Canada Emergency Business Account (CEBA) Program

The Canada Emergency Business Account (CEBA) program is available to businesses who meet the eligibility criteria set out by the Government of Canada subject to the ongoing availability of government funding.

What is the CEBA Program?

  • CEBA will provide qualifying businesses a loan of up to $40,000 to help you cover operating costs you were not able to defer because of COVID-19
  • The loan is interest-free and 25% of the loan (up to $10,000) is forgivable if you repay the loan on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year term loan

How does the CEBA loan work?

  • The loan is funded as a term loan (up to $40,000) at an interest rate of 0%.   No payments are required until December 31, 2022
  • If you pay 75% of the balance of the original term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your original loan balance is $40,000 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • Beginning January 1, 2023, interest accrues on the outstanding balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month.
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.


If you have further questions, please visit or email us at Alternatively, you may reach out to our Member Advice Centre Team at 506-634-1263. Please let them know you are inquiring about “CEBA Program” and they will redirect you to the appropriate Commercial Account Manager.


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