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The Canada Emergency Business Account Loan Program

Financial support for your business

The Canada Emergency Business Account (CEBA) Loan Program has been officially launched by the Government of Canada and you can now apply through either of Meridian’s online banking platforms: Business or Small Business Online Banking. Plus, you get peace of mind: we designed our online application to protect your privacy and information security.

If your business isn’t registered for Online Banking, please contact your Meridian Business Advisor or Relationship Manager to get this process started. Completing this step now will mean you’re ready to go.

Note: The CEBA Loan Program has been extended to December 31, 2020. 


Not sure how the loan program works? Here are the details:

  • The Canada Emergency Business Account Loan Program will provide qualifying businesses with access to a $40,000 term loan at 0% interest until Dec 31, 2022.

  • You can make principal repayments at any time.

  • Up to $10,000 loan forgiveness is available, provided that 75% of the outstanding balance is paid by Dec 31, 2022.

  • Unpaid balances as of December 31, 2022 will be converted to a 3-year term loan at 5% interest; with interest only payments. All principal and accrued interest will be due by December 31, 2025. 

  • For the ‘Payroll Stream’ you will need your 15-digit Business Number as it appears on your 2019 T4 Summary of Remuneration Paid (T4SUM) document and the Box 14 amount for remuneration issued in your 2019 T4SUM Document statement. You can access this information online through the CRA portal.

  • For the ‘Non Deferrable Expenses Stream’ you will need your 9-digit Business Number. Supporting documents for each eligible expense claimed must be uploaded to the government web-site.

    • Your total expenses claimed must be a minimum of $40,000 net of any payments received from other government programs.


Does your business qualify?

To qualify for this program, you must have had a payroll expense between $20,000 and $1.5 million for the year 2019 and been in good financial health before the COVID-19 crisis.

If you have payroll lower than $20,000 you can still apply, you just need:

  • A business operating account at a participating financial institution as of March 1, 2020.

  • A Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.

  • Eligible non-deferrable expenses between $40,000 and $1.5 million. These expenses could include costs such as rent, property taxes, utilities, and insurance.

To qualify through us, you need to have identified Meridian as your primary bank. This means that you use a Meridian business operating account, opened on or before March 1, 2020, for day-to-day payments and/or cash management activities. If Meridian isn’t your primary bank, apply through the financial institution that holds your primary business operating account. Also, make sure that the person applying for the CEBA loan has the authority to attest on behalf of your organization and bind the organization to the terms of the CEBA loan agreement.

Remember: Make sure you’re registered for either Small Business or Business Online Banking, and that your account is active, to start your application process.

How to apply online

How to apply to apply for the CEBA Loan Program - Small Business Online Banking (PDF, 740 KB)

How to apply to apply for the CEBA Loan Program - Business Online Banking (PDF, 750 KB)

We're here to help

If you have any questions about this loan, you’re interested in other government relief programs, or you want to register for Business or Small Business Online Banking, please contact your Meridian Business Advisor or Relationship Manager or call 1-866-592-2226.

For updates about our response to COVID-19 challenges, visit our Business Banking COVID-19 page.