Canada Emergency Business Account (CEBA)


What is the Canada Emergency Business Account (CEBA)?

  • $60,000 interest-free loan to help you cover operating costs during these difficult times due to COVID-19
  • No principal payments until December 31, 2022
  • Up to $20,000 (33%) of the $60,000 loan is forgivable if $40,000 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:

  • The CEBA application process follows one of two streams: (i) the Payroll Stream (Applicants with employment income paid in the 2019 calendar year between Cdn.$20,000 and Cdn.$1,500,000) or (ii) the Non-Deferrable Expense Stream (Applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year).

    Every applicant must meet the following criteria:

    • Has an active 15 digit CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.
    • Has an active business chequing/operating account with Prairie Centre Credit Union at the time of applying for CEBA. Note: If Borrower currently does not have a business chequing/operating account the Borrower must create one at PCCU before applying for CEBA.
    • Has not previously used the Canada Emergency Business Account Program and will not apply for support under the CEBA at any other financial institution.
    • Intends to continue to operate its business or to resume operations.

    If you fall into the Payroll Stream and once you have completed the application with your financial institution, the Government of Canada will assess the application and inform your financial institution of the approval or decline of the loan. If approved, your financial institution will provide the funds into your business chequing / operating account.

    If you fall into the Non-Deferrable Expenses Stream you must also meet the following criteria:

    • Have eligible non-deferrable expenses between Cdn. $40,000 and Cdn. $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.
    • Filed an income tax return with the CRA with a tax year ending in 2019 or, if its tax return for 2019 has not yet been submitted, 2018.

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
  • *IMPORTANT* We highly recommend that the Pre-screen Tool be completed by visiting prior to applying for CEBA. The Pre-screen Tool is designed to provide information regarding possible eligibility under the CEBA eligibility criteria based on inputs provided by applicants. It is intended to help applicants understand their eligibility before going through the application process. The CEBA Pre-screen Tool is not a CEBA application.

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:

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