Q: How do I enroll in the Canada Emergency Business Account CEBA.
A: Government of Canada is planning to start accepting the CEBA application on April 6, 2020.
Q: What I need to do to prepare for the Canada Emergency Business Account CEBA application.
A: You would need your 2019 T4 summary of remuneration paid statement.
You should also update your business contact information with your financial institution.
Q: My business has two accounts with different banks. Can I enroll for CEBA at more than one bank?
A: The short and long answer is No. Businesses must enroll for the CEBA program at the Bank with the primary account and cannot apply at more than one financial institute.
Q: If I own more than one business? Can I apply for each business?
A: Yes, each business entity can enroll for CEBA. Each business must separately meet the eligibility requirements.
Q: What is the CEBA business loan interest rate?
A: The interest rate is 5% per year.
No interest applies until January 1, 2023.
Q: What are the Canada Emergency Business Account repayment terms?
A: The full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.
If you payback 75% of the balance as of January 1, 2021 by December 31, 2022, the remaining 25% of the balance will be forgiven.
Q: When do I need to start paying back the Canada Emergency Business Account loan back?
A: You can start paying back the loan in full or part at any time you’d like, but the repayment of the loan is not required until December 31, 2025.
Q: What if my business is benefiting from other COVID19 related relief programs offered by my financial institution? Can my business still apply for the Canada Emergency Business Account CEBA?
A: Yes, your business can still apply for the Canada Emergency Business Account loan.
Q: My business is a sloe proprietorship and not a corporation, and I don’t have a business account. Do I qualify to apply for the Canada Emergency Business Account CEBA?
A: You do not qualify. The CEBA is available to businesses only registered before March 1st, 2020.