CEBA-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.

Update (October 29, 2020): The Government of Canada have expanded the Canada Emergency Business Account (CEBA) Program to support small businesses who open a business chequing/operating account after March 1, 2020. These businesses may now be eligible, should they pass other pre-funding validation checks in place in previous versions of CEBA.

The application deadline has been extended to December 31, 2020.

Determine if you may meet the CEBA eligibility requirements using the EDC CEBA pre-screen tool 

If you may be eligible, contact us at 506-843-2219 or jmjardine@bcu.creditu.net ; to open a business
chequing/operating account.

To apply for the CEBA Program click here.

A future expansion of the program will enable businesses eligible for CEBA loans—and that continue to be seriously impacted by the pandemic—to access an interest-free loan of $20,000, in addition to the original CEBA loan of $40,000. This expansion will also be available to new CEBA applicants. We will share more details as they are announced by the government.

The Government of Canada has launched the Canada Emergency Business Account (CEBA) to support businesses and non-profits 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.

We are accepting applications for the CEBA loan program on behalf of the Government of Canada and Export Development Canada (EDC) until December 31, 2020. To apply, please complete the following:

1. Complete a government pre-screening to see if you may be eligible for the CEBA Program. If you may be eligible, you will receive a 10-digit pre-screen number.
2. Open a business account. A business account is required to qualify for the CEBA program.
Contact us at 506-843-2219 or jmjardine@bcu.creditu.net to open your business banking account.
3. Submit your application by clicking here.

Frequently Asked Questions:

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 are the eligibility requirements?
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)
(ii)        (ii) the Non-Deferrable Expense Stream (Applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year).
Regardless of your stream, every applicant must meet the following criteria:
 Has an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.
 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.
 Has an active business chequing/operating account with the Lender 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 their primary financial institution before applying for CEBA.  
 Has not previously used the Canada Emergency Business Account Program and will not apply for support under the Program at any other financial institution.
 Intends to continue to operate its business or to resume operations.

Note: a non-profit organization, registered charity, union, or a fraternal benefit society or order, or an entity owned by such an organization, is excluded from CEBA unless the entity is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue from the regular supply of property/goods or services; 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.

For more information on the CEBA Program, visit the Government of Canada website.

Please note, due to the high volume of applications it may take us a little longer to contact you once your form has been submitted. Our commitment is to get back to you within 2 business days.

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.

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