Canada Emergency Business Account (CEBA)

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On March 27, the Government of Canada announced special measures, including the Canadian Emergency Business Account (CEBA), to support Canadian businesses during the economic impacts of COVID- 19.

CEBA provides eligible businesses access to a loan of $40,000, interest-free until December 31, 2022 to help cover operating costs during a time where revenues have been reduced.

July 2: Finance Canada is working on the process for the expansion of the CEBA eligibility criteria. The launch date is anticipated to be after July 15. Updates will be provided as they become available.

Applications submitted now must still qualify under the existing rules. Please review program details and the eligibility criteria below before filling out the application. If you have read and understand the criteria, you may fill out the application now.

Please note that once you are approved for CEBA, you will receive a deposit of $40,000 in your operating account within 10 business days, and will have a new loan displaying as "CEBA Loan" in online banking. 

Eligibility Criteria

  • Must have an existing, active business account at Aldergrove Credit Union prior to March 1, 2020. Aldergrove Credit Union must be your primary financial institution.
  • Business account must be in good standing and not in arrears on existing borrowing products as of March 1, 2020.
  • Must be a Canadian operating business (i.e. not a holding company) in operation before March 1, 2020.
  • Must have a federal tax registration.
  • Must demonstrate that you paid between $20,000 to $1.5 million in total payroll expenses (“Employment income”) in 2019. You’ll need to provide:

      • Your CRA Business Number (15 digits), as reported at the top of your 2019 T4 Summary of Renumeration Paid (T4SUM)
      • Your total payroll expenses: The sum of all Employment income reported on ALL employee T4s for 2019: Add Box 14 and Box 71 on your 2019 T4 Summary of Remuneration Paid (T4SUM)
      • 2019 T4SUM when requested upon audit
  • Total employment income paid in the 2019 calendar year must be between $20,000 and $1,500,000, as reported in Box 14 of your 2019 T4SUM.
  • You must not have applied for CEBA at another financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.
  • Must not be a union, charitable, religious, or fraternal organization. If it is an entity owned by such an organization, it must be a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services
  • Must agree to use the funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance and property tax, as per the requirements of the program set out by the Government of Canada.
  • Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.

Additional support may be available and will depend on your situation - please reach out to us today to discuss your options together.

Additional support for small businesses available from the Government of Canada:

  • 75% wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020 to help businesses keep and return workers to the payroll.
  • Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) until June 2020.
  • Launch of the new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending.

Please visit the Government of Canada's website for more information including the Canada Emergency Wage Subsidy, Business Credit Availability Program, and Canada Emergency Response Benefit.

To navigate to the CEBA application through online banking:

  1. Login to online banking
  2. Click Account Services
  3. Click Canadian Emergency Business Account
  4. Review the Getting Started section and click Next
  5. Fill out the About Your Business section and click Next
  6. Fill our the Your Information section and click Next
  7. Fill out the CEBA Details and Attestation section and click Next
  8. Confirm all the information you entered is correct and click Submit
We are in this together, and we are here to help.
 

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