Canada Emergency Business Account

Community Savings is committed to supporting our business members through this difficult and challenging time. We are pleased to announce that we accept applications for the Federal Government’s Canada Emergency Business Account (CEBA).

CEBA is a government-guaranteed, interest-free loan of up to $40,000, for eligible small businesses and not-for-profit members that have been affected by COVID-19 to help them cover operating costs.

Latest update

Last updated August 6, 2020

CEBA ends August 31, 2020

The Canadian Government has confirmed the Canada Emergency Business Account (CEBA) program will no longer accept applications after Monday, August 31, 2020.
Members must complete their CEBA applications by August 31, 2020 if they want to claim this emergency government benefit.
Applicants applying on August 31, 2020 will have until September 3, 2020 to upload their non-deferrable expense documents.

July 27, 2020 Update:
The Canadian government has expanded the Canada Emergency Business Account program to include businesses with payrolls lower than $20,000 that can show 2020 non-deferrable expenses between $40,000 and $1.5 million. More information on eligibility and how to apply is available below.

CEBA Details

• The loan will remain interest-free until December 31, 2022
• requires no minimum monthly principal payments until December 31, 2022
• principal repayments can be made at any time
If at least 75% of the loan is repaid by December 31, 2022, the remaining 25 percent (up to $10,000) may be forgiven.
• If not repaid by December 31, 2022, the loan will be extended to December 31, 2025 at 5% interest.

 Eligibility criteria:

• You are an existing Canadian borrowing or non-borrowing member of Community Savings;
• You have a federal tax registration.
• Your total employment income paid in the 2019 calendar year was between Cdn.$20,000 and Cdn.$1,500,000. For applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year:
• You have a Canada Revenue Agency business number and have filed a 2018 or 2019 tax return.
• You have 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.
• You have a registered business chequing/operating account with Community Savings, which is your primary financial institution. This account was not in arrears under any existing credit facilities, if applicable, with Community Savings for 90 days or more as at March 1, 2020. If not, we will require your previous financial institution to certify you had an active business account on March 1, 2020.
• You have not previously used the Program and will not apply for support under the Program at any other financial institution.
• You acknowledges your intention to continue to operate your business or to resume operations.
• You agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.
• Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.

More information on the expanded CEBA can be found on the program’s website.

Process for applying:

If you are applying through the Payroll Stream (total employment income paid to employees in 2019 between $20,000 and $1.5 million):  We will forward your application (upon you supplying your 2019 T4 Summary Report to our representative) to the Government of Canada for assessment and they will inform us whether your application has been approved or declined. We will then notify you of that decision and proceed to funding, if approved.

If you have applied through the Eligible Non-Deferrable Expenses Stream: Following your application, you will be directed to a CEBA website to provide supporting documentation of your 2020 Eligible Non-Deferrable Expenses, which is required for your application. We will forward your application to the Government of Canada, and they will assess it along with the documentation you have provided. They will inform us whether your application has been approved or declined. We will then notify you of that decision and proceed to funding, if approved.

How are Eligible Non-Deferrable Expenses defined?

Eligible Non-Deferrable Expenses include payments for:
    • Wages and other employment expenses to independent (arm’s length) third parties
    • Rent or lease for real estate used for business purposes
    • Rent or lease for capital equipment used for business purposes
    • Insurance-related costs
    • Property taxes
    • Telephone and utilities (gas, oil, electricity, water and internet) for business purposes
    • Regularly scheduled debt service
    • Independent contractors
    • Fees required to maintain licenses, authorizations or permissions necessary to conduct business
    • Other expenses which may be added over time at

How to Apply

We are accepting applications for the Federal Government’s Canada Emergency Business Account.
For more information on CEBA or how to register, please call:

Tony Sandhu  604-341-3654
Kevin Tan  778-883-5727
or email:

Frequently Asked Questions

What can the CEBA funds can be used for?
As set out by the Government of Canada, the loan proceeds can only be used to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. It may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

Can I enroll for CEBA at more than one financial institution?
No. Business members must only apply at their primary financial institution where they have an existing business chequing account. Applying at more than one financial institution may result in ineligibility under the program.

What if there are multiple owners of the business?
• The individual applying for the loan must have the authority to attest on behalf of the organization and have the authority to sign the binding agreement to the terms of the CEBA loan.
• Since we cannot accept multiple signatures at this time, we recommend that your organization prepare and approve a resolution that allows the key principal applying for the loan to be given the special authorization to attest on behalf of, and individually, bind the organization to the terms of the loan agreement

What if I own multiple businesses?
Each business must meet the Government eligibility requirements and must have an active business operating account with Community Savings.

What if I haven’t submitted/received a T4 summary? (they would apply under the Eligible Non-Deferrable Expenses Stream
At this time, you would not be eligible for this program. If you have not received it or have lost it, please contact the Canada Revenue Agency to have them reissue your 2019 T4 summary of remuneration paid (T4SUM)

What if I have accounts at multiple financial institutions. How do I determine where to apply?
You should be submitting your application at your primary financial institution. This generally means the account where you conduct the majority of your day-to-day banking, including employee payroll, supplier payments and collection of receivables.

What if I don’t have a business account?
Unfortunately, you are not eligible for this program at Community Savings. If you have an operating business account at another financial institution, please contact them

What if I run a sole proprietor business, am I eligible to apply?
As long as you had an active operating business account on March 1st.

Are there any conditions for the loan?
You are required to meet all eligibility criteria for the loan, as detailed in the application, including an acknowledgment that the funds from this loan will only be used to pay for non-deferrable operating expenses. In the application, you will be required to make an attestation that you meet these criteria, which is subject to verification and audit. All applications are subject to approval and funding availability through the CEBA program.

* Terms and conditions apply. Applications subject to approval and to funding availability and eligibility criteria of the Canada Emergency Business Account program.