Updated October 16, 2026
Applications for new CEBA loans closed in June 2021, so the requirements that matter now are the ones for refinancing an existing CEBA balance before it is due on December 31, 2026. Each lender sets its own rules, but most look at the same things.
Typical minimums
| Requirement | Online lenders | Banks and credit unions |
|---|---|---|
| Time in business | 6 months or more | Usually 2 years or more |
| Revenue | About $10,000 a month ($120,000 a year) | Varies; profitability matters more |
| Credit score | About 550 to 600 or higher | Usually 650 to 680 or higher |
| Structure | Some lend only to incorporated businesses | Most structures |
| Speed | Days | Weeks |
Documents lenders ask for
- 3 to 6 months of business bank statements
- Your current CEBA balance and the institution that holds it
- Business number, and articles of incorporation if incorporated
- Government ID for the owners
- For larger amounts: financial statements or tax returns
Sole proprietors
Sole proprietors can refinance, but some online lenders accept only incorporated businesses, so you may have fewer options. Banks and credit unions often look at your personal income and credit together with the business. Remember that as a sole proprietor you are personally liable for the CEBA loan either way: see is the CEBA loan personally guaranteed?
Which businesses have the hardest time
- Businesses with under $10,000 a month in revenue
- Non-profits, which most online lenders do not serve
- Businesses with unpaid HST or payroll remittances
- Very new businesses or those with recent defaults
If you don’t meet these minimums, talk to your bank or credit union now, and read what happens if your loan goes to CRA collections.
Answer a few questions to see which lenders fit your business.
Next step
If your business is still operating, refinancing replaces the December 31 lump sum with regular payments. Compare lenders that refinance CEBA loans, or use the repayment calculator to size the payment.
This article is general information, not legal, tax or financial advice. ceba.ca is an independent website and is not affiliated with the Government of Canada. Official program information is at ceba-cuec.ca. If your loan has been assigned to the CEBA Program, the CRA CEBA Contact Centre is at 1-800-361-2808.