Support for businesses impacted by COVID-19

Launched on April 9, 2020, the Canada Emergency Business Account (CEBA) is one of the Government of Canada’s financial relief measures to support Canadian businesses that have been adversely affected by COVID-19. Eligible business that are approved by the Government of Canada get access to a $40,000 loan to help pay for non-deferrable operating expenses such as rent, payroll and insurance which are critical to sustain business continuity.

To enroll or access your existing CEBA loan, log into your RBC Online Banking for Business.

Application deadline December 31, 2020.

For more information, please call 1-888-648-3511

Please note that the CEBA enrollment cannot be fulfilled in our branches, or through our advisors and RBC Advice Centre.

Key Features

  • A $40,000 loan funded by the Government of Canada to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.
  • Until December 31, 2020, CEBA will be funded as a revolving line of credit for $40,000 through the RBC® CreditLine for Small Business™.
  • After December 31, 2020, any outstanding balance on the revolving $40,000 line of credit will be converted into a non-revolving 5 year term loan maturing on December 31, 2025, at which time the balance must be paid in full.
  • The CEBA loan forgiveness amount is based on the maximum balance on your RBC CreditLine for Small Business at any time between the date of account open and December 31, 2020.
  • Loan forgiveness of 25% will apply when you repay 75% of your maximum loan balance by December 31, 2022.
  • To qualify for the maximum forgiveness of $10,000, your maximum balance on the RBC CreditLine for Small Business must have been $40,000 at any time between date of account open and December 31, 2020.
  • No interest applies before January 1, 2023.
  • Commencing on January 1, 2023, interest will accrue on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

For details on the CEBA terms and conditions from the Government of Canada, click here.

Eligibility

The Government of Canada set the eligibility requirements for CEBA into 2 application streams.

For businesses with total employment income paid to employees in 2019 greater than $20,000 and less than $1,500,000;

  • The organization must have an active RBC Business chequing or operating account that was opened on or before March 1, 2020;
  • RBC must be the organization’s primary financial institution;
  • The organization must be a Canadian operating business in operation as of March 1, 2020;
  • The organization must not have any accounts or loans at RBC that were in arrears 90 days or more as at March 1, 2020;
  • The organization must not have previously been granted a CEBA loan; and
  • The organization must not have previously used and must not apply for support under the COVID Indigenous SMEs Initiative in order to qualify for the CEBA program.

Then, the owner or an authorized individual must attest on behalf of the organization that ALL of the statements in the attestation provided through this link are true and correct, as required by the Government of Canada.

Attestation: Organizations with a total employment income paid greater than $20,000 and less than $1,500,000 in the 2019 calendar year

For businesses with total employment income paid to employees in 2019 of $20,000 or less and 2020 Eligible Non-Deferrable Expenses (subject to adjustments for support or subsidies under other Government of Canada COVID response programs) greater than $40,000 and less than $1,500,000.

  • The organization must have an active RBC Business chequing or operating account that was opened on or before March 1, 2020;
  • RBC must be the organization’s primary financial institution;
  • The organization must be a Canadian operating business in operation as of March 1, 2020;
  • The organization must not have any accounts or loans at RBC that were in arrears 90 days or more as at March 1, 2020;
  • The organization must not have previously been granted a CEBA loan; and
  • The organization must not have previously used and must not apply for support under the COVID Indigenous SMEs Initiative in order to qualify for the CEBA program.
  • The organization must have a Canada Revenue Agency business number and have filed a 2018 or 2019 tax return.
  • The organization must have eligible estimated non-deferrable expenses, less the amount of benefits your organization has received or is expecting to receive in 2020 in support or subsidies under any other Government of Canada COVID-19 response programs, of between $40,000 and $1,500,000.

    The Eligible Non-Deferrable Expense categories are the following:
    • Wages and other employment expenses to independent (arm’s length) third parties;
    • Rent or lease payments for real estate used for business purposes;
    • Rent or lease payments for capital equipment used for business purposes;
    • Payments incurred for insurance related costs;
    • Payments incurred for property taxes;
    • Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet;
    • Payments for regularly scheduled debt service;
    • Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower; and
    • Payments incurred for materials consumed to produce a product ordinarily offered for sale by the Borrower.

For more details on non-deferrable eligible expenses such as the time period, how to calculate and what qualifies as non-deferrable expenses, please click here to learn more at the Government of Canada’s website.

Non-Deferrable Expenses are subject to verification and audit by the Government of Canada.

Then, the owner or an authorized individual must attest on behalf of the organization that ALL of the statements in the attestation provided through this link are true and correct, as required by the Government of Canada.

Attestation: Organizations with a total employment income paid of $20,000 or less in the 2019 calendar year

Information about CEBA loan forgiveness and repayment

Your Canada Emergency Business Account (CEBA) loan provides your organization with access to a $40,000 loan to help your organization cover short term operating expenses, payroll and other non-deferrable expenses.

A loan forgiveness of 25% will apply when the organization repays 75% of the maximum CEBA loan balance by December 31, 2022.

Understanding the CEBA loan forgiveness amount

  • December 31, 2020, is the last day you can withdraw money from your CEBA loan on the RBC CreditLine for Small Business.
  • On January 1, 2021, the outstanding balance of your CEBA loan will convert to a 5-year term loan.
  • The CEBA loan forgiveness amount is based on the maximum balance on your RBC CreditLine for Small Business at any time between the date of account open and December 31, 2020.
  • To qualify for the maximum forgiveness of $10,000, your maximum balance on the RBC CreditLine for Small Business must have been $40,000 at any time between date of account open and December 31, 2020.
  • To qualify for forgiveness you must repay 75% of the maximum balance of your CEBA loan by December 31, 2022.

Examples of CEBA loan repayment and forgiveness amounts

Examples of CEBA loan repayment and forgiveness amounts
Maximum Balance on or before Dec 31, 2020 Amount Repaid on
 or before Dec 31, 2022 Forgiveness Amount (Don’t repay)
Company A $40,000 $30,000 (75%) $10,000 (25%)
Company B $25,000 $18,750 (75%) $6,250 (25%)
Company C $0 (never used funds) $0 $0

To calculate your repayment and forgiveness amounts

  • Your repayment amount = the maximum balance amount x 0.75
  • Your forgiveness amount = the maximum balance amount x 0.25

Frequently Asked Questions

Canada Emergency Business Account (CEBA)

The Government of Canada has been providing the Canada Emergency Business Account to support Canadian businesses that have been adversely affected by COVID-19. Eligible businesses receive a $40,000 loan for immediate financial support to cover short term operating expenses, payroll and other non-deferrable The Canada Emergency Business Account details are as follows:

  • It’s a $40,000 loan to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.
  • No interest applies before January 1, 2023.
  • Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000 through the RBC® CreditLine for Small Business™.
  • After December 31, 2020, any outstanding balance on the revolving line of credit will be converted into a non-revolving 5‑year term loan maturing on December 31, 2025, at which time the balance must be paid in full.
  • For details on the CEBA terms and conditions from the Government of Canada, click here.
  • The CEBA loan forgiveness amount is based on the maximum balance on your RBC CreditLine for Small Business at any time between the date of account open and December 31, 2020.
  • Loan forgiveness of 25% will apply when you repay 75% of your maximum loan balance by December 31, 2022.
  • The CEBA loan forgiveness amount is based on the maximum balance on your RBC CreditLine for Small Business at any time between the date of account open and December 31, 2020.
  • To qualify for the maximum forgiveness of $10,000, your maximum balance on the RBC CreditLine for Small Business must have been $40,000 at any time between date of account open and December 31, 2020.
  • Commencing on January 1, 2023, interest will accrue on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

For more details, please see FAQ #32 below.

Payroll Stream: for businesses with total employment income paid to employees in 2019 greater than $20,000 and less than $1,500,000;

Non-Deferrable Expenses Stream: for businesses with total employment income paid to employees in 2019 of $20,000 or less and 2020 Eligible Non-Deferrable Expenses (subject to adjustments for support or subsidies under other Government of Canada COVID response programs) greater than $40,000 and less than $1,500,000. The following applies exclusively to the non-deferrable expenses stream;

  • Your organization must have a Canada Revenue Agency business number and have filed a 2018 or 2019 tax return
  • Your organization must have eligible estimated 2020 non-deferrable expenses, less the amount of benefits your organization has received or is expecting to receive in 2020 in support or subsidies under any other Government of Canada COVID-19 response programs, of between $40,000 and $1,500,000.

    The Eligible Non-Deferrable Expenses categories are the following:
    • Wages and other employment expenses to independent (arm’s length) third parties;
    • Rent or lease payments for real estate used for business purposes;
    • Rent or lease payments for capital equipment used for business purposes;
    • Payments incurred for insurance related costs;
    • Payments incurred for property taxes;
    • Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet;
    • Payments for regularly scheduled debt service;
    • Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower
    • Payments incurred for materials consumed to produce a product ordinarily offered for sale by the Borrower.

For more details on eligible non-deferrable expenses such as how to calculate and what qualifies as non-deferrable expenses, please click here to visit the Government of Canada’s website.

Non-Deferrable Expenses will be subject to verification and audit by the Government of Canada.

The following eligibility criteria applies to both CEBA streams:

  • Your organization must have an active RBC Business chequing or operating account that was opened on or before March 1, 2020;
  • RBC must be your organization’s primary financial institution;
  • Your organization must be a Canadian operating business in operation as of March 1, 2020;
  • Your organization must not have any accounts or loans at RBC that were in arrears 90 days or more as at March 1, 2020;
  • Your organization must not have previously been granted a CEBA loan
  • Your organization must not have previously used and must not apply for support under the COVID Indigenous SMEs Initiative in order to qualify for the CEBA program

Then, you must attest on behalf of your organization that ALL of the following statements are true and correct, as required by the Government of Canada.

Yes. The deadline to apply is December 31, 2020.

The enrollment request form is online and only accessible by RBC business clients through RBC Online Banking for Business. Once the enrollment request form is completed online, it will be automatically sent to the Government of Canada for verification. Click here to enroll in RBC Online Banking for Business. If you are an RBC Express client, please contact your RBC Account Manager for separate instructions to complete the online enrollment request form for CEBA. Please note that the deadline to submit an enrollment request form under the CEBA program is December 31, 2020.

If you are applying under the non-deferrable expenses stream (if your organization’s total employment income paid in the 2019 calendar year was $20,000 or less), then you will also need to visit the Government of Canada web page to upload the documentation relating to your organization’s 2020 eligible estimated non-deferrable expenses for verification. Please note that you must successfully upload the required non-deferrable expenses documentation at the Government of Canada web page.

Once your non-deferrable expenses documentation has been uploaded successfully, the government will review it together with the information entered in your enrollment request form.

Preparing for Enrollment

Please note that the deadline to submit an enrollment request form under the CEBA program is December 31, 2020.

If you want to submit an enrollment request, please follow these instructions:

  1. Enroll in RBC Online Banking for Business if you have not already done so. If you are not enrolled for in Online Banking for Business, click here. If you are an RBC Express client, contact your relationship manager to request to enroll for CEBA
  2. Confirm that your email and contact details are up to date for your organization on your RBC Online Banking for Business profile
  3. Gather the following documentation as it will be required based on your eligibility criteria

    Payroll Stream

    If your organization’s total employment income paid in the 2019 calendar year was greater than $20,000 and less than $1,500,000 you will need :

    • Your RBC business client card number
    • Your organization’s legal name on record with the Canada Revenue Agency and operating, trade or business name if different from its legal name
    • Your organization’s employer account number, as reported at the top of the 2019 T4 Summary of Remuneration Paid
    • Your organization’s employment income, reported in Box 14 of your organization’s 2019 T4 Summary of Remuneration Paid
    • If applicable, the sum of all employment income reported in Box 71 (Indian Exempt Income – Employment) of your employees’ individual 2019 T4s.

    Non-Deferrable Expenses Stream

    If your organization’s total employment income paid in the 2019 calendar year was $20,000 or less you will need:

    • Your RBC business client card number
    • Your organization’s legal name on record with the Canada Revenue Agency and operating, trade or business name if different from its legal name
    • Your organization’s Canada Revenue Agency business number
    • Your most recently filed T1 Income Tax and Benefit Return or your organization’s T2 Corporation Income Tax Return (2018 or 2019)
    • The estimated amount of your organization’s total eligible non-deferrable expenses in calendar year 2020 (including without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, see FAQ #2 for full list of eligible non-deferrable expenses)
    • Documentation supporting your organization’s estimated 2020 eligible non-deferrable operating expenses (which will need to be uploaded to the Government of Canada web page for verification after you complete your enrollment request). Please note that you must successfully upload the required non-deferrable expenses documentation at the Government of Canada web page.
    • The total amount of benefits your organization has received or is expecting to receive by December 31, 2020 in support or subsidies under any other Government of Canada COVID-19 response programs.

    IMPORTANT: The information you provide in your enrollment request will be automatically sent to the Government of Canada for verification. Please ensure the accuracy of all information before you submit your enrollment request. Once the government has completed its verification process, RBC will email you to let you know whether or not the government has approved your organization’s enrollment.

Only one person from the organization can agree to the legal documents in the online enrollment request process for the CEBA. The person applying on behalf of your organization must have the legal authority to attest on behalf of the organization and legally bind the organization to the terms of the RBC Legal Documentation applicable to the CEBA. For example, if more than one person is normally required to sign legal documents for your organization, whether under your internal requirements or your agreement with RBC, your organization has to ensure the proper documentation, like a resolution to waive the requirement for multiple signatories for the purpose of enrolling the organization in the CEBA, is made to legally permit a designated person to request enrollment and attest on behalf of the organization. If the other usual signatories for your organization agree, then the designated person can go ahead and request to enroll.

If you are not an existing RBC Online Banking for Business client, click here to enroll.

Yes. Please reach out to your RBC Account Manager for more details.

Eligibility and CEBA Enrollment

No, they are similar but not the same. Your organization's CRA Business Number is the first 9 digits of your GST/HST account number, or the first 9 digits of the Employer Account Number if your organization filed a 2019 T4 Summary of Remuneration Paid.

Your Employer Account Number is the 15-character CRA account number which is found at the top of your organization’s 2019 T4 Summary of Remuneration Paid.

Applicants should add together all 2019 T4SUM statements 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:

  • Payroll number 1 (…RP0001)
    • 2019 T4SUM = $30,000
  • Payroll number 2 (…RP0002)
    • 2019 T4SUM = $70,000
  • Total 2019 T4SUM = $100,000

If you are applying based on the eligible non-deferred expenses stream and your organization’s total employment income paid in the 2019 calendar year was $20,000 or less you are required to upload documentation to the Government of Canada’s web page for verification to support the $40,000 or more of your organization’s estimated Eligible Non-Deferrable Expenses for 2020.

The Government of Canada will rely upon the accuracy and truthfulness of the information and associated documentation you provide in your application to approve or decline your enrollment request.

When uploading documents please follow the instructions and tips on the CEBA Document Upload Instruction Guide.

IMPORTANT : If you are applying based on the eligible non-deferred expenses stream and your organization’s total employment income paid in the 2019 calendar year was $20,000 or less, the Government of Canada will not review your request to enroll until the documentation supporting your Eligible Non-Deferrable Expenses are uploaded into the government web page. Your request to enroll in CEBA will remain incomplete and will not be considered for funding.

The Government of Canada web page

For more information and detailed instructions on the upload process, please review the Government of Canada Document Upload Instruction Guide and FAQ

Please click here to link to the Government of Canada website and upload your documents as part of the enrollment request process for the CEBA Non-Deferrable Expenses Stream.

No. Businesses cannot apply for CEBA at more than one financial institution. Doing so may result in ineligibility as well as legal prosecution by the Government of Canada.

Your business must request enrollment for the CEBA at your primary financial institution where you had a business account as of March 1, 2020.

Only one person from the organization can agree to the legal documents in the online enrollment request process for the CEBA. The person applying on behalf of your organization must have the legal authority to attest on behalf of the organization and legally bind the organization to the terms of the RBC Legal Documentation applicable to the CEBA. For example, if more than one person is normally required to sign legal documents for your organization, whether under your internal requirements or your agreement with RBC, your organization has to ensure the proper documentation, like a resolution to waive the requirement for multiple signatories for the purpose of enrolling the organization in the CEBA, is made to legally permit a designated person to request enrollment and attest on behalf of the organization. If the other usual signatories for your organization agree, then the designated person can go ahead and request to enroll.

No. The Canada Emergency Business Account is only available to business clients who had an RBC business account as of March 1, 2020. The government has announced additional relief measures to support sole proprietors. Further information is available at the Government of Canada’s COVID-19 Economic Response Plan site.

Yes, you can still submit an enrollment process if you are a current borrower of other RBC lending solutions.

If your organization has previously used the COVID Indigenous SMEs Initiative then you are not permitted to apply for support under the CEBA program.

If you are participating in any other response programs, yes, you can submit an enrollment request for the CEBA loan funded by the Government of Canada. If your organization’s total employment income paid in 2019 was $20,000 or less you will need to deduct the support or subsidies your organization has or will receive by December 31, 2020 under any other Government of Canada COVID-19 response program from your total eligible non-deferrable expenses in your enrollment request.

Other Government of Canada COVID response programs include the following:

  • Canada Emergency Wage Subsidy,
  • 10% Temporary Wage Subsidy,
  • Canada Emergency Commercial Rent Assistance, Regional Relief and Recovery Fund,
  • Futurpreneur Canada,
  • Northern Business Relief Fund,
  • Fish Harvester Grant,
  • relief measures for Indigenous businesses, and
  • $250 million COVID-19 IRAP (Industrial Research Assistance Program) Subsidy Program

Each business entity may enroll for CEBA provided that it has its own 9 digit CRA business number. Each business must individually meet the eligibility criteria and only one CEBA loan will be approved per 9 digit CRA business number.

No. The CEBA at RBC is automatically funded with a $40,000 line of credit until December 31, 2020. Clients may choose to utilize the full amount or less. After December 31, 2020, any outstanding balance on the revolving $40,000 line of credit will be converted into a non-revolving 5-year term loan maturing on December 31, 2025, at which time the balance must be paid in full.

If you require more than $40,000 offered by CEBA, please speak with your RBC Account Manager or RBC Telephone Banking to explore other RBC solutions to support your additional financing needs. Details on additional  government initiatives to support businesses, including the Business Development Bank of Canada (BDC) Co-Lending Facility and the Export Development Canada (EDC) Business Credit Availability Program Guarantee are also available. Check the Government of Canada website regularly for the latest details.

Your Account Manager cannot complete the request on your behalf. If you only have access to RBC Express, please contact your RBC Account Manager for separate instructions to enroll online for CEBA.

For all other RBC business clients, the enrollment process can only be completed online by logging into RBC Online Banking for Business. If you are not enrolled yet, click here to enroll in RBC Online Banking for Business. Please note that while our RBC Account Managers and RBC Telephone Banking advisors are available to help answer your questions about CEBA, they are not authorized to fulfill enrollment requests.

Once you have submitted your enrollment request, it will be automatically sent to the Government of Canada for verification. Please ensure the accuracy of all information before you submit your enrollment request

If your organization’s total employment income paid in the 2019 calendar year was $20,000 or less (meaning that you are applying in the Non-Deferrable Expenses stream), you also need to visit the Government of Canada web page to upload the documentation relating to your organization’s 2020 eligible non-deferrable expenses for verification. Once that documentation has been uploaded successfully, the Government of Canada will review that documentation together with your enrollment request.

Once the government has completed its verification process and let RBC know, RBC will email you to communicate the government’s decision.

Once the government has completed its verification process and let RBC know, RBC will email you to communicate the government’s decision regarding your organization’s enrollment request.

If your organization is approved by the Government of Canada, we will email you and will provide further details regarding the processing of your CEBA loan and how to access it.

If your organization is declined by the Government of Canada, RBC will email you and include the reasons provided by the Government of Canada for the decline.

If there are issues with the documentation your organization uploaded at the Government of Canada webpage, the Government of Canada will let us know and we will send you an email with the details provided.

If you have submitted an enrollment request for the Canada Emergency Business Account (CEBA) and have the following questions:

  • What is the status of my application?
  • Why was my application declined?
  • Why was my submitted document rejected?

Please contact the Government of Canada’s new CEBA Call Centre at 1-888-324-4201 between Monday to Friday from 10:00 am to 9:00 pm EST. The CEBA Call Centre is temporarily operating as a call-back only service to manage customer wait times. No live agents will be available. Instead, you will be prompted to leave your contact details so that you can be entered in the cue for a call back from a live agent within the CEBA Call Centre’s operating hours.

NOTE:  If your CEBA enrollment request has been declined and the reason provided relates to the inability of the Government of Canada to find or match information in the Canada Revenue Agency database with the information provided in your CEBA enrollment request, please contact the Canada Revenue Agency and not the CEBA Call Centre to discuss or rectify the issue described.  The email that you receive communicating the Government of Canada’s decline of your application will include the reason provided to us by the Government of Canada for the decline.

Once the government has completed its verification process, RBC will let you know by email whether or not the government has approved your organization’s enrollment. Once the government approves your enrollment into the program, the $40,000 loan will be made available through the RBC CreditLine for Small Business within 7 business days of government approval. It will appear in your list of accounts on your RBC Online Banking for Business or RBC Express profile.

No. When you enroll for CEBA, a credit card is not issued.

No, there are no cash advance fees to transfer your CEBA funds into your RBC Business Deposit Account. However, we are aware of a technical issue where some clients may receive a message during the transfer process stating that a cash advance fee will be applied. We are looking into this technical issue. Please note that no fee has been or will be applied to your CEBA fund transfer, regardless of whether you see this message.

There are a number of other relief measures that are being provided by the Government of Canada through its Canada’s COVID-19 Economic Response Plan  to help support individuals and businesses. Additional government relief measures offered through the Business Development Bank of Canada (BDC) and the Export Development Canada (EDC) can be found here.

RBC is also offering a number of temporary relief solutions that may help business clients affected by COVID-19, please click here for further details.

Yes. Please review the Government of Canada's Relief for Business to determine which programs you may be eligible for.

Troubleshooting Online CEBA Enrollment

The enrollment process for RBC business clients is completely online and only accessible through RBC Online Banking for Business. If you are not yet enrolled, click here to enroll in RBC Online Banking for Business.

To submit an enrollment request, log into your RBC Online Banking for Business and click the banner below the list of your accounts on the Account Summary page.

If you are an RBC Express client, please contact your RBC Commercial Account Manager for separate instructions to enroll for CEBA.

If the tool stops working before you click “Submit”, you can refresh your page and continue or restart your enrollment process. Upon successful submission you will receive email notification acknowledging your request for enrollment along with an overview of next steps. Please ensure that the email address you provide us during the enrollment process is the correct email.

If your request for enrollment for the CEBA loan is approved, the $40,000 loan will be made available through the RBC CreditLine for Small Business. It will appear as a Visa account under Credit Cards on your ‘My Accounts’ page with a $0.00 balance when you log into your RBC Online Banking for Business or RBC Express profile.

  • Log in to RBC Online Banking for Business or RBC Express
  • Your CEBA loan is listed as a Visa account under Credit Cards on your ‘My Accounts’ page with a $0.00 balance
  • To access the funds, click on the Visa account number
  • The credit limit of the Visa account will be $40,000
  • You can then transfer the funds from your RBC Visa CreditLine for Small Business directly to your RBC business banking account while in RBC Online Banking for Business or RBC Express

As you transfer your CEBA funds into your RBC Business Deposit Account, the balance will adjust. Please note that there are no cash advance fees to transfer your CEBA funds.

In some cases, while you may see the funds on your online banking profile, it may take up to 24 hours before funds can be accessed.

Loan Terms

No interest applies until January 1, 2023. Commencing on January 1, 2023, interest will accrue on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

You may start repaying the loan in part or in full at any time without penalty. No principal repayments are required until December 31, 2025. Monthly interest only payments are required on the last day of the month commencing January 2023. The entire loan and all accrued and unpaid interest is due and payable on December 31, 2025.

The 25% loan forgiveness for CEBA will apply when you repay 75% of your maximum loan balance by December 31, 2022.

The following outlines the guidelines for forgiveness and repayment on the CEBA loan:

  • December 31, 2020, is the last day you can withdraw money from your CEBA loan on the RBC CreditLine for Small Business.
  • On January 1, 2021, the outstanding balance of your CEBA loan will convert to a 5-year term loan.
  • The CEBA loan forgiveness amount is based on the maximum balance on your RBC CreditLine for Small Business at any time between the date of account open and December 31, 2020.
  • To qualify for the maximum forgiveness of $10,000, your maximum balance on the RBC CreditLine for Small Business must have been $40,000 at any time between date of account open and December 31, 2020.
  • To qualify for forgiveness you must repay 75% of the maximum balance of your CEBA loan by December 31, 2022.

Here are some examples of CEBA loan repayment and forgiveness amounts:

Responsive Table Example
Maximum Balance on or before Dec 31, 2020 Amount Repaid on or before Dec 31, 2022 Forgiveness Amount (Don’t repay)
Company A $40, 000 $30, 000 (75%) $10, 000 (25%)
Company B $25,000 $18,750 (75%) $ 6,250 (25%)
Company C $0
(never used funds)
$0 $0

To calculate your repayment and forgiveness amounts:

  • Your repayment amount = the maximum balance amount x 0.75
  • Your forgiveness amount = the maximum balance amount x 0.25

To Enroll for CEBA, Log Into Your RBC Online Banking for Business

If you believe you are eligible but have not received a link, please call our dedicated CEBA support line at 1-888-648-3511 for more information.

Please note that the CEBA enrollment cannot be fulfilled in our branches, or through our advisors and RBC Advice Centre. Application deadline December 31, 2020.