Canada Emergency Business Account

Supporting businesses during these unprecedented times

The Canada Emergency Business Account (CEBA) program is available to businesses which meet the eligibility criteria set out below. Subject to the ongoing availability of government funding, a loan of $60,000 is available to businesses to help cover eligible non-deferrable expenses.

The Government of Canada has announced expanded eligibility criteria for the CEBA Program. The Program is now available to owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, and family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can benefit from the CEBA Program.  

The CEBA Program is made available by the Government of Canada and delivered through PACE Credit Union for our business account members.

  • Loans up to $60,000. Up to $20,000 may be available for loan forgiveness.
  • Interest rate at 0% until December 31, 2022.
  • If the loan cannot be paid by December 31, 2022. Loan will be converted into a 3-year term loan, bearing an interest rate of 5% per annum.
Use the Government of Canada CEBA Pre-Screen Tool here.

For additional information, visit the Government of Canada website.

Ready to Apply Now?

1. Login to Online Banking
2. Select Account Services, Select CEBA
3. Complete and submit form.
  • Upon receipt of your completed online application, a representative of PACE will email you the required Attestation Form to be completed and signed to finalize your application
  • The application deadline is June 30, 2021

Login In to Online Banking Now

Not signed up for Online Banking?

You can apply by sending a written request to and we will send you a copy of the application form.

Once PACE Credit Union receives your application, if we need to clarify any information, we will contact you within ten to fifteen business days.


Please contact your Account Manager who is available to support you during these uncertain times.

If you don’t have a dedicated Account Manager, contact us at

For businesses that have been impacted by COVID-19 but do not meet the criteria for Government Access to Credit programs, please contact your Account Manager or Business Banker to see how else we may be able to help.

Frequency Asked Questions About CEBA

Q: Can I enroll at more than one financial institution? I am a sole proprietor and I only have a PACE Credit Union personal chequing account.

A: No. Businesses must enroll for the Canada Emergency Business Account at their primary financial institution where they have an existing business banking account, and they cannot apply at more than one financial institution. The Canada Emergency Business Account is only available to businesses registered on or before March 1, 2020. Further information is available at the Government of Canada’s COVID-19 Economic Response Plan site: (

Q: If I have accounts at multiple financial institutions, how do I determine where to apply?

A: Your primary financial institution is the one where your business does the majority of its day-to-day banking, including employee payroll, supplier payments, and collection of receivables. If you do not use your PAC Credit Union account for these functions, you need to apply at the financial institution where this business account is held.

Q: My business requires the consent of more than one director or officer to bind my organization. Can I still apply?

A: Yes. Please note the program does allow your business to complete the agreement with the consent and attestation of only one signing officer who has the authority to bind the organization.

Q: If I am currently benefiting from other government COVID-19 relief offerings can I apply for the CEBA?

A: Yes, businesses may apply for other programs providing they meet qualifications.

Q: What if I have multiple businesses? Can I enroll under each business for CEBA?

A: Each business entity may enroll for CEBA, providing that they individually meet the eligibility criteria. You will need to complete an application for each business.

Q: Who do I contact if I do not qualify for the loan?

A: Export Development Canada is the administrator of the government's ( website.
For more information please email: