Government business relief programs FAQ

If the error occurred before you submitted the application, for example if you didn’t see a confirmation screen, then please visit www.cibc.com/ceba and select “Apply Now”. You will be prompted to sign on to CIBC Online Banking for Business, and taken directly to the application form. Alternatively, you can access the application from the Customer Services section within CIBC Online Banking for Business.

Use your CRA Business Number to resume your application directly at the Government of Canada’s CEBA websiteOpens a new window in your browser. to 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.

• 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 $60,000 or the $20,000 upsize and will appear in your account as, “credit memo CEBA loan advance.”

Before you begin your application, make sure you have:

• 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 expenses on the Government of Canada Document Upload Website Opens in a new window..

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  $60,000 or the $20,000 upsize and appear in your account as “credit memo CEBA loan advance”; and
• Clients with declined applications will also be notified via email.
• You can check the status of your CEBA application on the CEBA Application Status Website Opens in a new window.. Alternatively, you can also contact the Government of Canada CEBA Call Centre at 1-888-324-4201 Opens your phone app. to receive additional clarification on the status of your CEBA application.

Check the status of your CEBA application on the CEBA Application Status Website Opens in a new window.. Alternatively, you can also contact the Government of Canada CEBA Call Centre at 1-888-324-4201 Opens 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. You can 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. For more information visit the Government of Canada website Opens in a new window..

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 application deadline for CEBA is June 30, 2021. If applying on the basis of non-deferrable expenses, applicants must upload all supporting documents no later than July 14, 2021. If there are observations on your documents, you will have until September 16,  to fix or upload additional documentation.

In the event that your application has been on hold for a few months and you have been directed to upload additional information on your non-deferrable expenses, your deadline to submit the documentation is September 16, 2021.

For further details, visit the Government of Canada website Opens in a new window..

The new $60,000 loan is interest-free. A third  of the loan, $20,000, is eligible for complete forgiveness if $40,000 is fully repaid on or before December 31, 2022. 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%.

In the event that you have previously received and repaid $30,000 of a $40,000 CEBA loan and are currently applying for an additional $20,000 increase, you will be eligible for an additional $10,000 forgiveness if $10,000 of your increase is repaid on or before December 31, 2022.

You have until December 31, 2022 to repay the loan without interest charges; however:

• 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.
• 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.

If you have a $40,000 loan, a quarter of the CEBA loan, $10,000, is eligible for complete forgiveness¹ if $30,000 is fully repaid on or before December 31, 2022. If you have a $60,000 loan, a third of the loan, $20,000, is eligible for complete forgiveness¹ 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%.

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

The loan is interest-free until December 31, 2022. Furthermore, no principal repayments are required during this period, unless you are seeking to repay $30,000 or $40,000 to qualify for the $10,000 or $20,000 forgiveness¹ feature.

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 $20,000 forgivable portion of the CEBA loan is taxable, while the remaining $40,000 is considered a repayable loan and does not need to be declared. The $20,000 forgivable portion of the CEBA loan 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 by reducing the deduction for business expenses by the amount of the forgivable portion. For more information on how to do this, or if you have other questions on how to prepare your future tax returns, speak to the CRA or your accountant.

No. The eligibility criteria only applies to your 2019 payroll expenses.

Getting your CIBC Business Convenience Card will allow you to maintain a high level of banking access on an ongoing basis.

To obtain your card, you’ll need to contact your Relationship Manager to arrange. 

Afterwards, registering for CIBC Online Banking for Business with your new Convenience Card can be done at home within minutes.

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

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