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COVID-19 Support

Canadian Emergency Business Account (CEBA)

Click here to apply using Online Banking

If you don't have Online Banking, a sample application can be viewed here. Your Relationship Manager will contact you directly with next steps. 

With the CEBA you can apply for an interest-free loan of up to $40,000 to help cover costs during the pandemic.

A CEBA loan through Copperfin includes:

  • A $40,000 government guaranteed loan that's interest-free until December 31, 2022 to help pay for operating costs that you’re unable to defer as a result of COVID-19
  • $10,000 (or 25%) of the loan is eligible for complete forgiveness if $30,000 is repaid by December 31, 2022. If the loan isn't repaid by then it will be converted to a 3‑year term bearing an interest rate of 5% per year.
  • Outstanding principal of the loan must be fully repaid by December 31, 2025
  • Copperfin will not process any repayment of CEBA loans until November 1, 2020

Eligibility Requirements
the application process includes some questions required by the Government of Canada. Here are some of the eligibility requirements and information to have on hand to apply: 

  • Your business paid between $20,000 to $1,500,000 in total payroll according to your organization's 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM, please contact the Canada Revenue Agency or your payroll provider.

    • If your payroll is lower than $20,000 you will need to proivde eligible non-deferrable expenses of between $40,000 and $1.5 million, a business operating account at a participating financial institution, Canada Revenue Agency business number, and your 2018 or 2019 tax return.
  • Your business has a 15-digit Canada Revenue Agency number

  • You agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax

  • You are not applying for this loan at any other financial institution

If you have any questions, please refer to our CEBA Frequently Asked Questions below. If you have any questions please contact your Relationship Manager. 


CEBA Frequently Asked Questions

Can I enroll at more than one financial institution? Expand/Collapse

No. Businesses must enroll for the CEBA at their primary financial institution where they have an existing business banking account and cannot apply at more than one financial institution. 

If I have accounts at multiple financial institutions, how do I determine where to apply? Expand/Collapse

Your primary financial institution is the one where you do the majority of your day-to-day business banking, including payroll, supplier payments, and collection of receivables – if this is not your Copperfin account, you need to apply at the financial institution where this business account is held at.

My business requires the consent of more than one director or officer to bind my organization. Can I still apply? Expand/Collapse

The program allowyour business to complete the agreement with the consent and attestation of only one signing officer that has the authority to bind the organization. We will not be accepting multiple signatures. 

What if I have multiple businesses? Can I enroll under each business for CEBA? Expand/Collapse

Each business entity may enroll for a CEBA and must individually meet the eligibility criteria. In that case you will need to appliy for each business. 

Each business entity may enroll for a CEBA and must individually meet the eligibility criteria. In that case you will need to appliy for each business. Expand/Collapse

No, unfortunately. The CEBA is only available to business Member who have been a registered operation on or before March 1, 2020 with a Copperfin business operating account. The government has announced additional relief measures to support sole proprietors. Further information is available here.

I am currently benefiting from other COVID-19 relief offerings for my business, can I still participate in the enrollment of the CEBA? Expand/Collapse

Yes, relief through financial institutions and government programs are independent of each other and businesses may apply for both programs providing they meet qualification requirements.

Who do I contact if I don't qualify for the loan, and I'm responding 'no' to any of the questions in the application? Expand/Collapse

Export Development Canada is the administrator of the government's eligibility criteria. Please visit www.CEBA-CUEC.ca for more information. A Relationship Manager can also assist you with any questions you may have about the attestation questions or other programs that may be a better fit.

I'm wondering what other government support options my business might quality for? Expand/Collapse

Use this self-assessment tool to determine what government programs your Ontario business qualifies for (this tool is developed by London business rTraction).

Loan Deferral Options

If you experience an interruption to your income a payment deferral is a great option for temporary relief, but it’s important to understand the long-term impact and have a plan for the end of the deferral period.