Canada Emergency Business Account now open to businesses using personal banking accounts
October 26, 2020 – Ottawa, Ontario – Department of Finance Canada
The Government of Canada is providing continued support to small business owners and entrepreneurs to help them adapt and position their businesses for recovery.
Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland announcedthat as early as October 26, 2020, the Canada Emergency Business Account (CEBA) will be available to businesses that have been operating out of a non-business banking account.
To be eligible, businesses must have been operating as a business as of March 1, 2020, must successfully open a business account at a Canadian financial institution that is participating in CEBA, and meet the other existing CEBA eligibility criteria. The deadline to apply for CEBA is December 31, 2020.
CEBA is part of the Government of Canada’s economic response plan to help Canadians and Canadian businesses deal with the COVID-19 pandemic. The measures under this plan are helping businesses keep their doors open, keep their employees on payroll, protect the jobs that Canadians depend on, and recover quickly when the time comes.