Canada Emergency Business Account (CEBA)


What is the eligibility criteria?

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

  • Have an existing ECU - A Division of WFCU Credit Union business account opened prior to March 1, 2020 and utilize it as your primary operating account
  • Your business has been a registered and operational business since on or before March 1, 2020 with a 15-digit CRA Business Number
  • You 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.
  • You have not previously used the program and will not apply for support at any other financial institution.
  • Your intention is to continue operating your business or to resume operations.
  • You agree to participate in post-funding surveys conducted by the Government of Canada.

As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. Applicants will have to demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020.

If you are unsure or have questions regarding your eligibility, contact us today.


How does it work?

  • The Canada Emergency Business Account will be funded as a loan for up to $40,000 until December 31, 2020
  • After December 31, 2020, any outstanding balance on loan will be converted into a non-revolving 5‑year term loan maturing on December 31, 2025, at which time the balance must be paid in full
  • No interest applies until January 1, 2023
  • Commencing on 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 each month
  • Repaying the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000)

What do I need to apply?

  • Locate your 2019 T4 Summary of Remuneration Paid statement. You can also contact the Canada Revenue Agency to have them re-issue your 2019 statement.

Can I enroll at more than one financial Institution?

  • No, businesses must apply at their primary financial institution in which they have an existing business chequing account.
Are there any restrictions on how the funds can be used?

  • The funds can be used to cover short-term operating expenses, payroll and other non-deferrable expenses that are critical to sustain business continuity.




How to Apply

To apply for CEBA, log into your ECU - A Division of WFCU Credit Union online banking. If you are not registered for online banking, contact us today. Applications are only being accepted online.


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