Information about the Canada Emergency Business Account

 
Learn more about the government’s Canada Emergency Business Account – an interest-free loan of up to $60,000 to qualifying businesses

Updated: March 24, 2021   4 min read

If your small or not-for-profit business is facing financial challenges due to COVID-19, there’s help available. The federal Canada Emergency Business Account (CEBA) program helps businesses whose cash flow has been reduced due to COVID-19, and our eligible business members can easily apply right here on Coastal Community’s website. 

CEBA helps eligible businesses cover operating costs that can’t be deferred — such as payroll, rent, utilities, insurance, and property tax — through an interest-free loan of $60,000.

The deadline to apply for CEBA is June 30, 2021.  

If your business or non-profit has already received a $40,000 CEBA loan, you can now apply for an additional interest-free $20,000 CEBA expansion loan — even if you have already fully repaid your original loan. 

Eligibility for CEBA

Please review the eligibility criteria at ceba-cuec.ca before applying.  

CEBA Q&A


1. What is CEBA?

Here are the main details:

  • The program offers a loan of $60,000 interest-free until December 31, 2022
  • The purpose of the loan is to help you pay for operating costs that you’re not able to defer as a result of COVID-19
  • You are not required to make principal payments until December 31, 2022
  • Repaying $40,000 of the loan principal on or before December 31, 2022 will result in loan forgiveness of the remaining $20,000

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 no later than December 31, 2025.

For more details, visit www.CEBA-CUEC.ca


2. I have applied for CEBA. How can I inquire about the status of my application?

If you have already applied for CEBA:

  • You can check the status of your CEBA loan application online at& https://status-statut.ceba-cuec.ca/. Please wait 5-7 business days after submitting your application before checking the status.
  • You may contact the CEBA Call Centre at 1-888-324-4201. You will be asked to leave a call back number. An agent will return your call between Monday and Friday from 7:00am-6:00pm PST 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?

Be sure to have your CRA business number on hand. The CEBA Call Centre is experiencing significant call volumes. As a result, a return call may take up to seven business days. More information can be found at www.CEBA-CUEC.ca


3. How do I apply?

Fill out the application found on Coastal Community’s COVID-19 information page found on their website at cccu.ca. 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. 


4. I’m not signed up for online banking. What do I do?

Signing up is quick and easy! Just follow these steps to get set up.

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