Canadian Emgergency Business Account for Small Business (CEBA)

Canadian Emergency Business Account for Small Business (CEBA)

The Canada Emergency Business Account CEBA) provides a $40,000 loan for eligible small business and not-for-profit organizations.  This federal financial relief program is designed to help cover operating costs for organizations experiencing financial strain as a result of the COVID-19 pandemic.

If your small business qualifies, the Canada Emergency Business Account provides access to a $40,000 loan that is interest free until December 31, 2022. Principal payments can be made voluntarily at any time without fees or penalties. If you pay 75% of the balance of the loan on or before December 31, 2022, the remaining balance of your loan will be forgiven.  Read about the CEBA Guidelines here to determine if you qualify.

If any part of the original loan amount is not repaid by December 31, 2022, the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023. The balance must be paid in full no later than December 31, 2025.

If you are not an Encompass Credit Union business banking member, we encourage you to apply for the CEBA through your primary financial institution.

Your next steps

Please contact your Business Account Manager directly.  They are familiar with the relief measures available and are committed to working with you to make sure that you can weather this storm and still maintain the most financially stable position possible in the current environment.

Applying for the Canada Emergency Business Account

To qualify for application:
  •    The total payroll paid by your business in 2019 must have been between $20,000 and $1,500,000
  •    Your business was in operation as of March 1, 2020
  •    As of March 1, 2020 you were operating your business account with Encompass Credit Union as your primary financial institution
  •    You must have the authority to attest on behalf of the business

If you want to apply for a CEBA loan with Encompass Credit Union, please contact your Business Account Manager directly.  You will need to provide them with the following information:

•    The amount total employment income paid in 2019 from box 14 of your 2019 T4 Summary
o    We will require a copy of this tax document
o    The business registration number on this tax document must be for the business applying

T4 Summary

  •    The name(s), e- mail address(es), and phone number(s) of who will be the signing authority on the loan
o    This must be supported by the signing authority of your Encompass CU Operating account

Your Business Account Manager will confirm the following information is correct:
  •    Your legal business name and any “Operating As” name you may use
  •    Your federal tax business registration number (BN)

Once you have been in discussion with your Business Account Manager, if your business meets the eligibility requirements for a CEBA Loan, you will receive an email digital document package through DocuSign.  You will sign the documents electronically.  

Please contact your Business Account Manager with questions or for more information.


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