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 Education 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 Education 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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