Canada Emergency Business Account (CEBA)


For more information on your eligible forgiveness amount and to discuss repayment options, contact your advisor or email .


The repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022 to December 31, 2023, for all eligible borrowers in good standing.


Businesses are crucial to local communities. That’s why PenFinancial and the Canadian government are working to support businesses during this difficult time. As part of that support, you can access the Canada Emergency Business Account (CEBA) program.

The Canada Emergency Business Account will provide up to a $60,000 loan:

  • at 0% interest until December 31, 2023
  • that requires no minimum monthly principal payments until December 31, 2023
  • that allows principal repayments at any time
  • with up to a $20,000 loan forgiveness available when the outstanding balance is fully paid on or before December 31, 2023.




Applying for CEBA is Simple

Want to apply for the CEBA? Confirm you’re eligible by checking the CEBA criteria.  Then follow these steps:

STEP 1 >  Log in to Online Banking (either Member Direct or Member Direct Small Business)

STEP 2 >  Click on Account Services

STEP 3 >  Click on Canada Emergency Business Account (CEBA)

STEP 4 > Follow the prompts to complete and submit your CEBA application

Once you've completed your application, you will receive a credit agreement by email through our e-sign platform within 24 to 48 hours from “OneSpan Sign”.  The email will guide you through the process of reviewing, executing, and submitting the electronic credit agreement.

  • CEBA Program Updates

    UPDATE: MARCH 25, 2021
    On Monday, Deputy Prime Minister Freeland and Minister Ng announced the deadline for applications to the Canada Emergency Business Account (CEBA) has been extended from March 31 to June 30, 2021. This deadline extension applies to any new applications for CEBA loans of $60,000 or to new applications from businesses that have already received the $40,000 loan and intend to apply for the additional $20,000.

    UPDATE: DECEMBER 11, 2020
    As of December 4, 2020, the government has launched an update to the CEBA program. CEBA loans for eligible businesses will increase from $40,000 to $60,000.

    PenFinancial is now accepting applications for new or increased CEBA loans through the PenFinancial online banking platform.

    Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing.

    Deadline Extended: All applicants have until March 31, 2021, to apply for $60,000 CEBA loan or the $20,000 expansion.

    Update: October 28th, 2020

    The Government of Canada has announced the application deadline has been extended to December 31, 2020.

    The Government of Canada has also announced that the CEBA Program is being expanded from $40K to $60K. This expansion will be available to all eligible previous & new CEBA applicants. Please stay tuned to our website for more details, including eligibility requirements and the launch date.

    Update: September 3rd, 2020

    The Government of Canada has announced the application deadline has been extended to October 31, 2020.

    Update: July 3rd, 2020

    Our CEBA 3.0 service provider, Central1 Credit Union advised that we can expect to launch CEBA 3.0 on July 16th or 17th.  Additional delays may be possible.  CEBA 3.0 is more complex than past versions of the program, necessitating additional IT work and other preparations.

    PenFinancial is committed to offering this program and we will ensure that it is made available to our Members as quickly as possible.

    Update: June 22nd, 2020

    Finance Canada and Export Development Canada (EDC) continue to work very hard to operationalize the latest version of the Canada Emergency Business Account (CEBA) program.  Unfortunately, implementation has been delayed across all financial institutions.  While the dates are not firm, PenFinancial Credit Union is now expecting to launch CEBA 3.0 during the week of June 29th – July 3rd.

    We encourage members to stay informed by periodically checking our website for the most recent updates.

    Update: June 16th, 2020

    Finance Canada and Export Development Canada (EDC) have now released the formal requirements for CEBA 3.0.  In addition to the original program terms and conditions, applicants with annual payroll lower than $20,000 may now apply, subject to the following:

    A business operating account at a participating financial institution;

    A Canada Revenue Agency business number;

    A 2018 or 2019 tax return; and

    Eligible non-deferrable expenses of between $40,000 and $1.5 million.

    Full details can be found on the program’s website.

    PenFinancial is now targeting a launch date during the week of June 22 – June 26th.  Stay tuned to our website for additional updates when they become available.

    UPDATE: June 3RD, 2020

    Finance Canada has committed to releasing the formal expanded CEBA eligibility between June 8th – 12th.  The expanded eligibility will include the following:

    Sole proprietors receiving income directly from their businesses

    Businesses that rely on contractors

    Family-owned corporations that pay employees by dividends instead of payroll

    New businesses that have not yet filed a tax return

    Businesses operated out of personal bank accounts

    PenFinancial will do everything possible to ensure this expanded program is available to our membership as quickly as possible.  Our initial target release date is June 19th, however, delays may be possible.  Check out our website updates as more information becomes available.

    UPDATE: May 25th, 2020

    In light of the Government of Canada’s announcement that it has expanded the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses, we would like to reassure you that we are aware of the change and will keep you informed of further details regarding the expansion and its implementation timing once we receive them from the EDC and the Department of Finance.

    Once the Government of Canada finalizes its requirements, we will incorporate those changes as quickly as possible to our existing CEBA application form. The website will be updated to advise the steps to apply for the program under the expanded criteria.

    The Government’s decision means that this $40,000 interest-free loan program is now open to more businesses, particularly some of the smallest businesses which had previously been excluded because they couldn't demonstrate a 2019 $20,000 payroll.

    The program will be made available to sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.