Canada Emergency Business Account

The Canada Emergency Business Account (CEBA) provided qualifying Commercial Business Banking clients access to a $60,000 term loan:

• 0% interest until December 31, 2023
• 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, 2023.
• 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, 2023.
• If loan is outstanding on January 1, 2024, 5% interest starts but no minimal principal payments required; and remaining balance to be paid in full no later than December 31, 2025

The CEBA Application period for new $60,000 loans and $20,000 expansions ended effective June 30th, 2021.

For Commercial Banking Business Clients, CEBA was offered as a term loan. You will be able to view your term loan through ScotiaConnect.

The interest-free period for CEBA loans ends on December 31, 2023.  A 5% annual interest rate will be applied on the outstanding balance until it is paid off in full. Monthly interest-only payments will begin in January 2024 and the full outstanding principal balance must be repaid no later than December 31, 2025. CEBA loans not paid off in full by December 31, 2023 will no longer be eligible for the forgiveness benefit. 

Per the requirements of the program, as set out by the Government of Canada, clients agreed to use funds from this loan to pay for operating costs that could not be deferred, such as payroll, rent, utilities, insurance, and property tax.

Any balance owing on this account can be repaid at any time. To qualify for the loan forgiveness, you will need to repay the required amount from your operating account to your loan prior to the December 31, 2023 deadline. You will not be charged any interest charges or service fees if you pay your CEBA loan in full prior to December 31, 2023.

For $40,000 CEBA loans, if you repay $30,000 from your operating account to your CEBA loan prior to December 31, 2023, the remaining $10,000 balance will be eligible for forgiveness if you meet all requirements as set out by the Government of Canada. 

For $60,000 CEBA loans, if you repay $40,000 from your operating account to your CEBA loan prior to December 31, 2023, the remaining $20,000 balance will be eligible for forgiveness if you meet all requirements as set out by the Government of Canada.