If you have already received a $40,000 CEBA loan and are looking to apply for the $20,000 CEBA expansion loan: Apply Here.Thank you for your interest in the Canada Emergency Business Account program (the
“Program”). The Program provides access to a $60,000 loan for eligible borrowers to help cover non-deferrable operating costs while their businesses are affected by COVID-19. The loan is interest-free until December 31, 2022. Qualified Borrowers who repay $40,000 of their loan of $60,000, on or before December 31, 2022, will have the remaining $20,000 forgiven. If not repaid by December 31, 2022, the loan will be extended to December 31, 2025 at 5% interest.
We are expecting a high volume of requests for this program, and our dedicated business team members are urgently processing applications in the order they are received. Once you submit your application, you should expect to hear from us within five business days.
As a condition to receiving access to a loan under the Program, you must meet all of the eligibility criteria for the Program and certify this for and on behalf of the Borrower through the following attestation. Please review all of the criteria carefully and input the required information. Once you have done this, if all of the information below is true and accurate, select the click box at the end to complete the attestation. If you are not eligible for the Program and your business is in need of financing, please contact us to discuss alternative options.
There are two ways to qualify for the program. You may submit your application under only one of these two application streams:
- Payroll Stream: Your employment income reported on all employee T4 slips for 2019 was greater than $20,000 and less than $1,500,000.
- Eligible Non-deferrable Expenses Stream: Your total employment income paid in 2019 was $20,000 or less, but in 2020, you are obligated to pay total Eligible Non-Deferrable Expenses (as defined in the attestation below) between $40,000, net of any support or subsidies already received under other Government of Canada COVID response programs, and $1,500,000, including any subsidies already received under other Government of Canada COVID response programs.
You will be guided below through a series of questions to determine which application stream you and your business are eligible to apply for, and asked to input the information required to process your application.
For the purposes of the following attestation, "Lender" refers to Coast Capital Savings, "Borrower" refers to the organization applying for a loan under the CEBA program, "the undersigned" refers to the person completing this application for and on behalf of the Borrower, and "GOC" refers to Government of Canada, Export Development Canada, and their respective agents and/or consultants.
- The undersigned has the ability and authority to bind the Borrower.
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The Borrower is an active operating business that is a sole proprietorship, partnership or a Canadian-controlled private corporation (“CCPC”) that was in operation in Canada on March 1, 2020. The Borrower has not received any loan under the Canada Emergency Business Account Program (the “Program”). The Borrower’s legal name on record with the Canada Revenue Agency (“CRA”) is listed below and its business, operating, or trade name (if different from its legal name) is listed below. Please note that a sole proprietor’s legal name is the individual’s legal name as it is recorded in the CRA’s Business Number (BN) registry. A CCPC’s legal name must be written as it appears in its (federal or provincial) corporate registry. A partnership’s legal name is the partnership’s legal name as it is recorded in the CRA’s Business Number (BN) registry.
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The Borrower has an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.