Canada Emergency Business Account (CEBA)

  • Covid-19
  • Canada Emergency Business Account (CEBA)

Supporting Our Small Business Members

To ensure that small businesses have access to the capital they need to see them through the current challenges, the Government of Canada has launched the new Canada Emergency Business Account (CEBA).

CEBA Requirements and Deadlines Have Changed:

Applications deadlines for both the Canada Emergency Business Account (CEBA) and the Business Credit Application program have been extended. The deadline to apply for CEBA is March 31, 2021.

Please note the two CEBA application options:

  1. $60,000 available to NEW (have not applied and been funded) CEBA applicants who meet the eligible criteria. Provides interest-free, partially forgivable loans. Apply below by logging in to your online banking.
  2. $20,000 CEBA Expansion (additional) available to existing CEBA loan recipients (have been funded). Similar terms and conditions aside from the forgiveness. Apply below by logging in to your online banking.

If you are currently operating from a personal account and contemplating a CEBA application and new business account you may like to know there is now a pre-screening tool which is available through the Government of Canada for CEBA.

It is important to note, the information you input from the pre-screening does not carry through to Moya Financial Credit Union or other financial institutions. The results do not guarantee approval of funding. You can consider this as a tool to help understand if opening a business account for CEBA purposes is advantageous for you.

The CEBA verification process has been updated and this is causing a delay in processing time for some applications. The processing time commences once your application form and all required supporting documentation are received by the Government of Canada. Once your application has been processed, you will hear from us per normal CEBA process. For more information on processing times visit the Federal Government's CEBA information page.

If you have applied for the Canada Emergency Business Account (CEBA) and have questions, such as the status or your application, please contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your application. The CEBA call centre is open Monday to Friday from 6 a.m. to 7 p.m. MST.

What is the Canada Emergency Business Account (CEBA)?

  • The CEBA provides government-guaranteed loans for up to $40,000 to help small businesses as well as Not-For-Profits to cover operating costs that cannot be deferred because of COVID-19.
  • The loan will be funded as a $40,000 term loan, 0% interest, and no payments until December 31, 2022.
  • If the loan cannot be repaid by December 31, 2022, it may be converted into a 3-year term loan at an interest rate of 5%.
  • Commencing on January 1st, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.
  • If you repay $30,000 (75% of the balance of the term loan) on or before December 31, 2022, the remaining $10,000 of your term loan will be forgiven.
  • If you do not repay 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

Who can apply?

Business members or not-for-profit members registered in Canada, who use a Moya Financial business account for daily operating of their business. If day-to-day transactions are not done through this account, you must apply for this benefit through your primary financial institution.

How long will it take me to receive the money after I’ve applied?

After you have completed the application, your application will be assessed. If you meet the requirements it will be submitted to Export Development Canada (EDC) for processing. Once approved the money will be deposited in your account, likely within 10-15 business days.

What are the eligibility requirements?

  • The borrower has an active business chequing/operating account with Moya Financial as its primary financial institution. This account was opened on or prior to March 1, 2020 and and if the organization is a borrowing member, loan accounts must be in good standing, with all payments and covenants satisfied as of March 1, 2020.
  • Your business has been a registered and operational business on or before March 1, 2020.
  • The person enrolling for the CEBA must have the ability and authority to bind the organization.
  • Your payroll expense in the 2019 calendar year was between $20,000 and $1,500,000. You will be required to provide the following information:
    • Your Employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid.
    • Employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid.
    • A copy of your 2019 T4 Summary of Remuneration Paid, as requested (if you cannot locate your T4 Summary of remuneration paid, you will need to contact CRA).
  • The borrower has not previously used the CEBA program and will not apply for support under the CEBA program at any other financial institution.
  • The borrower acknowledges its intention to continue to operate its business or to resume operations.
  • As per the requirements set out by the Government of Canada, you must agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance,  property tax and regularly scheduled debt service payments.
  • The funds may not be used to fund payments of expenses such as repayment or refinancing of existing indebtedness (including other indebtedness to the Credit Union), payments of dividends, distributions, or increases in management compensation.

The application is available through your Online Banking, under the Account Services tab.


For more information, please call 416-252-6527 or send an email to or visit the Federal Government’s CEBA Information Page.