CERB-Canada Emergency Business Account

The Government of Canada recently announced that it will be providing the Canada Emergency Business Account to support Canadian businesses that have been adversely affected by COVID-19. Eligible businesses will receive a $40,000 loan for immediate financial support to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.

What is the CEBA Program

  • Up to $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19.
  • 25% (up to $10,000) of the loan proceeds is eligible for complete forgiveness if loan 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 a fixed interest rate of 5% per annum

How does the CEBA loan work?

    • The loan will be funded as a term loan (up to $40,000), 0% interest and no payments until December 31, 2022.
    • No interest will apply until January 1, 2023.
    • Beginning January 1, 2023, interest accrues on the balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month.
    • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.
    • If you do not repay the 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.

What’s the eligibility criteria?

The eligibility criteria are as follows, per the Government of Canada’s requirements:

      • You are a Canadian operating company (i.e. not a holding company) registered and in operation on or before March 1, 2020.
      • Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Renumeration Paid (T4SUM).
      • A 15-digit Canada Revenue Agency Number shown on your T4SUM.
      • Your credit union is your primary financial institution (Your everyday business banking account and cash management activities are held with us) and opened on or before March 1, 2020.
      • Your account must be in Good Standing as an existing member.


Note: If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account


Before applying, have the following information:

Locate your 2019 T4 Summary of Remuneration Paid statement, you will need the following:


      • A 15-digit Canada Revenue Agency Number also shown on your T4SUM
      • Your employment income reported on Box 14 of your T4SUM
      • A copy of your 2019 T4SUM may be requested

Please note: If you cannot locate your T4SUM contact Revenue Canada to have them re-issue your 2019 statement.


If you have further questions, please connect with your Commercial Lending Representative directly.

Note: Please be advised that by clicking on the link below you will be taken to an external site.

Online Application – Apply Now https://forms.office.com/Pages/ResponsePage.aspx?id=MAsYPocpBk2YxO3ryjFToEN6j1D3HDZMtNKtrqVgGI5UN1RJV1pBSUI2NDlaVzQ0N1FCQTQ1VzgzVC4u

If you have further questions, please visit www.CEBAquestions.ca or email us at jmjardine@bcu.creditu.net Alternatively, you may call us at 843-2219. Pleaslet us know you are inquiring about “CEBA Program” and we will redirect you to the appropriate Commercial Account Manager.