For status updates on previously submitted CEBA applications, contact the Government of Canada’s CEBA Call Centre at 1-888-324-4201 Opens your phone app. or visit the CEBA application status website opens in new window..

How has CEBA changed?

Get additional funds with CEBA

Apply for an increase of $20,000 to your previously approved and funded $40,000 CEBA loan.

Increased loan amounts

Businesses applying for CEBA for the first time may now be eligible for a $60,000 interest-free loan.

Increased forgiveness

$20,000 of a $60,000 CEBA loan can be forgiven if $40,000 is repaid by December 31, 2022.

Ready to apply?

Apply for an additional $20,000 CEBA loan

Step 1: Apply now using the same account and Business Banking Convenience Card used to apply for your $40,000 CEBA loan.

Step 2: Submit your application in just a few minutes. You’ll receive a response in 5 to 7 business days at your business email address. 

Request a $20,000 increase while awaiting your $40,000 CEBA loan approval

Step 1: Complete your original $40,000 CEBA loan application. You can’t receive a $20,000 increase unless your original loan is approved.

Step 2: Submit your application now, and we’ll notify you when your $20,000 increase has been forwarded to the Government of Canada.

Apply for a new $60,000 CEBA loan

Step 1:  Apply now by signing on to CIBC Online Banking® for Business using the Business Convenience Card linked to your business operating account.

Step 2: There are 2 ways to apply based on your business circumstances:

Simplified payroll-based

Businesses with an annual payroll between $20,000 and $1.5 million based on the sum of all employment income reported on all employee T4s for 2019.

Non-deferrable expense-based

Businesses with annual payroll less than $20,000 during 2019 and eligible non-deferrable expenses for 2020 projected to be between $40,000 and $1.5 million.

Step 3: For non-deferrable expense-based applications, upload your expense documentation.

CEBA document upload website Opens in a new window.

Step 4: After completing your application, you will be notified of the government’s decision in 10 to 15 business days.

Open a business account to be eligible for a new $60,000 CEBA loan

Step 1: If you use a personal account for your business, you can apply for CEBA by opening a new business account. Before doing this, verify your eligibility for the CEBA program with the government.

CEBA pre-screen tool Opens in a new window.

Step 2: After completing the pre-screen, you’ll be provided a 10-digit confirmation number. You can now proceed to open a CIBC Business Operating Account in order to apply for the CEBA loan.

Learn more about CEBA Opens in a new window.

Step 3: After opening your business account, register for CIBC Online Banking® for Business using your Business Convenience Card.

Register now for CIBC Online Banking for Business. Opens in a new window.

Step 4: Your business is now ready to apply for a new $60,000 CEBA loan. Complete your application by applying through online banking.

CEBA loan at a glance

Loan amount


Loan terms prior to December 31, 2022

Interest rate

0%

Principal payments

Not required


Repayments

If your loan application was approved, or increased by $20,000 to $60,000, on or after December 4, 2020 and before March 31, 2021, you can begin or resume making principal repayments any time after April 1, 2021.

If your loan application was approved, or increased by $20,000 to $60,000, on or after April 1, 2021, you can begin or resume making principal repayments any time after July 1, 2021.


Forgiveness1

For $40,000 loans: $10,000 could be forgiven if $30,000 is fully repaid by December 31, 2022

For $60,000 loans: $20,000 could be forgiven if $40,000 is fully repaid by December 31, 2022


Loan terms after January 1, 2023

Term

Converted into a 3-year term loan if not fully repaid

Interest rate

5% fixed per year


Repayments

Monthly interest-only payments
The outstanding balance must be repaid in full by December 31, 2025

Eligibility

  • an operating company registered in Canada on or before March 1, 2020;
  • up-to-date business contact information, including a phone number and email address;
  • CIBC as their primary bank. This means that the organization uses a CIBC bank account for their day-to-day payments and cash management activities; and
  • Note: Business owners who currently don’t have a CIBC business 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. 
    • Proceed to open a CIBC Business Operating Account in order to apply for the CEBA loan. 

Refer to the list of ineligible businesses Opens in a pop-up.

Note:

  • If your business has received other federal government relief, depending on the amount received, you may not be eligible for CEBA.
  • Eligibility and loan details are subject to change, based on CEBA program requirements. The terms and conditions of any agreement you enter into with CIBC will govern the loan, as well as your and CIBC’s obligations under the program.
  • For further details, please visit the Government of Canada websiteOpens a new window in your browser..

What happens after I apply?

Confirmation email

We’ll send a message to your business email address within a few days of receiving your application with further instructions.

Complete your application

If you applied based on your businesses non-deferrable expenses, you’ll need to upload your expense documents Opens in new window..

Government review

Your completed application will be forwarded to the government. Responses for new CEBA loans may take 10 to 15 business days.

Receive your loan

If approved, we’ll send a message to your business email and deposit the funds directly into your business account for your immediate use.

Advice and resources

Canada Emergency Business Account (CEBA) loans: Tax consequences

Many Canadian businesses have been particularly hard-hit by the financial fallout of COVID-19 and may have experienced a significant drop in revenues. The CRA has indicated that the amount that is forgivable is taxable in the year that the loan is received.

Read article (3 minutes)

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.

Read article (5 minutes) Have a plan and make the most of CEBA.

The RRRF brings “relief” to more business owners

If you need funding to support your business but are having a hard time qualifying for any government relief programs, the Regional Recovery and Relief Fund (RRRF) may be your answer.

Read article (5 minutes) The RRRF brings “relief” to more business owners.

CEBA FAQ

Preparing your application

Application support

Loan details