Canada Emergency Business Account (CEBA)

 

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).
  • Applicants with $20,000 or less in payroll in 2019  can now apply under the new CEBA criteria.  Applicants will have to demonstrate having Eligible Non-Deferrable Expenses between Cdn.$40,000 and Cdn.$1,500,000 in 2020. Expenses are considered “Eligible Non-Deferrable Expenses” if they were already incurred in January and/or February 2020, or are due to a legal or contractual obligation as at March 1 and cannot be avoided or deferred beyond 2020 even during a period of shut down and depressed revenues as a result of COVID. CEBA is not intended to provide income support, or support for variable operating expenses to businesses.  For more information regarding the new criteria please refer to the CEBA website.
  • 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 15 business days. If the 15 business days have passed, please call your local branch for assistance.




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

https://ceba-cuec.ca/



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