Canada Emergency Business Account

UPDATE MARCH 22: The CEBA Application Period Has Been Extended. 
Applicants now have until June 30, 2021 to apply for a $60,000 CEBA loan or the $20,000 expansion at their financial institution.

UPDATE DECEMBER 4: The Government of Canada has expanded the CEBA program for new applicants and existing recipients.

The Canada Emergency Business Account (CEBA) launched earlier this year to help businesses cover operating costs during the COVID-19 crisis, where revenue could be reduced. Effective December 4, CEBA support has been expanded from $40,000 to $60,000 in an interest-free loan. This expanded financing is available to new applicants (who can apply for up to $60,000 in financing) and existing applicants (who can apply for an additional $20,000 in financing.)

If you’re a sole proprietor, farmer, or a business owner that uses contractors or does not have payroll, you may qualify under the expanded CEBA program.

Are you a new applicant? You can now apply for $60,000 in financing through the CEBA program. Are you an existing recipient? Apply for $20,000 in additional financing through the CEBA program.
  • Available to new CEBA applicants who meet the eligibility for previous CEBA financing.
  • Get up to $20,000, forgivable if repaid by December 31, 2022
  • Apply through Affinity Credit Union!
  • Visit the CEBA website for eligibility requirements and other frequently asked questions.
  • Available to existing CEBA loan recipients (note that approval for a CEBA financing in the past does not guarantee approval under the expansion)
  • Increase in the forgivable portion to up to $20,000 of the total CEBA amount borrowed if repaid by December 31, 2022.
  • Apply below if Affinity Credit Union distributed your original CEBA loan.
  • The CEBA expansion follows the same terms and conditions as existing loan, aside from forgiveness.

If you operate your business out of a personal account, you will be required to open a business account in order to be eligible.

Before going through the trouble of opening up a business account, we want you to have some comfort that you’re likely to be approved under the program. To determine your eligibility and the validity of your non-deferrable expenses, please complete the CEBA Pre-Screen tool here.

How does CEBA work?

  • The Canada Emergency Business Account will be funded as a term loan for an amount up to $60,000 for new applicants and an additional $20,000 for existing recipients.
  • No interest will apply on the loan until January 1, 2023
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month
  • If you repay enough of your term loan to meet the repayment requirements for receiving forgiveness on or before December 31, 2022, the remaining balance of your term loan will be forgiven.
  • If you do not repay enough of your term loan to meet the requirements for receiving forgiveness on or before December 31, 2022, any outstanding balance will be converted into a 3-year term loan at 5% maturing on December 31, 2025, at which time the balance must be paid in full


How can I view the status of my CEBA application?

Visit anytime to view the status of your CEBA application. You’ll need:

  • The name of the financial institution through which you applied for CEBA
  • Your 9-digit CRA business number
  • The applicable T1, T2, T2 Short, or T4 summary used in your application.

You can also call the CEBA Call Centre at 1.888.324.4201 (Monday – Friday, 9am – 8pm CST) to talk to someone about the status of your application, why your application was declined or why submitted documents were rejected.

Where can I find more information?

For more information about eligibility or applying, visit