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 a $40,000 loan for eligible small businesses and not-for-profit organizations. This federal program is designed to help cover operating costs for organizations experiencing temporary revenue reductions.
BlueShore Financial is now accepting applications from our Business clients through Online Banking. Please see How to Apply below.
CEBA $40,000 loan details
- Interest rate of 0% until December 31, 2022
- No minimum monthly principal payments required until December 31, 2022
- Loan repayments will not be accepted prior to January 2022
- 25% up to $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before December 31, 2022
Who is eligible?
BlueShore Business clients, including not-for-profits that meet each of the following criteria, will be eligible:
- Canadian registered business (not a holding company) in operation on March 1, 2020
- Paid between $20,000 and $1.5 million in total payroll in 2019. You’ll need to provide:
- Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
- employment income reported in Box 14 of your 2019 T4SUM
- 2019 T4SUM when requested upon audit by the Government of Canada
- 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
- A current BlueShore Business client with an active Business operating account in good standing (no arrears). BlueShore Financial must be your primary financial institution and your account must have been opened prior to March 1, 2020
The Federal Government recently announced expanded eligibility for the Canada Emergency Benefit Account (CEBA) loan program to include sole proprietors, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.
We are now accepting applications through our Business Online Banking platform for businesses eligible under these expanded guidelines.
How you apply
Application for CEBA is done through Online Banking for your business account. Once you log in, you will see the application link in the main menu on the left under Account Services. 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 EDC 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?
Sole proprietors who use a personal account for their business are not eligible. You must have had a Business account prior to March 1, 2020.
- As a business qualifying under the new CEBA 3.0 guidelines I’m required to submit documents to EDC verifying non-deferrable expenses. Where do I upload my documents?
Upload your documents here.
- Why do I get an error message when attempting to upload my documents on the EDC 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, etc.)
- What types of non-deferrable expenses can I submit to EDC?
- I have multiple businesses. Can I apply for CEBA for each one?
Yes, each business that meets the eligibility criteria may apply for CEBA.
- 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.
- 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.
- What will my loan payments be?
The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you wish to repay $30,000, or 75% of the loan, to qualify for the $10,000 forgiveness feature.
If you choose to extend the loan beyond this date, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once the program is in place.
- 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 2 weeks from the date of your submission. Upon approval, you’ll receive a confirmation email from BlueShore Financial, and the $40,000 loan 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.