Canada Emergency Business Account (CEBA)



Please note:
There have been recent changes announced by the Federal government regarding CEBA program eligibility. The launch date for applications involving the new eligibility criteria has not yet been announced. The below information will be updated once this date is announced.



What is the Canada Emergency Business Account (CEBA)?

  • $40,000 interest-free loan to help you cover operating costs during these difficult times due to COVID-19
  • No principal payments until December 31, 2022
  • $10,000 (25%) of the $40,000 loan is forgivable if $30,000 is repaid on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with an interest rate of 5%
  • Once your loan application has been reviewed and submitted the process for funding will take up to 7 days from completion. 

To be eligible for CEBA through  Prairie Centre Credit Union, members must meet the following criteria:

  • Canadian operating company (ie. not a holding company) registered and operating on or before March 1, 2020
  • Annual payroll is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM). 
  • You must have a 15-digit Canada Revenue Agency Number also shown on your T4SUM
  • Your primary business banking account and cash management activities need to be held with Prairie Centre Credit Union as of March 1, 2020   ◦If your Primary  business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your Business Operating Account
  • Your account must be in good standing as an existing member

What should I do to prepare prior to applying?

  • Find your 2019 T4 Summary of Remuneration Paid statement. Required information includes:
    • Your employer account number, as reported at the top of your 2019 T4 Summary
    • Your employment income reported on box 14 of your 2019 T4 Summary
  • Please note that a copy of your 2019 T4 Summary of Remuneration Paid may be requested.
  • If you cannot locate your T4SUM contact Revenue Canada for reissue

How long does it take to receive funds once my application is approved?

  • Funds will be deposited into your account within 5 business days. If the 5 business days have passed, please call your local branch for assistance.

                       


To begin your application for the Canada Emergency Businesess Account, please click below.





To find more information on CEBA click on the following link:

https://ceba-cuec.ca/