eligible to apply by providing:

We will continue to update this page with new details about expanded eligibility as they become available from the Federal Government. Please continue to check this page for more information in the coming days.

CEBA frequently asked questions

How do I apply?

CIBC Online Banking® for BusinessOpens a new window in your browser. to ensure convenient, efficient and fair access for all eligible businesses.

Please ensure you, as a key principal of the business, are registered for CIBC Online Banking for Business with your CIBC Business Convenience Card® and that your business contact information, including phone number and email address, is up-to-date.

Please note: Our Advisors, Relationship Managers, Banking Centre and Contact Centre teams are unable to support the application process for this loan.

I’m not registered for CIBC Online Banking for Business. How do I register?

If you’re not registered to use CIBC Online Banking for Business, please register hereOpens a new window in your browser. in advance. Completing this step now will help ensure you gain access to the loan as quickly as possible.

I do not have a CIBC Business Convenience Card. What do I need to do?

Given that applications for this loan are only available online via CIBC Online Banking for Business for clients using a CIBC Business Convenience Card number, you’ll need to contact your advisor or your banking centre to activate a Business Convenience Card. Afterwards, registering for CIBC Online Banking for BusinessOpens a new window in your browser. with your new Convenience Card can be done at home within minutes. This will allow you to complete an online application for the Canada Emergency Business Account, and maintain a high level of banking access on an ongoing basis.

How do I know if I am eligible to apply?

Businesses or not-for-profits will be eligible to apply for this loan if they have:

  • an operating company registered in Canada on or before March 1, 2020;
  • annual payroll of between $20,000 and $1.5 million, based on the sum of all employment income reported on all employee T4s for 2019 (add Box 14 and Box 71); 
  • CIBC as their primary bank. This means that the business uses a CIBC Business Operating Account opened on or before March 1, 2020 for day-to-day payments and cash management activities. Otherwise, apply through the financial institution that holds your primary business account; and
  • borrowing clients who were not behind on their payments for an existing business lending product on March 1, 2020.

What information will I need to have on-hand to apply?

Before you begin your application, make sure you have:

  • your business’s 2019 T4 Summary of Remuneration Paid (T4SUM);
  • a 15-digit Canada Revenue Agency Number also shown on the T4SUM; and
  • business contact information, including phone number and email address.

I haven’t received or can’t locate my 2019 T4 Summary of Remuneration Paid. How do I apply?

Please contact the Canada Revenue Agency to have them reissue your 2019 T4 Summary of Remuneration Paid (T4SUM).

My business requires the consent of more than one director or officer to bind my organization. Can I still apply?

Your application will require that your organization can enter into the Canada Emergency Business Account loan agreement with the consent and attestation of only one signing officer. We cannot accept multiple signatures. We recommend in this case that your organization prepare and approve a resolution that allows the key principal applying for the loan to be given the special authority to attest on behalf of, and individually, bind the organization to the terms of the loan agreement.

I have accounts at multiple financial institutions. How do I determine where to apply?

Your business’ primary financial institution is the one where your business does the majority of its day-to-day banking, including employee payroll, supplier payments, and collection of receivables using a CIBC Business Operating Account. If CIBC is not where your business conducts its day-to-day banking, please apply through the financial institution that holds your primary business account.

I have multiple businesses that qualify. Can I apply for a CEBA loan for each one separately?

Yes. Applications can be submitted for each legal business entity that meets the eligibility criteria for CEBA.

I run my sole proprietor business using a CIBC personal chequing account. Can I still apply?

No. Clients that use a personal chequing accounts for their business are not eligible for the Canada Emergency Business Account. You may be eligible for other government relief programs, including the Regional Relief and Recovery FundOpens a new window in your browser.. Find more information on all government relief measures for individuals and businessesOpens a new window in your browser.

I use CIBC SmartBanking™ for Business or Cash Management Online (CMO). Will I be able to apply from there?

No. To ensure fair and efficient access to all eligible CIBC business clients, all applications must be submitted online via CIBC Online Banking for BusinessOpens a new window in your browser.. Please ensure that you registerOpens a new window in your browser. for CIBC Online Banking for Business now to ensure you gain access to the loan as quickly as possible.

Can I apply from CIBC Mobile Banking?

No. To ensure fair and efficient access to all eligible CIBC business clients, all applications must be submitted online via CIBC Online Banking for BusinessOpens a new window in your browser.. Please ensure that you registerOpens a new window in your browser. for CIBC Online Banking for Business now to ensure you gain access to the loan as quickly as possible.

After my application timed out (or received an error while submitting), I cannot seem to find the application form again. What should I do?

If the error occurred before you submitted the application (i.e., you did not see a confirmation screen), then please visit www.cibc.com/ceba and select “Apply Now”. You will be prompted to log in to CIBC Online Banking for Business, and taken directly to the application form. Alternatively, you can also access the application from the Customer Services section within CIBC Online Banking for Business.

How can I check the status of my application?

Once your application has been approved and funded, you will receive a confirmation through your business email address.

Who do I contact if I do not qualify for the loan or if I am declined?

CIBC is administering the Canada Emergency Business Account loan program on behalf of the Federal Government. If you have questions about your organization’s eligibility based on their qualification criteria, please visit the Federal Government’s support siteOpens a new window in your browser..

Loan details

How long will it take for the funds to show up in my account?

Your application will be reviewed for eligibility and submitted to the Federal Government for funding. This entire process can take up to 5 business days from the date of your submission. Upon approval, you’ll receive a confirmation email from CIBC and the $40,000 loan will be deposited into your existing CIBC Business Operating Account.

What interest rate will I pay on the loan?

The $40,000 loan is interest-free. A quarter of the loan ($10,000) is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022. If the loan cannot be repaid by December 31, 2022, it can be converted into a 3-year term loan charging an interest rate of 5%.

When will I start having to repay the loan?

A quarter of the loan ($10,000) is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022. After this date, the loan can be converted into a 3-year term loan charging an interest rate of 5%.

What will my loan payments be?

The loan is interest-free until December 31, 2022. Furthermore, no principal repayments are required during this period (unless you are seeking to repay 75% to qualify for the 25% forgiveness feature). 

If you choose to extend the loan beyond this date, interest of 5% applies during the extension period. We will provide you more information on interest payments during the extension period once the program is in place. While no principal repayments are required until December 31, 2025, it is always good practice to make steady installment payments to match the incoming cash flows from your business operations.

How will this loan affect my income and expenses for the year (taxes)?

Please consult with your accountant for tax questions about your business.

Financial assistance options

My business needs more than what is available through the Canada Emergency Business Account. What are my other options?

If your business is experiencing hardship due to COVID-19, you may be eligible to qualify for additional government relief measures, including:

On a case-by-case basis, we will work with our clients to find solutions to help address financial hardships caused by COVID-19. For qualifying clients, we are offering temporary loan payment deferrals, cash management advice, and other measures of support. Learn more about financial assistance options through CIBC

If your situation needs immediate attention, such as having a payment due in the next 48 hours, contact your CIBC Advisor.

Banking remotely

How can I take care of my business banking needs remotely?

For everyday banking, please continue to speak with your CIBC Advisor or Relationship Manager and use our CIBC Online Banking for BusinessOpens a new window in your browser., CIBC Mobile Banking® App, CIBC SmartBanking for Business, and Telephone Banking 24/7. 

We also have a number of International Services, including CIBC Global Money Transfer for Business, which allow you to send money to over 80 countries. As well, our ATMs are available to conduct transactions at any time.

If you’re a commercial Banking or private banking client, please get in touch with your Private Banker or Relationship Manager. You can also use CIBC Cash Management Online (CMO), CIBC SmartBanking for Business, CIBC Online Banking for BusinessOpens a new window in your browser., as well as ATMs and eDeposit for daily transactions.