Canada Emergency Business Account

The new Canada Emergency Business Account (CEBA), which was announced by the Government of Canada on March 27th, 2020, provides up to $40,000 to small businesses and not-for-profits as an interest-free loan. The intention of this loan is to help cover their operating costs during a period where revenue may be reduced.

Deadline to apply is: December 31, 2020.

  • A $40,000 interest-free loan to help businesses cover operating costs that they were not able to defer because of COVID-19
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is repaid on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with an interest rate of 5%
  • Once your loan application has been reviewed and submitted, the process for funding will take up to 15 days from completion.  

  • The loan will be funded as a $40,000 term loan, 0% interest and no payments until December 31, 2022
  • No interest will apply until January 1, 2023
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of the month
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven.  For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • You are a Canadian operating company, registered and in operation on or before March 1, 2020
  • Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM).   For applicants with annual payroll less than $20,000 in the 2019 calendar year:
    • You must have a Canada Revenue Agency business number and have filed a 2018 or 2019 tax return.
    • You must have eligible non-deferrable expenses between $40,000 and $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.
  • You must have a 15-digit Canada Revenue Agency Number also shown on your T4SUM
  • Unity Credit Union must be your primary financial institution - meaning your everyday banking account and cash management activities are held with Unity Credit Union, and opened on or before March 1, 2020
  • Your account must be in Good Standing as an existing member
  • Your account information must be up-to-date, including phone number and email address
  • The person enrolling for the Canada Emergency Business Account must have the ability and authority to bind the organization
  • As per the requirements set out by the Government of Canada, you must agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, debt payments and property tax.

  • Locate your 2019 T4 Summary of Remuneration Paid statement.  You can contact the Canada Revenue Agency to have them re-issue your 2019 statement.
  • We also require the following information:
    • Your employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid
    • Your employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid
    • A copy of your 2019 T4 Summary of Remuneration Paid may be requested

As your trusted financial advisors, we’re here for you. Your financial wellbeing is our top priority and we are committed to providing flexible solutions to help you through this challenging time.

If you have further questions, please visit or reach out to your Account Manager by calling 306.228.2688.  You may also contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application.


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