Canada Emergency Business Account

Learn more about, and apply for, the Canada Emergency Business Account (CEBA) for small businesses. 

Supporting our small business customers

On March 27, Prime Minister Trudeau announced additional measures to support businesses through this time. Scotiabank, together with other leaders in the banking community, has been consulting with the government on these measures, designing them specifically to help small business owners with their most pressing needs and position the economy to recover.

If you are a qualifying small business customer, the CEBA program provides access to a $40,000 loan:

  • 0% interest until December 31, 2022.

  • No principal payments until December 31, 2022. 

  • Principal repayments can be voluntarily made at any time without fees or penalties.

  • $10,000 loan forgiveness is available, provided outstanding balance is $40,000 at December 31, 2020, and $30,000 is paid back between January 1, 2021 and 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. 

Note: Once you are approved for the CEBA program, you will receive a deposit of $40,000 in your operating account within 5 business days, and will have a new loan displaying as “ScotiaLine for Business VISA” in online banking. 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. Payments on CEBA loans will be reversed centrally on a biweekly basis.

For more details on the CEBA program, click here.

Additional relief measures for small business customers

Please contact your Small Business Advisor, Branch Manager, Agriculture Specialist or Healthcare & Professional Specialist, if your business is experiencing financial hardship as a result of COVID-19.

We will work with you, individually, to offer advice and assistance with liquidity and financial covenant relief, including temporary lending payment deferrals or other forms of short-term support to customers who meet required qualifications.

Canada Emergency Business Account FAQs

Eligibility for Canada Emergency Business Account FAQs

Canada Emergency Business Account