CEBA

CEBA stands for the Canada Emergency Business Account, a Canadian government program introduced in 2020 to support small businesses, non-profits, and charities affected by the COVID-19 pandemic. The program provided interest-free loans through participating financial institutions to help cover non-deferrable expenses and payroll, with the goal of maintaining operations and avoiding layoffs.

Eligibility was limited to Canadian businesses and not-for-profit entities with a valid business number and a payroll within a certain range, who demonstrated pandemic-related hardship. Applications were processed by partner financial institutions, with guidance from federal authorities.

Terms included a loan with a forgivable portion for eligible borrowers if certain conditions were met, such as timely repayment of the loan or repayment by a designated deadline. The remainder of the loan carried standard repayment terms, and no interest would accrue while the loan remained outstanding under the initial program framework.

Administration and oversight were provided by the Government of Canada in collaboration with financial institutions and participating lenders. CEBA was part of a broader COVID-19 relief effort and underwent updates as the situation evolved.

Impact and status: CEBA prevented many small organizations from freezing operations during the crisis and is frequently cited in discussions of pandemic relief programs. As programs evolved and new measures were introduced, CEBA eligibility and terms were adjusted, and new applications were eventually closed, though existing loans remain in effect under their original terms.