The federal government is expanding the Canada Emergency Business Account (CEBA) loan program for small businesses.
Under the expanded terms, businesses and not-for-profits with an annual payroll of between $20,000 and $1.5 million will now be eligible to apply for the CEBA beginning Friday, April 17.
You can apply for this loan online only via CIBC Online Banking® for BusinessOpens a new window in your browser.. If your business is not yet registered for CIBC Online Banking for Business, please registerOpens a new window in your browser. using your CIBC Business Convenience Card number.
Given that applications for this loan are online only, our advisors, relationship managers, CIBC Banking Centre and Telephone Banking teams will not be in a position to support the application process. If you need help or have questions about the federal government’s eligibility criteria, application process and loan details, please visit Canada Emergency Business Account FAQ.
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 will receive a confirmation email from CIBC, and the $40,000 loan will be deposited into your existing CIBC business operating account.
As a reminder, CIBC is administering the Canada Emergency Business Account loan program on behalf of the federal government, including the eligibility criteria it has specified.