CEBA - Canadian Emergency Business Account

CEBA – Canadian Emergency Business Account

The Canada Emergency Business Account (CEBA) provides a $40,000 loan for eligible business owners and not-for-profit members. This federal program is designed to help cover operating costs for businesses experiencing temporary reduced revenue.

Terms and Conditions of the Canadian Emergency Business Account:

  • The loan will be offered at 0% interest until December 31, 2022
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022.
  • If the loan is not repaid by December 31, 2022, it will be converted into a 3 year term bearing an interest rate of 5% per annum.
  • Outstanding principal of the loan must be fully repaid by December 31, 2025.
  • You must apply for CEBA only from your primary financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.



The CEBA application process follows one of two streams:

  1. The Payroll Stream (Applicants with employment income paid in the 2019 calendar year between Cdn. $20,000 and Cdn. $1,500,000)
  2. The Non-Deferrable Expense Stream (Applicants with Cdn. $20,000 or less in total employment income paid in the 2019 calendar year). Eligible non-deferrable expenses between Cdn. $40,000 and Cdn. $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.

Regardless of your stream, every applicant must meet the following criteria:

  • Has an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.
  • Filed an income tax return with the CRA with a tax year ending in 2019 or, if its tax return for 2019 has not yet been submitted than 2018.
  • Has an active business chequing/operating account with the Lender at the time of applying for CEBA. Note: If Borrower currently does not have a business chequing/operating account the Borrower must create one at Cypress Credit Union before applying for CEBA.  
  • Borrower must not have previously used the Canada Emergency Business Account Program (CEBA loan) and will not apply for support under the program at any other financial institution.
  • Intends to continue to operate its business or to resume operations.

Must agree to use the funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance and property tax, as per the requirements of the program set out by the


When and where can I apply?

Pre-screening for eligibility is highly recommended if you are applying for the Non-Deferrable Expenses Stream. Visit  to do a pre-screen today.

CEBA application are now available. Apply at your earliest convenience here.

CEBA enrollment will only be available online.


What documentation do I need?

We recommend you gather the following information in advance for a smooth application process:

  • Your CRA business number or the 15-digit payroll account
  • Your business name located on your 2019 tax return.
  • Locate your 2019 T4 Summary of Remuneration Paid statement. You can contact the CRA to have them re-issue your 2019 statement.
  • We also require the following information:
    • Your employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid
    • Your employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid
    •  2019 T4SUM when requested upon audit

For full requirement details visit the Government of Canada website here.