Canada Emergency Business Account (CEBA)

CEBA 4.0 - Applications Available October 28th, 2020 Expand/Collapse

The CEBA 4.0 applications will be available to you starting on Wednesday, October 28th.

Please note, due to site maintenance, we are unable to accept CEBA applications from October 23rd - October 27th. Applications will be available again on Wednesday, October 28th.

If you have already applied for a CEBA loan and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 for the status of your application.

For more information, please visit https://ceba-cuec.ca/.

CEBA 3.0 - Extended to October 31, 2020 Expand/Collapse

The application date for the Canada Emergency Business Account has been extended to October 31, 2020, making the program accessible longer to Canadians.

If you have already applied for a CEBA loan and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 for the status of your application.

For more information, please visit https://ceba-cuec.ca/.

Canada Emergency Business Account (CEBA) Expand/Collapse

The Federal Government announced the Canada Emergency Business Account (CEBA) to assist small, medium and large businesses as well as Not-for-Profits financially during this time. 

Applications are now available through MemberDirect Online Banking. For more information, visit https://ceba-cuec.ca/.

What is the Canada Emergency Business Account (CEBA)?

  • The CEBA provides a government guaranteed loan for $40,000 to help cover operating costs that cannot be deferred, as a result of COVID-19.
  • The loan will be funded as a $40,000 term loan, 0% interest and no payments until December 31, 2022.
  • No interest applies until January 1, 2023.
  • Any balance owing on January 1, 2023 will be converted to a 3-year term loan subject to a 5% interest charge with fixed monthly payments due the last day of each month.
  • If you repay $30,000 (75% of the balance of the term loan) on or before December 31, 2022, the remaining $10,000 of your term loan will be forgiven.
  • If you do not repay 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.

Who can apply?

Business members or not-for-profit members registered in Canada, who use a Cornerstone Credit Union business account for daily operating of their business. If day-to-day transactions are not done through this account, you must apply for this benefit through your primary financial institution.

What are the Eligibility Requirements?

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

  • You use a business account at Cornerstone Credit Union for daily operations of your business. The account was opened on or prior to March 1, 2020.
  • Your business has been a registered and operational business on or before March 1, 2020.
  • The person enrolling for the Canada Emergency Business Account must have the ability and authority to bind the organization.
  • Your payroll expense is between $20,000 and $1.5 million. To confirm this, you will be required to provide the following information:
    • Employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid.
    • Employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid.
    • A copy of your 2019 T4 Summary of Remuneration Paid, if requested.
    • 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.
  • 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.
  • Employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid.
  • Employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid.
  • A copy of your 2019 T4 Summary of Remuneration Paid, if requested.

When and how can I apply?

*enrollment option may change.

What can you do to prepare for the CEBA?

  • Update your contact information (email address, phone number, etc.) by calling our Contact Centre at 1.855.875.2255. You will be contacted through these channels when the program is available.
Have your 2019 T4 Summary of Remuneration Paid statement available. If you do not have it, you should contact the Canada Revenue Agency. This is required for the enrollment/ qualification process.

FAQs Expand/Collapse

1. My business requires the consent of more than one director or officer to bind my organization. Can I still apply?

Your application will require that your organization can enter into the Canada Emergency Business Account loan agreement with the consent and attestation of only one signing officer. We cannot accept multiple signatures. We recommend in this case that your organization prepare and approve a resolution that allows the key principal applying for the loan to be given the special authority to attest on behalf of, and individually, bind the organization to the terms of the loan agreement.

2. I have accounts at multiple financial institutions. How do I determine where to apply?

Your business’ primary financial institution is the one where your business does the majority of its day-to-day banking, including employee payroll, supplier payments, and collection of receivables using a Cornerstone Business operating account. If CCU is not where your business conducts its day-to-day banking, please apply through the financial institution that holds your primary Business Operating Account.

3. I run my sole proprietor business using a CCU personal chequing account. Can I still apply?

No. The Canada Emergency Business Account is available only to business clients with employee payrolls between $20,000 and $1.5 million in 2019. Use of a personal chequing account is not permitted when operating in the name of a business. The federal government has announced a number of relief measures to support individuals as sole proprietors. Further information is available at the Government of Canada’s COVID-19 Economic Response Plan site available here.

4. Who do I contact if I do not qualify for the loan or if I am declined?

Export Development Canada will be the administrator of the government’s eligibility criteria and is creating an appeals process. We will provide details on this process when it becomes available.

5. I am currently benefitting from other COVID-relief offerings for my business? Can I still participate in the enrollment for the Canada Emergency Business Account?

Yes, you can still participate in the enrollment process for the Government’s Canada Emergency Business Account.

6. What if I have multiple businesses? Can I enroll under each business for CEBA?

Each business entity may enroll for CEBA. Each business must individually meet the eligibility criteria.

7. When do I start repaying the loan?

You may start repaying the loan in part or in full at any time, but repayment is not required until December 31, 2025 at which time the entire loan and all accrued and unpaid interest is due.

8. My business needs more than what is available through the Canada Emergency Business Account. What are my other options?

If your business is experiencing hardship due to COVID-19, you may be eligible to qualify for additional relief measures. Our advisors will work with our members to find solutions to help address financial hardships caused by COVID-19. Our Member Support program offers temporary loan payment deferrals, cash management advice, and other measures of support, including a dedicated team of advisors to support your needs. We are here for you!

 

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