Applications for the Canada Emergency Business Account starts TODAY!

The new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions: TD, Scotiabank, BMO, CIBC, RBC, National Bank, HSBC and Canadian Western Bank.

The CEBA will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced until December 31, 2022. Up to $10,000 of that amount will be eligible for loan forgiveness if $30,000 is fully repaid on or before December 31, 2022.

Eligibility

Organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019

How do I apply?

Prior to applying, please make sure you have this information readily available:

• Canada Revenue Agency Business Number (BN 15 digits)

• 2019 T4 Summary of Remuneration Paid (T4SUM)

Apply online at the financial institution your business banks with:

• TD: https://www.forms.td.com/app/ceba/#/ceba/ceba-form

• Scotiabank: https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/business-banking/small-business/supporting-our-customers-is-our-top-priority.html

• BMO: https://www.bmo.com/small-business/financial-relief-loc/#/login?PID=MBLBC&language=en

• CIBC: https://www.cibc.com/en/business/advice-centre/covid-19/canada-emergency-business-account/now-available.html 

• RBC:https://www.rbc.com/covid-19/business.html

• National Bank: https://www.nbc.ca/forms/business/covid-emergency-account.html

• HSBC: https://www.hsbc.ca/1/2//applications/business-apply

• Canadian Western Bank: https://www.cwbank.com/en/news/2020/canada-emergency-business-account-now-available (via phone/email)