The period to apply for an emergency loan has ended.
in emergency loans
until December 31, 2022
exemption upon repayment, conditions apply
by the government
To address the challenges of COVID-19, the Canadian government has established an emergency account for businesses. This program allows small and medium-sized businesses (SMEs) and non-profit organizations (NPOs) to apply for a loan, interest-free until December 31, 2022.
How does the emergency business loan work?
The emergency loan for National Bank business clients amounts to $60,000 (either a fixed amount of $40,000 with the possibility of an additional $20,000, or a fixed amount of $60,000). Processing your application can take between 10 and 15 business days (if the application is completed in accordance with the eligibility criteria issued by the federal government). If your application is accepted, the funds will be deposited into the business account listed in your application and will be available immediately.
For businesses who benefitted from the $60,000 loan
If you repay $40,000 by December 31, 2022:
You do not have to pay interest
You will be exempted from paying the remaining $20,000
For businesses who benefitted from the $40,000 loan
If you repay $30,000 by December 31, 2022:
On January 1, 2023:
You have until June 30, 2021 to complete your CEBA loan application.
For the repayment of the loan, no payment will be possible before January 1, 2021.
What are the criteria to be eligible for the $60,000 emergency loan?
The Canada Emergency Business Account is intended for small and medium-sized businesses and non-profit organizations.
To be eligible, the federal government has imposed the following conditions on businesses:
Important! After submitting your application using the form available on this page, you must submit your supporting documents on the government's website: https://application-demande.ceba-cuec.ca. There you will find the procedure and the official list of eligible expenses.
To apply for the emergency loan through National Bank, your business must also:
Once your application has been completed:
The Government of Canada will assess application information submitted via financial institutions together with the supporting documentation and information provided, if applicable. If approved by the federal government, National Bank will provide the funds into your business current account.
Note: National Bank does not have information regarding specific inputs or uploaded documents and does not have authority to grant exceptions on any declined applications. Applications are assessed by the federal government, and no formal appeal process is available.
What are the criteria to be eligible for the additional $20,000 loan extension?
To be eligible for the additional $20,000 loan extension, you must have already been accepted for the $40,000 emergency loan under the CEBA program. To apply for the additional amount, you must have received your $40,000 emergency loan from National Bank.
To apply for the additional $20,000 through National Bank, your business must:
The business must:
How can I repay my loan?
The loan can be repaid as of January 1, 2021. However, we remind you that the loan is interest-free until December 31, 2022.
Here are the steps to follow to start repaying your loan:
You can also visit your National Bank branch with your CEBA statement in hand. All the details can be found in this statement or your welcome letter.
Can I apply for a loan amount other than $60,000?
No, the amount of $60,000 is fixed for a first loan application for your business.
However, if you have already obtained a $40,000 emergency loan, you can apply for an additional fixed amount of $20,000.
Will I be able to use the loan as I see fit?
The emergency loan must only be used to cover operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service.
The loan may not be used to repay or refinance a payment, or for expenses such as existing debt or to pay dividends, nor may it be used for distributions purposes or to increase management compensation.
If I get this emergency loan, can I also benefit from other available support measures?
To qualify for the emergency loan, your business must not have previously used the Canada Emergency Business Account (CEBA) and must never have used the COVID Indigenous SMEs Initiative or the Regional Relief and Recovery Fund and will not apply for support under the Program at any other financial institution or for support under the COVID Indigenous SMEs Initiative or the Regional Relief and Recovery Fund.
However, you can get additional assistance from other programs available to businesses, provided you meet their eligibility criteria.
How long does it take to process an application?
Once you have applied through the online form from our website, upload all necessary supporting documents (if you applied for a $60,000 loan and paid $0 or $20,000 or less in total salaries for 2019), and if pre-funding eligibility validation is successful, you should expect to receive funding within 10 to 15 business days.
You can expect to receive the funds for a $20,000 loan extension within 10-15 business days.
Your application and supporting documentation must be properly completed and submitted to start the pre-funding eligibility validation process.
Where can I call if I have questions about my application?
If you have applied for a Canada Emergency Business Account (CEBA) and have questions, please contact the CEBA call centre at 1-888-324-4201 to receive a status update on your application. You will be able to leave a message and an agent will call you back between Monday and Friday from 10 a.m. to 9 p.m. (ET). You can address the following types of questions:
You can also check the status of your request on the federal government's website.
How do I justify my eligible expenses to the government? (Applicable only if your business paid no salaries or $20,000 or less in salaries in 2019.)
Once you have submitted your application for an emergency loan using our form, go to the government website to find out the procedure and whether or not your expenses are eligible and the list of excluded benefits. You must submit the required documents before July 14, 2021. However, consider that the earlier your documents are filed, the faster your application will be processed.
Make sure you have:
Filing of documents on the government website is mandatory for your request to be processed.
I have benefited from other assistance programs. Do I have to deduct them from my eligible expenses?
Yes, including the following Government of Canada COVID response programs:
The grants you will have received will have to be deducted from your eligible expenses and after this calculation you will have to arrive at an amount of more than $40,000 and less than $1,500,000 in eligible expenses.
The official list of excluded benefits can be found on the government's website. Please read it so that you are prepared: https://application-demande.ceba-cuec.ca/.
What are eligible non-deferrable expenses?
Eligible non-deferrable expenses may include, for example, the following:
The official list of eligible non-deferrable expenses can be found on the government's website. Please read it so that you are prepared: https://application-demande.ceba-cuec.ca/.
I operate an incorporated business as a partnership. Are there any specific criteria I need to meet?
For incorporated businesses, the person applying for the emergency loan must be a legally authorized partner. The name of the partner will be used for identity confirmation purposes with the government.
When asked about income (in option of $0 or $20,000 or less in salaries paid in 2019), the applicant will be required to indicate the business’s reported income.
If I’m applying with the payroll option greater than $20,000 and less than $1,500,000, what do I do if I have more than one Canada Revenue Agency Payroll Program Account?
You should add all 2019 T4SUM statements together and compare that total amount against the CEBA eligible payroll range, which is a payroll amount greater than $20,000 and less than $1,500,000.
For example, a business with the following two payroll numbers would have a total payroll amount of $100,000, which is within the eligible range:
How do I know which bank is my primary financial institution?
If you have accounts with more than one financial institution:
Your business’s main financial institution is the one with which you carry out most of your daily transactions. These include paying your employees, making payments to suppliers, collecting accounts receivable, and other day-to-day cash management transactions.
If you have several accounts with National Bank:
You must use an active Business Current Account. For example, you cannot request the that funds be deposited into a savings or trust account.
If National Bank is your primary financial institution and you hold several eligible accounts with us, you can choose the one you prefer when filling out the application.
Can I apply for an emergency loan if I run my business out of a Business Savings Account?
Businesses which choose to do their banking through a business savings account are not eligible for the CEBA program.
What if I run more than one business?
Each qualifying business must have a unique 9-digit Canada Revenue Agency Business Number (BN) with an effective registration date on or prior to March 1, 2020. Each qualifying business is limited to one emergency loan.
Who is the lender, the Canadian government or National Bank?
In response to the economic impact of COVID-19, the Canadian government established the Canada Emergency Business Account Program to provide interest-free loans of $60,000 for small and medium-sized businesses and non-profit organizations.
National Bank and several other financial institutions are authorized to implement this program, in cooperation with Export Development Canada.
By requesting an emergency business loan of $60,000 through our website, you are borrowing from National Bank, but supported by the government.
Visit the Canadian government website for more information.
What information will I need to provide in my application?
To apply for the $60,00 emergency loan, you will need:
To complete the application (if you paid $0 or $20,000 or less in salaries), you will also need:
To apply for the $20,000 loan extension, you will need:
What is a T4 Summary, T2 or T1? How do I obtain these documents?
These are the tax documents by which your business reports to the Canada Revenue Agency. They comprise of the details of your employees’ remuneration during a calendar year including income, contributions, and deductions.
If you cannot find these documents for the 2019 calendar year, contact your accountant, the person who filed your business tax return, or the Canada Revenue Agency to retrieve a copy.
If I need consent from several people in my business to apply for a loan, how do I proceed?
We accept only one signatory per application. If your business requires the consent of more than one administrator, we recommend that you have them approve a resolution that will allow only one signatory. This way, you can complete the application and provide the consent to the terms and conditions of the loan on behalf of the business.
For partnerships, the request must be made by one of the partners.
My application is accepted. How can I be sure that the funds have been deposited into my account?
My application for an emergency loan has been accepted and the amount has been deposited into the business account. When will I receive the loan documents?
We will send statements on a quarterly basis, until the loan is paid, to businesses that have been accepted for the Canada Emergency Business Account (CEBA) through National Bank.
The first time you receive your statement, you will also receive:
|Businesses that received the CEBA loan:||Will receive their statements:|
| Between April 6 and June 26, 2020
||During the month of July 2020|
|Between June 27 and October 5, 2020||During the month of October 2020|
|Between October 6, 2020 and January 15, 2021||During the month of January 2021|
|Between January 16 and April 5, 2021||During the month of April 2021|
|Between April 6 and June 30, 2021||During the month of July 2021|
Should you have any questions about the CEBA loan statement, please call our Customer Service team at 1-844-394-4494.
It’s important to remember that you consented to the government attestation and terms and conditions of the Canada Emergency Business Account when you submitted your application. The business has, therefore, undertaken to respect the terms and conditions of the loan.
My application was declined. If I apply for a loan under $60,000 is there a better chance I get it?
No, the amounts are fixed. If your business is applying for an emergency loan for the first time, the loan amount is $60,000 and is fixed. If your business has already received a $40,000 CEBA loan, you can apply for a $20,000 loan extension.
Fill out the form adapted to your situation.
My application was declined. What can I do?
If your application is declined, it means your business does not meet the program’s eligibility criteria and cannot benefit from this program.
Note: National Bank does not have authority to grant exceptions on any declined applications. Applications are assessed by the federal government, and no formal appeal process is available.
Have questions about your application? Write to us at the email address listed in the acknowledgement email.