Canada Emergency Business Account (CEBA) 

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;
• CIBC as their primary bank. This means that the business uses a CIBC bank account for their day-to-day payments and cash management activities; and  
• one of the following 2 program criteria are met:
  • Annual payroll between $20,000 and $1.5 million, based on the sum of all employment income reported by the business on all employee T4 slips for 2019; or
  • Annual payroll of less than $20,000 during 2019, and eligible non-deferrable expenses for 2020 projected to be between $40,000 and $1.5 million including commercial leases, property tax statements, utility bills.
• Note: Businesses that meet the program criteria but don’t have a business banking operating account or opened one after March 1, 2020 may now also be eligible to apply. 
  • Use the Government of Canada's CEBA Pre-Screen Tool to help determine business eligibility for the loan, and receive a 10-digit confirmation number via email. 
  • Businesses without a business operating account may proceed to open an account in order to apply for the CEBA loan.
  • Businesses previously declined due to having a business operating account opened after March 1 will be able to re-apply.

CEBA Pre-Screen ToolOpens in a new window.

For further details, please visit the Government of Canada websiteOpens a new window in your browser..

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
• your business contact information, including phone number and email address.

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.

• If applying on the basis of eligible non-deferrable expenses, the next step is to upload evidence of eligible non-deferrable expenses via the Government of Canada’s CEBA document upload website Opens in a new window. for verification in order to complete your submission.
• 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 full amount of $40,000 and will appear in your account as, “Credit memo CEBA loan advance.”

Yes, the CEBA program now offers an additional $20,000 for businesses that received a $40,000 loan previously. Apply now for a CEBA loan increase. Opens in new window. 

In-progress applications can’t be cancelled, and you can’t receive a $20,000 increase unless your original loan is approved. You can request a $20,000 increase now while awaiting your $40,000 CEBA loan approval. We’ll notify you when your $20,000 increase has been forwarded to the Government of Canada.

If a previous CEBA loan application has been rejected, you may be eligible to apply for a new $60,000 CEBA loan. You can check your eligibility Opens in new window..

Yes, the CEBA program now offers an additional $20,000 for businesses that received a $40,000 loan previously. Apply now for a CEBA loan increase. Opens in new window.

Yes, you must apply for the $20,000 increase at the same financial institution that distributed your original $40,000 loan.

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
• your business contact information, including phone number and email address.

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.

• 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.

Get a full list of eligible non-deferrable expensesOpens a new window in your browser.

The application deadline for CEBA is March 31, 2021. If applying on the basis of non-deferrable expenses, applicants must upload all supporting documents no later than April 30, 2021. For further details, visit the Government of Canada websiteOpens a new window in your browser..

Register for CIBC Online Banking for BusinessOpens a new window in your browser.

Completing this step now will help make sure you gain access to the loan as quickly as possible.

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 Business with your new Convenience Card can be done at home within minutes. This will allow you to complete an online application for the CEBA and maintain a high level of banking access on an ongoing basis.

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

Your application will require that your organization can enter into the Canada Emergency Business Account loan agreement with the consent and attestation of only 1 signing officer. We can’t 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.

Your business’s 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 isn’t where your business conducts its day-to-day banking, apply through the financial institution that holds your primary business account. If you’re applying for the $20,000 increase, you must apply at the same financial institution that distributed your original $40,000 CEBA loan.

Yes. Applications can be submitted for each legal business entity that meets the eligibility criteria for CEBA. Each qualifying business must have a unique 9-digit Canada Revenue Agency (CRA) Business Number. Each qualifying business is limited to one CEBA loan.

Provided you meet all other CEBA program eligibility criteria, you may be eligible for a CEBA loan.

We recommend you first use the Government of Canada’s CEBA Pre-Screen ToolOpens in a new window. to determine eligibility for the loan.

Then, you may proceed to open a CIBC Business Operating Account in order to apply for the CEBA loan.

CEBA Pre-Screen ToolOpens in a new window.

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.. Make sure 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.

If the error occurred before you submitted the application, for example, if you didn’t see a confirmation screen, then go back to the formOpens a new window in your browser..

You can also access the application from the Customer Services section within CIBC Online Banking for Business.

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 full amount of $60,000 and appear in your account as “credit memo CEBA loan advance”; and
• clients with declined applications will also be notified via email.
• You can also contact the Government of Canada CEBA Call Centre at 1-888-324-4201Opens your phone app. to receive additional clarification on the status of your CEBA application.

Contact the new Government of Canada CEBA Call Centre at 1-888-324-4201Opens 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.

Use your CRA Business Number to resume your application directly at the Government of Canada’s CEBA websiteOpens a new window in your browser.. Upload all your documents as evidence of incurred and projected amount of eligible non-deferrable expenses between $40,000 and $1.5 million for 2020.

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 new $60,000 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; however:

• If your loan application was approved before September 26, 2020, you can start principal repayments any time after October 1, 2020. 
• If your loan application was approved on or after September 26, 2020 and before December 4 2020, you can start principal repayments any time after January 1, 2021.
• If your loan application was approved, or increased by $20,000 to $60,000, on or after December 4, 2020, you can begin or resume making principal repayments any time after April 1, 2021.

A third of the new CEBA loan, $20,000, is eligible for complete forgiveness 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%.

The loan is interest-free until December 31, 2022. Furthermore, no principal repayments are required during this period, unless you are seeking to repay $40,000 to qualify for the $20,000 forgiveness 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.