Canada Emergency Business Account

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 charged 5% annual interest, paid monthly, effective January 1, 2023.
  
  

• The full balance must be repaid by no later than December 31, 2025. 

• Note: You will be notified by email once your CEBA application is verified and approved by the Government of Canada. The process is expected to take up to 15 business days. Once approved, your new CEBA loan will be set up and then appear on your Scotia OnLine profile as a “ScotiaLine for business VISA”. Within 3 business days up to $60,000 will be deposited automatically into the business operating account you designate in the application.  Please note there is no revolving feature on this product, and once the money is repaid, you will not be able to re-advance funds again.

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.

Businesses that were declined for a $20,000 Expansion will be able to update information submitted on their original $40,000 loan. Invitations to update this information will be sent to eligible customers by email.

For small business customers, the Canada Emergency Business Account will be 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. $40,000 will automatically be transferred from the ScotiaLine for Business VISA to your operating account upon activation of the loan. No fees apply for this transfer.

For CEBA submissions completed via online banking it will take up to 15 business days from the application date for funds to be deposited to your bank account provided the Government of Canada confirms your eligibility.

For CEBA submissions completed via branches the process will take up to 20 business days.

The interest-free period for CEBA loans ends on December 31, 2022.  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 2023 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, 2022 will no longer be eligible for the 33% forgiveness benefit.

Per the requirements of the program, as set out by the Government of Canada, you will agree 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, 2022 deadline.  You will not be charged any interest charges or service fees if you pay your CEBA loan in full prior to December 31, 2022.

For $40,000 CEBA loans, if you repay $30,000 from your operating account to your ScotiaLine for Business VISA prior to December 31, 2022, 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, 2022, the remaining $20,000 balance will be eligible for forgiveness if you meet all requirements as set out by the Government of Canada.

Once the Government of Canada has received, approved and verified the new application for the additional $20,000, it will take up to 7 business days to receive your funds. The funds will be deposited automatically into the operating account you designate in the application.

For customers who were ineligible for CEBA, you may be able to benefit from government funding made available through the Regional Relief and Recovery Fund (RRRF). For more information on funding that may be available to you through your regional development agency, please visit here.

If you were notified via email or by telephone of a discrepancy with the CRA Business Number information you provided in your original CEBA application, you will may be required to visit your local Scotiabank branch or the CEBA Document Upload Website to submit the correct CRA Business Number information when you receive an email directing you to do so.  Eligible businesses that provide updated information prior to August 6th, 2021 may be eligible for the $20,000 Expansion, subject to EDC approve.

No. The eligibility criteria only applies to your 2019 payroll expenses, as displayed on your T4 Summary of Remuneration Paid (T4SUM). For customers who also pay employees tax-exempt employment income under the Indian Act, all employment income reported in Box 71 of T4 statements issued to the organization’s employees for 2019 must also be included in the total.

If you have applied for CEBA and would like to check the status of your application online please visit the CEBA Application Status Website. Please wait 5 to 7 business days after finalizing your application before checking your status.  The loan status website will be able to address the following types of questions:

• What is the status of my application?
• Why was my application declined? How can I fix those errors if applicable?
• Why was my submitted document rejected?

Applicants will need to have the following information to view the status of their loan:

• The name of the financial institution through which they applied for CEBA
• Their 9-digit CRA business number
• The applicable T1, T2, T2 Short, or T4 SUM used in the CEBA application

If you have questions or would like to check the status of your application by phone, please contact the CEBA Call Centre at 1-888-324-4201.  The CEBA call centre is open Monday to Friday from 8:00 am to 9:00 pm EST.

Submitting supporting documentation within the program deadlines is a critical part of the application process. Documents must be uploaded through the website application-demande.ceba-cuec.ca as soon as the application is completed and no later than July 14th, 2021. Please visit https://ceba-cuec.ca/ for up to date information on program details and deadlines.