On October 26, 2020 the CEBA FAQ was updated. The changes focused on:
What is a Legal Business Name?
Impacts and possibilities associated with using the CEBA Pre-screen Tool
Missing the call back from the CEBA call centre.
The following questions have been added:
What is a Legal Business Name?
A business’ legal name is recorded in the CRA’s Business Number (BN) registry. For sole proprietors, this would be the individuals’ legal name as it is recorded in the Canadian Revenue Agency BN registry. It is not the business’ operating or trade name. Consider the following examples:
Sole Proprietors: You are a sole proprietor and your name is John Smith, and you advertise your business as ABC Framing. In this case, your legal business name is John Smith.
Corporations: The corporation’s name is 12345 Canada Inc. and the business advertises as ABC Properties. In this case, the legal business name is 12345 Canada Inc.
If you are unsure or can’t recall what legal business name you provided you can contact the CRA directly to find out.
I filled out the CEBA Pre-screen Tool and it is telling me that I am not eligible for the CEBA loan, what can I do?
The Pre-Screen Tool is not a CEBA application and is solely intended to provide a non-binding indication of eligibility to inform your decision on whether to apply for CEBA at your financial institution. You are still able to apply if you feel you qualify. If this is the option you would like to explore, we recommend you review the eligibility criteria of the CEBA program at the top of this page to see whether your business qualifies for the program. In addition, you can contact your financial institution for more information. Please note, the Department of Finance, Export Development Canada or the CEBA call centre agents are not able to grant exemptions to the CEBA criteria for the CEBA program.
The CEBA Pre-screen Tool displayed a message that “I may be eligible”, but I am now being declined for the CEBA program. Why is this happening?
The Pre-screen Tool is not a CEBA application and is solely intended to provide a non-binding indication of eligibility based on the information entered. After applying for CEBA through your financial institution, additional validations are completed by the Government of Canada. As a result, you may be declined based on these additional validations even if the CEBA Pre-screen Tool indicates that you may eligible. If you still have questions related to your application and why it was declined, please review the eligibility criteria of the CEBA program at the top of this page or call the CEBA call centre.
I missed a call-back from the CEBA call centre. Will they call back?
If you have missed a call-back from the CEBA call centre, you will need to call and submit your number again. Currently the wait time for a return call is up to 3 days.
Do I need to complete the Pre-screen Tool in order to apply for CEBA?
We highly recommend that the Pre-screen Tool be completed prior to opening a business chequing/operating account for the purpose of applying for CEBA. The Pre-screen Tool is designed to provide information regarding possible eligibility under the CEBA eligibility criteria based on inputs provided by applicants. It is intended to help applicants understand their eligibility before going through the processing of opening a business banking account. Many financial institutions may require that the Pre-screen Tool be successfully completed before opening a business chequing/operating account for the purpose of applying for CEBA.
Am I allowed to upload documents that differ from the ones I indicated on the CEBA Pre-screen Tool?
The document types indicated in the CEBA Pre-screen Tool are not exhaustive. If the documents you upload meet the eligible document criteria, they will be accepted. You can view the list of valid and invalid document types for the CEBA program at this site.
I completed the CEBA Pre-Screen Tool, what are the next steps to apply for CEBA?
The CEBA Pre-screen Tool is not a CEBA application. In order to apply for CEBA, you must do the following:
Open a business chequing/operating account with your primary financial institution
Apply for CEBA at your primary financial institution
Follow instructions from your financial institution to complete all relevant parts of the CEBA application.
Once you have applied at your primary financial institution, uploaded all necessary supporting documents, and if pre-funding eligibility validation is successful, you should expect to receive funding within 10-15 business days.
I did not receive an email with my pre-screen number, what should I do?
Please check your junk/spam folder. The email may not be required if you printed or wrote down your pre-screen number after completing the form. If you do not have any record of your pre-screen number, then you should re-complete the CEBA Pre-screen Tool and obtain another number.
Which browsers should I use to access the CEBA Pre-screen Tool Website
The website is compatible with the following browsers:
Chrome
Firefox
Edge
Safari
Please make sure you are using the most up-to-date version of the browsers listed above.
Which device should I use to access the CEBA Pre-screen Tool website?
The website works best when used on a desktop or laptop computer.
Does completing the CEBA Pre-screen Tool mean that I have applied for CEBA?
No, the CEBA Pre-screen Tool is intended to provide a non-binding indication of eligibility. In order to apply for CEBA you must visit your primary financial institution and apply for a CEBA loan. Most financial institutions across Canada are offering the program. You can see if your bank or credit union is listed on this site or alternatively contact your financial institution directly.
I made an error in the information I submitted in the CEBA Pre-screen Tool. Can I complete the Pre-screen Tool using my correct information?
It is not possible to amend information that has been previously submitted in the Pre-screen Tool. If you believe you have made an error, then you may complete the Pre-screen Tool again.
Is capital equipment depreciation included as an Eligible Non-Deferrable Expense?
Depreciation of capital equipment used for business purposes is not an Eligible Non-Deferrable Expense as it is not an expense pursuant to a legal or contractual obligation on March 1, 2020.