How to Apply for CEBA? 6 Essential Steps!

The Canada Emergency Business Account (CEBA) has been a crucial lifeline for many Canadian businesses facing economic challenges during the COVID-19 pandemic. Offering interest-free loans with the potential for loan forgiveness, CEBA has provided essential financial support to help businesses cover their operating costs and maintain their operations. If you’re considering applying for CEBA, it’s essential to understand the process and meet the eligibility criteria. In this comprehensive guide, we will walk you through the six essential steps to apply for CEBA.

Confirm Eligibility

The first step in applying for CEBA is to ensure that your business meets the eligibility criteria. As of my last knowledge update in January 2022, typical eligibility criteria included:

Having an active business operating account with your financial institution.

Being a registered and operational business as of March 1, 2020.

Demonstrating eligible non-deferrable expenses between $20,000 and $1.5 million in 2020. These expenses can include rent, utilities, insurance, and property taxes.

Not defaulting on a government-guaranteed loan, including previous CEBA loans.

It’s crucial to verify the most current eligibility criteria on the official CEBA website or through your financial institution, as they may have evolved since my last knowledge update.

Contact Your Financial Institution

CEBA loans are distributed through financial institutions in collaboration with Export Development Canada (EDC). The second step is to contact your financial institution to express your interest in applying for CEBA. Your financial institution will provide you with the application form and guide you through the process. Each financial institution may have its specific application process, so it’s essential to reach out to your bank to get the correct information.

Gather Required Documents

Before you begin the application, it’s crucial to gather all the necessary documents and information. Common documents and details that may be required include:

Business number (BN) or employer identification number (EIN).

Business name, legal name, and contact information.

Financial institution information, including your business account details.

Eligible non-deferrable expenses for 2020 (rent, utilities, insurance, and property taxes).

Business payroll information, including employment income paid in 2020.

Ensure that you have all the supporting documents and information readily available to expedite the application process.

Complete the Application Form

Once you’ve contacted your financial institution and gathered the required documents, you can proceed to complete the CEBA application form. The form typically collects information about your business, its financials, and the amount of the loan you are requesting.

It’s important to fill out the application accurately and provide all requested information to avoid delays in processing. Double-check the information for accuracy and completeness.

Submit Your Application

After completing the application form, submit it to your financial institution. Depending on the financial institution and their processes, you may be able to submit the application online, through email, or in-person at a branch. Verify the submission method with your financial institution to ensure it is in line with their requirements.

Await Approval and Disbursement

Once your application is submitted, the financial institution will review it for completeness and eligibility. If your application is approved, you will receive the funds in your business operating account. The CEBA loan provides up to $60,000 in financial support, with a portion potentially forgivable if specific conditions are met.

It’s essential to be patient during this process, as the approval and disbursement timeline may vary based on the financial institution’s capacity and the volume of applications they are processing.

Additional Tips and Considerations

Keep Records: 

It’s crucial to maintain detailed records of your CEBA application and the funds received. This includes copies of the application form, communication with your financial institution, and documentation of the approved loan amount.

Loan Forgiveness: 

CEBA loans come with the potential for loan forgiveness. If you meet specific conditions, up to 33% of the loan may be forgivable. It’s essential to familiarize yourself with the forgiveness criteria and maintain the necessary records to support your forgiveness application when the time comes.

Regularly Check for Updates: 

Government programs, including CEBA, can evolve over time. It’s essential to stay updated on the latest information and any changes to the program. Regularly visit the official CEBA website and consult with your financial institution for the most current details.

Seek Professional Advice: 

If you have questions or uncertainties about the CEBA application process, it can be beneficial to consult with financial experts, such as accountants or business advisors. They can provide guidance and ensure that your application is accurate and complete.


Applying for the Canada Emergency Business Account (CEBA) can be a vital step for businesses seeking financial support during challenging economic times. These interest-free loans, with the potential for loan forgiveness, offer crucial relief to cover operating costs and maintain business operations.

The six essential steps to apply for CEBA involve confirming eligibility, contacting your financial institution, gathering required documents, completing the application form accurately, submitting your application, and awaiting approval and disbursement. By following these steps and staying informed about the program’s updates, businesses can navigate the application process successfully and access the financial support they need.

In these uncertain times, CEBA provides a valuable lifeline to businesses, and being well-prepared for the application process is key to securing the assistance required for maintaining financial stability and resilience.

Leave a Reply