Canada Emergency Business Account
We are committed to working with our business clients, on a case-by-case basis, to provide flexible solutions to help you manage through the financial challenges presented by COVID-19.
The CEBA Application period for New $60,000 loans and $20,000 Expansions has now ended effective June 30th, 2021.
Applications submitted prior to the June 30th deadline will be processed provided required documents are uploaded within the permitted time frame and approval of your application is received from the Government of Canada.
Please refer to https://ceba-cuec.ca/ for current program dates and details.
This page is for businesses with payroll less than or equal to $20,000, including businesses with no payroll in 2019. If your business has payroll expenses greater than $20,000 and less than $1,500,000, please refer to program information found here.
Supporting our Commercial Business Banking clients
On March 27, Prime Minister Trudeau announced the Canada Emergency Business Account (CEBA) to support businesses with non-deferrable expenses through this time. Scotiabank, together with other financial institutions has been consulted by the government on these measures, designing them specifically to help business owners with their most pressing needs and position the economy for recovery.
On October 9, Prime Minister Trudeau announced an expansion of CEBA relief to increase support from $40,000 to $60,000, with up to $10,000 in additional forgiveness, now totalling up to $20,000 in available forgiveness.
For qualifying Commercial Business Banking clients, the CEBA program provides access to a $60,000 loan:
- 0% interest until December 31, 2022.
- Principal repayments can be voluntarily made at any time without fees or penalties.
- Up to $10,000 loan forgiveness is available on CEBA loans advanced for $40,000, provided $30,000 is paid back prior to December 31, 2022.
- Up to $20,000 loan forgiveness is available on CEBA loans advanced for $60,000, provided $40,000 is paid back prior to December 31, 2022.
- If the balance is not paid by December 31, 2022, the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023.
- The full balance must be repaid by no later than December 31, 2025.
For more details on the CEBA program, click here.
For current Scotiabank clients with an existing CEBA, please contact your Agriculture Relationship Manager, Healthcare & Professional Specialist, Automotive Finance Relationship Manager, or Business Banking Relationship Manager to discuss further.
Additional relief measures for commercial business banking clients
If your business is experiencing financial hardship as a result of COVID-19, please contact your Agriculture Relationship Manager, Healthcare & Professional Specialist, Automotive Finance Relationship Manager, or Business Banking Relationship Manager to discuss further.