Information about the Canada Emergency Business Account

Learn more about the government’s Canada Emergency Business Account – an interest-free loan of up to $40,000 to qualifying businesses

April 24, 2020   4 min read

If your small or not-for-profit business is facing financial challenges due to COVID 19, there’s help available. Recently, the government announced the Canada Emergency Business Account (CEBA) - support for businesses to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID 19 virus.

The federal government has launched the CEBA to help eligible businesses cover operating costs that can’t be deferred, such as payroll, rent, utilities, insurance, and property tax. The loan is up to $40,000, and our eligible business members can easily apply through Coastal Community’s website. 

Please note: Application deadline has been extended until December 31, 2020. Businesses that have been banking with personal accounts will also soon be able to access CEBA. On October 9, the federal government announced its intention to expand the program to enable organizations who are eligible for CEBA loans and who continue to be seriously impacted by the pandemic to access an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000. Please note this expansion has not yet been launched by the government and no launch date has been announced. Please keep an eye on the federal government's announcements for a start date to this program. 


Here’s the main details:

  • The program offers a government guaranteed loan up to $40,000,  interest-free until December 31, 2022
  • loan is to help you pay for operating costs that you’re not able to defer as a result of the impact of COVID-19
  • You are not required to make principal payments until December 31, 2022
  • Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

Keep in mind: If you have not repaid the loan by December 31, 2022, the remaining balance will be converted to a 3-year term loan with an annual interest rate of 5% per annum, effective January 1, 2023. You must repay the full balance by no later than December 31, 2025.

For more details, visit

Who is eligible to apply?

If you are one of our personal, business or community partner members, here are some of the requirements to determine if you’re eligible: 

  • You are applying through your primary financial institution – please note that applying for this benefit at more than one financial institution may result in prosecution by the federal government
  • Your organization is a Canadian operating business and has been in operation as since March 1, 2020
  • You have an active business  or personal account with us in good standing, opened on or before March 1, 2020
  • Your business paid between $20,000 to $1.5 million in total payroll according to your organization's 2019 T4 Summary of Remuneration Paid (T4SUM)
  • You agree to use the funds from the loan for non-deferrable operating expenses, as outlined in the program
  • You intend to continue to operate your business or resume operations
  • You have a federal tax registration
  • You have not previously used the Program for this business and will not apply for support under the Program at any other financial institution
  • You agree to participate in post-funding surveys conducted by the Government of Canada or any of its agent

September Update: CEBA has been extended to October 31, 2020, making the program accessible longer to Canadians. Businesses that have been banking with personal accounts will now also be able to access CEBA. If you have already applied for CEBA and have questions, please contact the CEBA Call Centre at 1-888-324-4201. Please note, you will be asked to leave a call back number. An agent will return your call between Monday and Friday from 7:00 am to 6:00 pm Pacific Time and can address the following types of questions:

  • What is the status of my application?
  • Why was my application declined?
  • Why was my submitted document rejected?

The CEBA Call Centre is experiencing significant call volumes. As a result, a return call may take more than 7 business days. More information can be found at here.

If you do not qualify according to the criteria above: the government has announced additional criteria that will help more businesses access CEBA. More information can be found at Once the details are finalized, we will update this page and the application form. 

Can I enroll multiple businesses?

Yes, but each business has to qualify individually. Each qualifying business must have a unique 9-digit Canada Revenue Agency (CRA) Business Number. Each qualifying business is limited to one CEBA loan.

How do I apply?

Fill out the application found on Coastal Community’s COVID-19 information page found on their website at Alternatively, click here to go directly to the application

Once you’ve submitted your enrollment request, it will be reviewed by Coastal Community and the Government of Canada. 

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