Canada Emergency Business Account Loan Program
If you're a BlueShore Financial Business client in need of emergency support due to the impact of COVID-19, we can help.
The Canada Emergency Business Account (CEBA) provides eligible small businesses and not-for-profit organizations experiencing revenue reductions with a loan of $60,000 to help cover operating costs. Backed by the federal government and administered through financial institutions across the country, the CEBA loan program was increased in December 2020 to $60,000 from an earlier cap of $40,000. New applicants may be eligible for the full amount while existing account holders can request the expansion of $20,000.
All applications for the program, new or expansion, are open until March 31, 2021.
BlueShore Financial is accepting applications from our Business clients through Online Banking. Please see “How to Apply” below.
Who is eligible?
BlueShore Business clients, including not-for-profits, that meet the following criteria, are eligible:
- Has a registered Canadian business (not a holding company) with an active CRA Business Number with an effective date of registration on or prior to March 1, 2020
- Is a current BlueShore Business client with an active Business operating account in good standing (no arrears)
- Intends to continue to operate the business or to resume operations
- Organizations applying for the full $60,000 loan must not have previously used CEBA.
- Organizations that have received the original $40,000 CEBA loan can apply for an additional $20,000 in funds
- All applications must be completed through a single financial institution (no applications through multiple institutions)
How to apply
Businesses eligible under the program’s guidelines have until March 31, 2021, to apply for a CEBA loan. Application for CEBA is done through Online Banking for your BlueShore Financial business account. Once you log in, you will see the application links – one for the full CEBA loan and one for the extension – in the main menu on the left under Account Services
CEBA Pre-Screen Tool
The CEBA program offers a quick pre-screen tool to help you determine if you will meet the CEBA criteria. We highly recommend you work through this in advance of applying.
You will need to have the following information to apply:
For businesses with $20,000 to $1,500,000 payroll:
- Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
- The employment income reported in Box 14 of your 2019 T4SUM
Business applicants with < $20,000 payroll will have to demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020:
- Documents verifying non-deferrable expenses must be submitted via the CEBA web portal
- CRA Business Number is the 9-Digit Business Number found on your tax return
- Your Relationship Number, which can be found on the Account Summary page when you log into Online Banking and the top right corner or your bank statement. Note, this is not your account number – there can be more than one account under a Relationship.
- We suggest you use your cell phone number for the Phone Number field in Step 3 of the application process. This way you will be able to receive a confirmation text. Please note that if the phone number does not match the one we have on record, we will call you to verify it.
If you are not signed up for Online Banking, now is the time. Please contact your Business Advisor or our Solution Centre at 604.982.8000 or 1.888.713.6728 to get set up.
Important: Please note that you must apply for CEBA only from your primary financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.
- I use my personal account for my business. Am I eligible?
BlueShore does require that CEBA applicants have a business account; however, the government has lifted its requirement that business accounts be in existence prior to March 2020. You can now apply for CEBA by opening up a new business banking account.
As a business qualifying under CEBA guidelines I’m required to submit documents to verify non-deferrable expenses. Where do I get help on uploading my documents?
The CEBA website offers a guide for uploading documents Upload your documents here.
- Why do I get an error message when attempting to upload my documents on the CEBA website?
You may be using Internet Explorer (IE) as your browser. This browser is not supported by the upload link. You will be required to use an alternate browser (Google Chrome, Safari, Firefox, etc.)
- What types of non-deferrable expenses can I submit for the application?
Where conditions are met, eligible non-deferrable expense categories for CEBA are the following:
- Wages and other employment expenses to independent (arm’s length) third parties
- Rent or lease payments for real estate used for business purposes
- Rent or lease payments for capital equipment used for business purposes
- Payments incurred for insurance related costs
- Payments incurred for property taxes
- Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet
- Payments for regularly scheduled debt service
- Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the borrower
- Payments incurred for materials consumed to produce a product ordinarily offered for sale by the borrower
More details are available on the CEBA website.
- I have other loans with BlueShore. Can I still apply for the CEBA loan?
Yes, you can still apply if you have other loans with us that are in good standing and if your business meets the eligibility requirements for CEBA.
- I already have a CEBA loan prior to December 2020. Am I eligible for the full $60,000?
While funding for the loan was increased from $40,000 to $60,000 in December 2020, organizations with an existing loan can top up their current loan to the full $60,000 (this is not an additional $60,000 loan). If your organization is new to the CEBA program, however, you are eligible for the full $60,000 loan.
- My business requires the consent of more than one signatory. Does this affect the application process?
Please ensure that only the authorized signer of your BlueShore Business account applies and that you only submit one application per business.
- Do I have to be signed up for Online Banking to apply?
Yes, the application can only be done through our Online Banking platform. Signing up is fast and easy, and you will find that the features of Online Banking are very convenient. Contact your Business Advisor or our Solution Centre at 604.982.8000 or 1.888.713.6728 to get set up.
- How long does the application process take and when can I expect my funds?
Your application will be reviewed for eligibility and submitted to the Federal Government for funding. This entire process will take 10 to 15 business days from the date of your submission. Upon approval, you’ll receive a confirmation email from BlueShore Financial, and the loan amount will be deposited into your existing business account.
- I am signed up for Business Online Banking but do not see the application link in the left-hand menu. What’s wrong?
Please contact our Solution Centre or your Business Advisor – it is likely that we need to update the Access Card associated with your Business Online Banking.
- Can an Online Banking Delegate submit an application on behalf of the primary Access Card cardholder?
No, Delegates cannot submit an application for CEBA. It must be done by the primary Access Card cardholder.
- I have other questions that are not listed here. Where can I get answers?
A more extensive and frequently updated list of questions and answers is available on the CEBA website.
Other relief programs for entrepreneurs and business owners
Both the Federal and B.C. provincial governments have created a number of loan and subsidy programs to help eligible small businesses and not-for-profit organizations manage the economic challenges of the pandemic. These programs are designed to help organizations experiencing temporary revenue reductions with operating expenses such as wages, rent, and more.
The Government of Canada has created a centralized source of information that contains comprehensive resources regarding the country's COVID 19 response.
- Canada Emergency Wage Subsidy (CEWS)
The Canada Emergency Wage Subsidy (CEWS) was updated in November 2020. The current program offers employers a maximum 65% subsidy of employee wages. The program has been extended until June 2021, with applications being accepted until January 31, 2021.
Businesses are encouraged to have a CRA My Business Account set up in order to complete an application. Clients are now able to setup Direct Deposit for their business account. There is also a calculator to help you estimate the amount of your wage subsidy.
- Business Loans and Credit Programs
- This includes a series of Federal initiatives to assist businesses with access to credit. Visit canada.ca
- Business Credit Availability Program (BCAP). Export Development Canada (EDC) is working with the federal government and financial institutions to support Canadian companies. Learn more
- Small Business Loan. Up to $100,000, through the Business Development Bank of Canada (BDC) for eligible small businesses. Visit bdc.ca
- Working Capital Loan. Also through BDC, for amounts greater than $100,000, for eligible businesses to protect cash flow and limit personal risk. Visit bdc.ca
- Canada Emergency Rent Subsidy (CERS)
A rent subsidy program for Canadian businesses, non-profit organizations, or charities who have experienced reduced revenues due to the COVID-19 pandemic. In effect September 27, 2020 until June 2021 to cover part of commercial rent or property expenses.
- Regional Relief and Recovery Fund (RRRF)
Through Western Economic Diversification Canada (WD), the federal government is providing loan assistance to businesses and communities that may require additional support to cope with and recover from the pandemic. The fund is designed to mitigate financial pressures put on businesses and organizations (including operational and payroll expenses) as well as helping businesses, organizations, and communities prepare for a successful recovery.
Learn more about RRRF eligibility and how to apply