Canada Emergency Business Account

The Government of Canada is providing the Canada Emergency Business Account (CEBA) to support Canadian businesses that have been adversely affected by COVID-19. Eligible businesses will receive a $40,000 loan for immediate financial support to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.

While CUA and other financial institutions can accept and process applications for the CEBA, it is a Government of Canada program and funds are disbursed through Export Development Canada (EDC). Please review the information below and, if you have any questions, please contact a member of the CUA team at 902.492.6500 or

Update: October 23, 2020
  • Applications have been paused as CEBA 4.0 is launching soon.
Update: October 2020
  • The government of Canada has announced proposed changes to the CEBA, including:
    • Eligible businesses and not-for-profits eligible will have access to an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000, with up to half forgivable if paid back by December 2022.
    • In addition, the government is working closely with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.
    • Further details on these changes are expected to be available soon.

What is the CEBA Program?

  • Up to $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19.
  • 25% (up to $10,000) of the loan proceeds is eligible for complete loan forgiveness if the loan is repaid on or before December 31, 2022.
  • If the loan cannot be repaid by December 31, 2022, it can be converted into a 3-year loan with a fixed annual interest rate of 5%.

How does the CEBA loan work?

  • The loan will be funded as loan (up to $40,000), 0% interest and no payments until December 31, 2022.
  • No interest will apply until January 1, 2023.
  • Beginning January 1, 2023, interest accrues on the balance of the loan at a fixed annual rate of 5%, payable monthly on the last day of the month.
  • If you pay 75% of the balance of the loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable by December 31, 2025.

What’s the eligibility criteria?

The eligibility criteria, as set out by the Government of Canada, is as follows: 

  • You are a Canadian operating company (i.e. not a holding company) registered and in operation on or before March 1, 2020.
  • CUA is your primary financial institution (your everyday business banking account and cash management activities are held with us) and the account was opened on or before March 1, 2020. (Note: If your primary business banking or operating account is held at another financial institution, please contact them to access the CEBA.)
  • Your account must be in good standing as an existing member, with no outstanding balances.
  • Your annual payroll expense is between $20,000 and $1.5 million for the 2019 calendar year, as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM, contact Revenue Canada.
  • You have a 15-digit Canada Revenue Agency Number (also shown on your T4SUM) and have filed tax return(s) with CRA for 2019 and/or 2018.
  • You have not previously received CEBA through CUA or any other financial institution.
  • You are not a non-profit organization, charity, union, or a fraternal benefit society, unless your organization earns revenue from regularly supplying property, goods and/or services.
  • You intend to continue operating or to resume operations.
*NEW* CEBA criteria has now been expanded to include the following:
  • Total income paid to employees in 2019 was $20,000 or less OR if the borrower declares no income was paid in 2019.
  • If total income paid in 2019 was $20,000 or less OR none is declared, your business will have eligible non-deferrable expenses in the 2020 calendar year between $40,000 and $1,500,000.

Application process

The process to apply for and access funds through the CEBA involves the following steps requiring action from the applicant, CUA, Atlantic Central (on behalf of Atlantic Canada’s credit unions) and Export Development Canada (EDC):

  1. Complete online application form (Applicant)
    1. For applicants with a 2019 payroll of $20,000 or less, you will then be prompted to upload documents in order to proceed with your application.
  2. Review application, validate eligibility and identity, draw up loan agreement (CUA)
  3. Sign loan agreement (Applicant)
  4. Submit loan agreement to request funds from EDC (CUA, Atlantic Central)
  5. Funds transferred to applicant (EDC, Atlantic Central, CUA)

Before applying, have the following information:

Locate your 2019 T4 Summary of Remuneration Paid statement, as you will need the following:

  • Your employee account number, as reported at the top of your 2019 T4 Summary.
  • Your employment income reported on box 14 of your 2019 T4 Summary.
  • A copy of your 2019 T4 Summary of Remuneration Pay may be requested.
If you have further questions, please connect with your Commercial Account Manager directly.

Ready to apply?

Update: October 23, 2020
  • Applications have been paused as CEBA 4.0 is launching soon. Please check back shortly for updated eligibilty and application information.

Frequently Asked Questions

Where do I upload the expense documents required as part of the application? Expand/Collapse

You may upload the documents as part of your initial application process.  If you need to upload them separately, visit the CEBA Document Upload website and click the Get Started button. 

The site also has pages for Frequently Asked Questions and a downloadable Instruction Guide, which you may wish to visit prior to clicking the Get Started link above.

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