The expanded Canada Emergency Business Account (CEBA) enables businesses previously approved for a CEBA loan —and that continue to be seriously impacted by the pandemic—to access an additional interest-free loan of up to $20,000. Half of this additional financing is forgivable if repaid by December 31, 2022.

The CEBA $20,000 expansion loan is only available to businesses that:

• previously received CEBA funding. You must apply through the financial institution who provided your previous CEBA loan;
• are in good standing/not in loan or account arrears; and
• can certify to meeting the following financial needs criteria:
  • that its business is facing ongoing financial hardship (including, for example, a continued decline in revenue or cash reserves, or an increase in operating costs) as a result of the COVID-19 pandemic;
  • that it intends to continue to operate its business or to resume operations; 
  • that in response to the COVID-19 pandemic it has made all reasonable efforts to reduce its costs and to otherwise adapt its business to improve its viability; and
  • that it has not used any loan received under the Program to make any payment or pay any expense other than Eligible Non-Deferrable Expenses. Specifically, the Borrower has not used any loan received under the Program to make any prepayment/refinancing of existing indebtedness, any payment of dividends, distributions or increases in management compensation or to increase the compensation of related parties. 

First-time CEBA applications are eligible for a $60,000 interest-free loan. $20,000 of this financing is forgivable when $40,000 is repaid by December 31, 2022.

Use this quick Pre-Screen Tool to determine if your business may be eligible for enrollment. The Pre-Screen Tool is not an official CEBA application and does not guarantee approval for CEBA funding. Return to this page to proceed to enrollment only after receiving a CEBA pre-screen number.   

You must have a business chequing account with Envision Financial and it must be your primary business operating account. If you don’t have one, please contact us at 1-888-597-6083 to schedule a business account opening appointment.