How to apply for the government’s $25-billion CEBA business loan program

The federal government has rolled out a series of measures to help Canadian businesses and families weather the COVID-19 pandemic. , or CEBA:The Canada Emergency Business Account is part of the federal government’s loan and loan-guarantee program for small and medium-sized businesses affected by the COVID-19 pandemic.​

​CEBA loans are backed by the government, and up to 25 per cent of each loan, or $10,000, is eligible for forgiveness if the rest is paid on time . For those unable to repay at that time, the loan can be converted into a three-year term loan at an interest rate of five per cent. Applicants need their T4SUM document from the Canada Revenue Agency, as well as their 15-digit CRA business number or employer’s account number. Bank account information is also required. ​

Royal Bank of Canada had approved 35,439 applications, each for $40,000, for a total of $1.4 billion as of 9 a.m. Monday.

I applied through the Scotia site on April 9th and the funds were deposited on the 15th.

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