Comments on Funding:
Funding is a loan of up to $60,000. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 33% (up to $20,000).
As of December 4, 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000.
Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing.
The applicant must:
Aditionally, applicants that fall into the Non-Deferrable Expenses Stream must also meet the following criteria:
The Government of Canada will assess the application and inform the financial institution of the approval or decline of the loan. If approved, the financial institution will provide the funds into the applicant’s business chequing / operating account.
Non-Deferrable Expenses Stream is a three-step process:
Applicants must complete the online Pre-Screen Tool. The Pre-Screen Tool is not a CEBA application and is solely intended to provide a non-binding indication of eligibility to inform the applicant of whether to open a business account (if needed) and apply for CEBA at their financial institution. If they are declined at this step they can still apply for CEBA and therefore still need to complete the next two steps as identified. Businesses will initiate applications directly at their primary financial institution where they hold their primary business chequing /operating account. The financial institution will then direct applicants to Step 3 of the application process.
Following the initial application through their financial institution, applicants will be directed to a CEBA website to provide supporting documentation of the 2020 Eligible Non-Deferrable Expenses and to complete the application.
The Government of Canada will assess application information submitted via financial institutions together with the supporting documentation and information provided in Step 3. If successful, the Government of Canada will notify the financial institution and provide funding.
All applicants can now check the status of their CEBA Loan online at CEBA | CUEC. Please wait 5 to 7 business days after finalizing the application before checking the loan status on this loan status website or with the call centre. If the applicants try before the 5 to 7 business days they will not receive an update.
Applicants must submit/upload electronic or paper copies of Receipts / Invoices / Agreements as evidence of their 2020 Eligible Non-Deferrable Expenses.
Other Things to Note:
Program Deadlines Have Now Passed for CEBA Applicants. Applicants can no longer:
- Apply for a $60,000 CEBA loan or the $20,000 expansion.
- Submit Additional Information Related to Their Business Number.
- Requalify Under the Non-Deferrable Expense Stream.