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Small Business Loan

Canada Emergency Business Account (CEBA)

We continue to support you after your CEBA loan has been funded.

CEBA refinance program
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Get a quote with no pressure, no obligation, no fee today. Start your application to refinance your CEBA debt by completing the online form below.

Alpine Credits CEBA refinance program has been created to empower eligible CEBA applicants to fully capitalize on the CEBA loan repayment forgiveness offered by the government.

Navigate your financial landscape with confidence, knowing that Alpine Credits is committed to ensuring your business thrives.

Connect with us today and let us support you in your entrepreneurial journey.

1a Online Application

1. Apply online

Self-serve online application made simple. Approval in as little as 24 hours.

1b Review

2. Review Offers

We will email you offers designed to pay off your CEBA loan.

1c Get Funds

2. Get Funds

The Funds will be deposited in your CEBA account in as little as a day.

What is the Canada Emergency Business Account?

The Canadian Emergency Business Account program, administered by Canada’s banks and credit unions, provides interest-free loans of up to $60,000 to eligible businesses and not-for-profits.

Repaying the balance of the loan to the Government of Canada on or before December 31, 2023 will result in loan forgiveness of up to 33 percent (up to $20,000).

0% interest until December 31, 2023

Principal repayments can be voluntarily made at any time without fees or penalties

Up to $10,000 loan forgiveness is available on eligible CEBA loans advanced for $40,000, provided $30,000 is paid back prior to December 31, 2023

Up to $20,000 loan forgiveness is available on eligible CEBA loans advanced for $60,000, provided $40,000 is paid back prior to December 31, 2023

If the balance is not paid by December 31, 2023, the remaining balance will be charged 5% annual interest, paid monthly, effective January 1, 2024

The full balance must be repaid by no later than December 31, 2025

Frequently asked questions

The CEBA program application period for $60,000 loans and the $20,000 expansion has ended as of June 30th, 2021. Any application that has been submitted prior to that date will be processed provided the correct required documentation was uploaded prior to that time frame. For updates on the status of your application for CEBA funds, contact the CEBA call center at 1-888-324-4201.

If your business was declined for the $20,000 expansion you will be able to update any information submitted on your original application for the $40,000 CEBA loan.

After applying through your financial institution and have followed instructions to upload all required documents for your application, and if all pre-funding eligible validation is successful, then you can expect to have the funds deposited into your business operating account via online banking within 10-15 business days.

The CEBA loan has an interest-free period spanning from the time of getting the loan till December 31, 2023. After that period a 5% annual interest rate will come into effect on the outstanding balance of the CEBA loan until the balance is paid off in full. These monthly payments of interest on the loan will begin January 2024 and the full outstanding principal balance will then need to be repaid no later than December 31, 2025. To that end, CEBA loans that are not paid off in full by December 31, 2023 will no longer be eligible for the forgiveness program of $20,000 off the $60,000.

As set out by the Government of Canada, the Borrower confirms that:

  • It is not a government organization or body, or an entity wholly owned by a government organization or body;
  • It is not a non-profit organization, registered charity, union, or a fraternal benefit society or order, or an entity owned by such an organization, unless the entity is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue from the regular supply of property/goods or services;
  • It is not an entity owned by any Federal Member of Parliament or Senator;
  • It does not promote violence, incite hatred or discriminate on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age, or mental or physical disability, contrary to applicable laws.

Small business owners with up to $20,000 in payroll in 2019 will have to demonstrate having Eligible Non-Deferrable Expenses between $40,000 and $1,500,000 in 2020. Expenses that were already incurred in January and/or February 2020 and cannot be avoided or deferred beyond 2020 are considered “Eligible Non-Deferrable Expenses.” Electronic or paper copies of Receipts / Invoices / Agreements are required as supporting documentation.

CEBA supports businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens.

Eligible Non-Deferrable Expense Categories
  • Wage costs and other employment expenses to independent third parties;
  • Rent or lease payments for real estate or capital equipment used for business purposes;
  • Payments incurred for insurance costs or property taxes.
  • Payments incurred for business purposes for telephone and utilities (i.e. gas, oil, electricity, water and internet connectivity);
  • Payments for regularly scheduled debt service;
  • Payments incurred under agreements with independent contractors, as well as fees required to maintain licenses, authorizations or permissions necessary to conduct business;
  • Payments incurred for materials consumed to produce products.

For more information about each category of non-deferrable expenses, consult this CEBA user guide.

Qualifying for a CEBA loan requires a unique 9-digit Canada Revenue Agency business number. If you have multiple different businesses, each with different CRA numbers, then each business is limited to one CEBA loan.

In order to be eligible for a $60,000 CEBA loan or $20,000 CEBA expansion loan, an applicant must be an active operating business that is a sole proprietorship, partnership or a Canadian-controlled private corporation (“CCPC”) that was in operation in Canada on March 1, 2020. Other types of business entities are not eligible for a $60,000 CEBA loan or $20,000 CEBA expansion loan.

Any applicants that meet CEBA eligibility criteria will have the following repayment terms. Interest will be paid at 0% per annum interest until December 31, 2023, after which if not paid off by that day a 5% per annum interest starting on January 1, 2024 will come into effect; interest payment frequency to be determined by your financial institution.

As it relates to repayments and maturity. There will be no principal repayment required before December 31, 2023, If loan remains outstanding after December 31, 2023, only interest payments required until full principal is due on December 31, 2025.

As for debt forgiveness, if the outstanding principal, other than the amount of potential debt forgiveness, is repaid by December 31, 2023, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred.

All applicants that meet CEBA eligibility criteria will have the following terms of forgiveness according to the Government of Canada:

If you borrowed $40,000 or less:

Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2023 will result in loan forgiveness of 25 percent (up to $10,000).

Example 1:

Maximum Amount Borrowed: $40,000
Amount Repaid By December 31, 2023: $30,000
Available Forgiveness: $10,000

Example 2:

Maximum Amount Borrowed: $20,000
Amount Repaid By December 31, 2023: $15,000
Available Forgiveness: $5,000

Example 3:

Maximum Amount Borrowed: $40,000
Amount Repaid By December 31, 2023: $25,000
Available Forgiveness: $0

If you borrowed more than $40,000 and up to $60,000:

If you received a $40,000 loan and subsequently received the $20,000 expansion, the terms of your forgiveness have changed and are described here.

Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2023 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:

  • 25 percent on the first $40,000; plus
  • 50 percent on amounts above $40,000 and up to $60,000.

For clarity, the portion of forgiveness based on a rate of 25% and the portion of forgiveness based on a rate of 50% are combined into a single tranche of forgiveness, which is only available if all other amounts outstanding are repaid by December 31, 2023. For example, if $60,000 is borrowed, no forgiveness is available unless $40,000 is repaid.

Note: some financial institutions may record your $40,000 loan and $20,000 expansion as two separate loans. For the purposes of loan forgiveness, borrowings and repayments on both loans will be aggregated.

Example 4:

Maximum Amount Borrowed: $60,000 (maximum loan balance)
Amount Repaid By December 31, 2023: $40,000
Available Forgiveness: $20,000 ($40,000 x 25% + $20,000 x 50%)

Example 5:

Maximum Amount Borrowed: $50,000
Amount Repaid By December 31, 2023: $35,000
Available Forgiveness: $15,000 ($40,000 x 25% + $10,000 x 50%)

Example 6:

Maximum Amount Borrowed: $60,000 (maximum loan balance)
Amount Repaid By December 31, 2023: $35,000
Available Forgiveness: $0

If you fully repaid your original $40,000 loan, claimed forgiveness, and thereafter received the $20,000 expansion:

Repaying the outstanding balance of the $20,000 expansion (other than the amount available to be forgiven) on or before December 31, 2023 will result in loan forgiveness of 50 percent (up to $10,000).

Example 7:

Maximum amount Borrowed: $20,000
Amount Repaid By December 31, 2023: $10,000
Available Forgiveness: $10,000

Example 8:

Maximum amount Borrowed: $20,000
Amount Repaid By December 31, 2023: $8,000
Available Forgiveness: $0

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Some conditions may apply. Applying for a loan does not guarantee you will be approved for a loan. The time between loan approval and transfer of funds may vary.
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