The Canada Emergency Business Account provided qualifying business members with access to a loan of up to $60,000. The Government of Canada ceased accepting applications for this loan program June 30, 2021.
The Government of Canada has extended the interest free period for CEBA loans and the repayment date by which eligible program participants will be eligible for forgiveness of a portion of their CEBA loan. CEBA loans will remain interest free until December 31, 2023, followed by an interest rate of 5% per annum effective January 1, 2024. To receive the forgiveness of a portion of their CEBA loan eligible borrowers must repay the CEBA loan in full (less available forgiveness) by December 31, 2023. All members with outstanding CEBA loan balances as at the end of October, 2022 have been sent notices advising of these program changes specific to their individual circumstances. If you have not received your notice, please contact Interior Savings at:
CEBA-Applications@interiorsavings.com
If you don't find what you're looking for, give us a call at 1-855-220-2580
The Canada Emergency Business Account provided qualifying business members with access to a loan of up to $60,000. The Government of Canada ceased accepting applications for this loan program June 30, 2021.
Interior Savings business members, that meet each of the following criteria will be eligible:
If your business is applying for CEBA and your 2019 payroll was less than $20,000, you will need to prove your business incurred between $40,000 and $1.5 million in 2020 non-deferrable expenses in 2020. Eligible expense categories include:
The following Government of Canada COVID Response Programs, if you participated in any, will cause adjustments to your total 2020 eligible non-deferrable expenses:
Expenses will be subject to verification and audit by the Government of Canada.
If you are approved for the CEBA, you’ll have access to up to a $60,000 loan that has a 0% interest rate with no fees and requires no principal repayments until December 31, 2022.
If the loan is not repaid by December 31, 2022, it will be converted into a 3 year term bearing an interest rate of 5% per annum.
No, as stipulated by the federal government, the total salaries paid in 2019 must be no more than $1.5 million.
If you have been conducting your business banking through a personal account, you may be eligible based upon new criteria released in November 2020. You will need to complete the federal government’s pre-screen tool to determine your eligibility. If eligible, you will be required to open a business chequing account prior to applying for the CEBA loan.
For further information on relief measures available to support sole proprietors check out the Government of Canada’s COVID-19 Economic Response Plan website.
Yes, you can still enroll if you are a current borrower.
Yes, you can still enroll in the CEBA if you meet the criteria. However, it’s important to note that you are only entitled to one Canada Emergency Business Account; applying for this benefit at more than one financial institution may result in prosecution by the federal government.
Yes. Each business entity that you have may enroll for the CEBA, however, each business must individually meet the eligibility criteria and operate as a separate active business. Holding companies are not eligible.
Our application process is simple and easy. We will walk you through several attestation questions required through the program by the Government of Canada.
If you are applying under the Non-Deferrable Expenses criteria (with 2019 payroll of less than $20,000), after you have initiated your application with us, you will be directed to a CEBA website to provide supporting documentation of your 2020 Eligible Non-Deferrable Expenses and to complete the application.
Must agree to use the funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance and property tax, as per the requirements of the program set out by the Government of Canada.
Must agree to use the funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance and property tax, as per the requirements of the program set out by the Government of Canada.
Yes. To enroll, the business must have been active and open on March 1, 2020 and meet all necessary criteria including confirmation that the loan proceeds will be used to pay for operating expenses that cannot be deferred such as payroll, rent, utilities, insurance, debt payments or property tax.
Export Development Canada will be the administrator of the government’s eligibility criteria. For additional information, please visit www.CEBA-CUEC.ca
Yes, please ensure that only the authorized signer of your Interior Savings business account applies. We cannot accept multiple applications from the same business account.
Please speak with your Interior Savings Account Manager to explore additional solutions. There may be other government initiatives to support your business, including the Business Development Bank of Canada (BDC) Co-Lending Facility and the Export Development Canada (EDC) Business Credit Availability Program.
We ask that you contact your Account Manager or contact our Member Service Centre at