You can then open a CIBC business operating account to apply for the CEBA loan. We recommend using the Canadian government`s CeBA Pre-Screen ToolOpens first in a new window. to determine the commercial suitability of the loan and obtain a 10-digit confirmation number via email. The Canada Emergency Business Account (CEBA) provides eligible small businesses with a loan of up to $40,000, including many small, owner-managed businesses that do not have payroll, individual entrepreneurs who receive direct business income, and non-profit members. This federal program must help cover the operating costs of businesses during a period when their revenues have been temporarily reduced as a result of the pandemic. No no. To ensure fair and effective access to all CIBC eligible business customers, all applications must be submitted online through CIBC LINE BANKING. Make sure you sign up. Open a new window in your browser.
for CIBC Online Banking for Business now to make sure you get access to the loan as soon as possible. $20,000 of a $60,000 CEBA loan can be awarded if $40,000 is repaid by December 31, 2022. On October 9, 2020, the federal government announced an extension of the CEBA that will allow additional funding through the program. We are awaiting the details of this extension in order to provide this update to our membership as soon as possible. If you have already applied for CEBA and have any questions, please contact the new CEBA government call centre at 1-888-324-4201 for a status update for your CEBA application. The CEBA call centre is open Monday to Friday from 5 a.m. to 6 p.m. Visit ceba-cuec.ca/ for more updates. For businesses applying for a new $60,000 CEBA loan, successful applications will be funded in 10 to 15 business days from the date the Canadian government receives its application. For clients who apply based on their unreferred expenses, funding will be accepted within 10 to 15 business days after your justified expense documentation is posted online. Yes, the Ceba program now offers an additional $US 20,000 for businesses that have previously received a loan of $US 40,000. Ask for an increase in the CEBA loan.
Open in a new window. The loan credits can only be used to pay unreported operating expenses within the meaning of the Canadian government and cannot be used to finance payments or expenses such as advance/refinancing of existing debt, dividend payments, distributions and increased executive compensation.Share