Canada Emergency Business Account (CEBA)
CEBA 5.0
Application Deadline Closed: June 30, 2021
This $55 billion program provides interest-free loans of up to $60,000 to small businesses and not-for-profit organizations. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 33 percent (up to $20,000). As of October 26, 2020, eligibility for CEBA expanded by removing the previous March 1, 2020 condition for having an active business chequing/operating account. With this removal, eligible businesses can now apply after opening a business chequing/operating account with their primary financial institution.
CEBA Requirements & Deadline Update:
As of December 4, 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000. Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing. All applicants have until June 30, 2021, to apply for $60,000 CEBA loan or the $20,000 expansion. (Deadline now closed)
If you have already applied for CEBA and have questions, please contact the CEBA Call Centre at 1-888-324-4201 (Call center is open Mon-Friday 8:00am-9:00pm). An agent will return your call within 3 business days between Monday and Friday from 10:00 am to 9:00 pm EST and can address the following types of questions:
- What is the status of my application?
- Why was my application declined?
- Why was my submitted document rejected?
To view the status of your application online, click here.
Questions?
Please reach out to our Lending Department by email at raylending@raymorecu.com or call 1.866.612.2300
For more information on CEBA please visit the Canada Emergency Business Account website
**PLEASE NOTE: CEBA APPLICATIONS ARE NOT SUPPORTED BY INTERNET EXPLORER**
