The Canada Emergency Business Account Loan Program
Financial support for your business
The Canada Emergency Business Account (CEBA) Loan Program was launched to help support Canadian businesses during COVID-19. You can 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.
What is the CEBA loan program?
The Canada Emergency Business Account (CEBA) Loan Program offers a a $60,000 loan (with $20,000 of the $60,000 eligible for complete forgiveness provided that the outstanding balance is fully paid between January 1, 2021 and December 31, 2022.).
If your business had previously applied for and received a $40,000 CEBA loan, you can apply for an additional $20,000 loan under the expanded program. If your application is already in progress you must finish it before reapplying for an additional $20,000 loan.
CEBA loan program details
- There are no minimum monthly principal payments until December 31, 2022.
- You can make principal repayments at any time.
- Unpaid balances as of December 31, 2022 will be converted to a 3-year term loan at 5% interest; all principal and accrued interest will be due by December 31, 2025.
- You will need your 15-digit Business Number and the Box 14 amount for remuneration issued in your 2019 T4 Summary of Remuneration Paid statement. You can access this information online through the CRA portal.
Does your business qualify for CEBA?
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.
- 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 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
You can apply for CEBA in three simple steps:
Complete the mandatory CEBA Pre-Screen Tool on the Government of Canada website.
Open a Meridian business banking account.
Apply for a CEBA loan through Meridian Online Banking.
We have guides to help you
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.