Government business relief programs FAQ

Businesses, sole proprietorships 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; 
• a CIBC Business Operating Account for their day-to-day payments and cash management activities; and
• one of the following 2 conditions 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
  • 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 eligibility criteria but do not have a business banking operating account or opened one after March 1, 2020 may now also be eligible to apply.

• Complete the Government of Canada's CEBA eligibility check to help determine business eligibility for the loan, and receive a 10-digit confirmation number via email.
  CEBA eligibility checkOpens in a new window.
• Businesses without a Business Operating Account should contact the Business Contact Centre or their relationship manager to open a CIBC Business Operating 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.
• 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’ 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 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.”

Yes, the CEBA program now offers an additional $20,000 for businesses that received a $40,000 loan previously.

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.

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

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; or
  • 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.

Note: For a full list of eligible non-deferrable expenses, visit the Government of Canada websiteOpens 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..

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 relationship manager, 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.

If you don’t have a CIBC Business Convenience Card number, contact your relationship manager or advisor.

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 1 CEBA loan.

Provided you meet all other CEBA program eligibility criteria, you may be eligible to apply. 

You must first complete the Government of Canada’s CEBA eligibility check online to determine business eligibility for the loan. Then, you may proceed to call Business Contact Centre or your relationship manager to open a CIBC Business Operating Account in order to apply for the CEBA loan.

CEBA eligibility checkOpens 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.

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 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.

• Your application will be sent to the government for review. Eligible clients will have their funds deposited in their CIBC Business Operating Account within 10 to 15 business days from the date that all required supporting documentation is received by the Government of Canada.
• From the date of complete submission, this process can take up to 10 to 15 business days.
• Approved clients will be notified via email. You will receive your loan directly into your 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.”
• 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 and non-deferrable expense document upload issues on the Export Development Canada (EDC) website, or make inquiries like “why was I declined?” and “why were my documents rejected?” about status updates 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 the Government of Canada websiteOpens a new window in your browser. for more information. Clients may also reach out to their relationship managers to discuss why the application was declined.

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 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 application was approved before September 26: You can make principal repayments any time after October 1, 2020
• If your application was approved on or after September 26: You can make principal repayments any time after January 1, 2021

A third of the 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%.

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 $40,000 to qualify for the $20,000 forgiveness 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.

If your business is experiencing hardship due to COVID-19, you may be eligible to qualify for additional government relief measures, including:

• Business Development Bank of Canada (BDC) Co-Lending Program
• Export Development Canada (EDC) Business Credit Availability Program
• Other government programs, including:
  • Canada Emergency Wage Subsidy (CEWS)Opens a new window in your browser.
  • Canada Emergency Commercial Rent Assistance (CECRA)Opens a new window in your browser.
  • Regional Relief and Recovery Fund (RRRF)Opens a new window in your browser.
  • Work-Sharing ProgramOpens a new window in your browser.

On a case-by-case basis, we’ll work with our clients to find solutions to help address financial hardships caused by COVID-19. For qualifying clients, we’re offering temporary loan payment deferrals, cash management advice and other measures of support. Learn more about financial assistance options through CIBCOpens a new window in your browser.

If your situation needs immediate attention, such as having a payment due in the next 48 hours, contact your CIBC Relationship Manager. 

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.