Canada Emergency Business Account


The CEBA Program has closed its application period as of June 30th, 2021.

If you have already applied for CEBA and have questions, please contact the new government CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application. The CEBA call centre is open Monday to Friday from 5 am to 6 pm PST.

Visit for more updates.

The Canada Emergency Business Account (CEBA) now provides a loan of up to $60,000 to eligible small businesses, including many owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly and not-for-profit members. This federal program is designed to help cover operating costs for businesses during a period where their revenues have been temporarily reduced due to the pandemic.

The Canada Emergency Business Account will now provide up to $60,000 (previously $40,000) loans with:

  • 0% interest until December 31, 2023
  • No minimum monthly principal payments required until December 31, 2023
  • Penalty-free principal repayments that can be made at any time
  • Up to $20,000 loan forgiveness provided the outstanding balance is paid on or before December 31, 2023
  • For more information on loan repayment click here

More information on the CEBA program, part of the Government of Canada’s COVID-19 Economic Response, and administered by Economic Development Canada (EDC), can be found on the website

How long will it take for the funds to show up in my account?

Your application will be reviewed for eligibility and submitted to the Federal Government for funding. This entire process will take up to 15 business days from the date of your submission. Upon approval, you’ll receive a confirmation email from Vancity, and the loan will be deposited into your existing business account.

Will there be any additional documentations I have to complete?

Yes, we will be following up with a CEBA Commitment letter outlining the loan details for approved applications. For your safety, you will be able to digitally sign this document. For security purposes, we will require a mobile phone number for authentication. Please include this as your contact phone number in your application.

You will not need to sign a new commitment letter when approved for the expansion loan of $20,000. However, if you have not signed your initial CEBA loan commitment letter and have applied for the expansion loan, you will have to complete the signing letter before the expansion loan will be funded.

How do I make a payment?

The loan is interest-free until December 31, 2023. No principal repayments are required during this period unless you are seeking to repay 75% of the loan, to qualify for the up to $10,000 forgiveness feature.

If you choose to extend the loan from January 1, 2024 to December 31, 2025, an interest rate of 5% will apply during the extension period. The full outstanding principal balance and interest must be repaid no later than December 31, 2025. We’ll provide you with more information on payments during the extension period once final details of the program is in place.

My business has an existing CEBA loan and has applied for an expansion of $20,000. How will the loan forgiveness work?

All outstanding balances (excluding forgivable amounts) must be repaid before any forgiveness can be applied. In this scenario, once you have repaid the $40,000 loan, the $20,000 loan will be forgiven.

All forgiveness scenarios can be found at (In the Loan Details FAQs, under ‘What are the terms of the forgiveness?’)