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. Repaying the balance of the loan on or before December 31, 2022, will result in loan forgiveness of 25 per cent (up to $10,000). 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.

HOW DO I QUALIFY FOR CEBA?

CEBA is available to Encompass Credit Union members who have a primary Business Operating Account, and are in good standing as an existing borrower. For more details on how to qualify visit https://ceba-cuec.ca/.

 

HOW DO I APPLY FOR CEBA?

For your convenience contact your business account manager, and they will help you walk through the process. 

 

For an easier process, PLEASE HAVE THE FOLLOWING INFORMATION ON HAND:

 

If you’re applying through the Payroll stream, have the following:

  • 15-digit Canada Revenue Agency Number also shown on your T4SUM
  • All 2019 T4SUM statements
  • Your Credit Union Business Account Number

 If you’re applying through the Non-Deferrable Expenses Stream

  • 9-digit Canada Revenue Agency Number
  • Most recent Tax Return filed with CRA (2019 or 2018)
  • Your Credit Union Business Account Number


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.

You can upload documents to the CEBA Document Upload Website but please note, the site works best in Chrome and Safari browsers.



FREQUENTLY ASKED QUESTIONS
 

Find Branch/ATM

Enter address, postal code or branch name