Canada Emergency Business Account

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Update (Friday, May 22, 2020): On May 19, the federal government announced that CEBA will be available to business owners with payroll of less than $20,000. If your business has payroll below $20,000, you may qualify under the expanded criteria. When the details are worked out, the application will be updated. Please check back on a regular basis.


Atlantic Credit Unions are pleased to be partnering with the Government of Canada to offer the Canada Emergency Business Account (CEBA) to help support our small businesses suffering as a result of COVID-19. Eligible businesses can apply for an interest-free loan (up to $40,000) to cover short term operating expenses, payroll, and other non-deferrable expenses which are critical to sustain business continuity.

If the loan is repaid on or before December 31, 2022, 25 percent (up to $10,000) will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

If the loan is not repaid by December 31, 2022, the full loan balance will be converted into a three-year term loan at 5 percent interest per annum, payable monthly on the last day of the month.

What’s the eligibility criteria?

As set out by the Government of Canada, you are eligible if:

Your organization was registered and operational on or before March 1, 2020.

Your organization is a Canadian operating company (i.e. not a holding company).

Your organization's annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Renumeration Paid (T4SUM).

Your credit union is the primary financial institution for your business, your account was opened on or before March 1, 2020, and is in good standing.

Please note: If your everyday business banking account is held elsewhere, please apply for funding through the financial institution that holds your primary business operating account.

What information will I need to have on hand to apply?

Before you start your online application, please make sure to locate your 2019 T4 Summary of Remuneration Paid statement (T4SUM) to be able to provide the following information:

• Your employment income reported in Box 14.
• Your 15-digit employer account number from your T4 Summary.

Please note: If you cannot locate your T4SUM, you can contact Revenue Canada to have them re-issue your 2019 statement.

If you have further questions, please contact your credit union directly.