Canada Emergency Business Account

We understand that many businesses, particularly owner-operated businesses, are struggling through the negative effects of COVID-19 on their operations and we’re here to help.

CEBA 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. CEBA has changed to allow more Canadian businesses and not-for-profits to access funds to cover operating costs and other non-deferrable expenses.

What’s changed?

The CEBA program has been expanded to include businesses that meet the current eligibility criteria but were previously unable to apply due to not having a Business Operating Account, or having opened one after March 1, 2020. Check the Eligibility section below to see if your business or sole-proprietorship is now eligible for a $40,000 interest-free loan.

The deadline has also been extended to December 31, 2020.

There are 2 ways to apply, based on your organization’s circumstances:

Simplified payroll-based

Businesses with annual payroll between $20,000 and $1.5 million based on the sum of all employment income reported on all employee T4s for 2019 will apply via CIBC Online Banking for Business®Opens a new window in your browser., using their CIBC Business Client Card and 15-digit Canada Revenue Agency (CRA) Payroll Number.

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, will apply via a 2-step process. First, initiate an application through CIBC Online Banking for Business®Opens a new window in your browser.. Then, upload evidence of non-deferrable expenses via the Government of Canada’s CEBA website for verification. To complete this application process, clients will need to have:

  • a 9-digit CRA Business Number;
  • the ability to provide verifiable business information from their 2018 or 2019 CRA business tax filing; and
  • evidence of non-deferrable expenses for 2020, like commercial leases, property tax statements or utility bills, to upload to the federal government’s website.

CEBA loan at a glance


Loan terms prior to December 31, 2022





Loan terms after January 1, 2023



The outstanding balance must be repaid in full by December 31, 2025

Eligibility

Is my business eligible?

  • an operating company registered in Canada on or before March 1, 2020;
  • a CIBC Business Operating Account for their day-to-day payments and cash management activities; and
  • up-to-date business contact information, including phone number and email address.

  • Complete the Government of Canada's CEBA eligibility check first to help determine business eligibility for the loan, and receive a 10-digit confirmation number via email.
    CEBA eligibility checkOpens in a new window.
  • Proceed to call the Business Contact Centre or your relationship manager to open a CIBC Business Operating Account in order to apply for the CEBA loan.

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, visit the Government of Canada websiteOpens a new window in your browser..


2 ways to apply based on your organization’s circumstances:

One.

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


Two.

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.

What happens after I apply?

  • If you’re applying on the basis of eligible non-deferrable expenses, the next step is to upload evidence of your eligible non-deferrable expenses via the Government of Canada’s CEBA websiteOpens a new window in your browser.
  • 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 into 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.”

Applications are 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®.