Canada Emergency Business Account

If you are a qualifying small business customer, the CEBA program provides access to a $60,000 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 eligible 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 eligible CEBA loans advanced for $60,000 provided $40,000 is paid back prior to December 31, 2023. 
  
  

• If the balance is not paid by December 31, 2023, the remaining balance will be charged 5% annual interest, paid monthly, effective January 1, 2024.

• The full balance must be repaid by 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 Scotiabank small business customers, the Canada Emergency Business Account was offered as a ScotiaLine for Business VISA. You will be able to access your account through Scotia OnLine Banking or the Scotia mobile banking app.

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, you agreed to use funds from this loan to pay for the following Eligible Non-Deferrable Expenses incurred or to be incurred in 2020:

• wages and other employment expenses to independent (arm’s length) third parties
• rent or lease payments for real estate used for business purposes
• rent or lease payments for capital equipment used for business purposes
• payments incurred for insurance related costs
• payments incurred for property taxes
• payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet
• payments for regularly scheduled debt service
• payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower;
• payments incurred for materials consumed to produce a product ordinarily offered for sale by the Borrower; and 
• any other expense in a category other than the above as may be indicated by the Government of Canada website from time to time as being an Eligible Non-Deferrable Expense for the purpose of the Program.

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 ScotiaLine for Business VISA prior to 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 ScotiaLine for Business VISA 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 ScotiaLine for Business VISA 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.

If you were notified via email or by telephone of a discrepancy with the information you provided in your original CEBA application, please contact your Small Business Advisor or Branch Manager for more information.