Update August 31, 2020
On August 31, 2020, the Government of Canada announced that the Canadian Emergency Business Account (CEBA) offering was extended. Please refer to the below details and some FAQ’s provided. The lending team at Churchbridge Credit Union is also available to answer your questions as you go through the process. Please click HERE to apply for your CEBA loan.
CEBA 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 a status of your application. The Call Centre is open Monday to Friday from 8:00 am to 9:00 pm EST.
- You must complete the CEBA application at your primary financial institution by latest October 31st, 2020.
- After completing the application with your financial institution, you must upload supporting documentation.
- It is recommended that you provide your supporting documents through the application-demande.ceba-cuec.ca site as soon as you are directed to do so by your financial institution.
- Supporting documentation is a critical part of the application processes and delays in providing this information can result in a delay in the pre-funding eligibility validation and funding process.
UPDATE: July 27, 2020
The online application is now open and available for those businesses that would like to apply for the CEBA loan under the new criteria announced on June 26, 2020 by the Government of Canada. These applications can only be done using the link provided. Please be aware that the approval process for this new criteria is longer than the original process. You may also be required to provide supporting information during the application process.
The lending team at Churchbridge Credit Union will help where they can and are available to answer your questions as you go through the process. Please click HERE to apply for your CEBA loan.
Please call 1-877-890-2797, text 306-400-5718, or email email@example.com with any questions you may have.
UPDATE: July 15, 2020
As of June 26, 2020, the Government of Canada expanded the eligibility criteria for the Canada Emergency Business Account (“CEBA”) The initial rollout, where businesses only qualified with 2019 payroll between $20,000 and $1,500,000 has now been expanded to include small businesses.
In addition, businesses with a 2019 payroll of $20,000 or less and eligible 2020 estimated non-deferrable expenses between $40,000 and $1,500,000 can now apply for CEBA. Under these expanded government criteria, businesses such as sole proprietors, businesses that employ contractors, and family-owned businesses that pay employees through dividends, among others, may now be eligible for CEBA.
Churchbridge Credit Union will be able to offer this new CEBA soon. So please stay tuned for all the details. You can also check out the government web-site for more details by clicking here;
In the meantime, if you feel your business will be eligible under this new criteria; let us know so we can contact you once it is ready. We are hoping this will be ready by the week of July 20.
UPDATE: April 30, 2020
To our Small Businesses,
On March 27, The Government of Canada announced that it will be providing the Canada Emergency Business Account (CEBA) to support businesses that are affected by COVID-19. This offer will provide interest-free loans, of $40,000, to small businesses and non-profit organizations to help cover their operating costs during a period where their revenues have been temporarily reduced.
We are pleased to announce that Churchbridge Credit Union will be able to offer the CEBA support before the end of April for our existing business members. This offering will only be available through an online application process.
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 Churchbridge Credit Union business account for daily operating of their business.
What are the Eligibility Requirements?
The eligibility criteria are as follows, per the Government of Canada’s requirements:
- You use a business account at Churchbridge 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.
When and how can I apply?
The Canada Emergency Business Account (CEBA) application is now available through Churchbridge Credit Union. Members can access the Online Application by clicking HERE.
If you do not have Online Banking, or require assistance with the application, please contact your Loans Officer directly, or call us at 1-877-890-2797. We are here to help.
*enrollment option may change.
What can you do to prepare for the CEBA?
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.