Canada Emergency Business Account for Small Business

Effective April 30th the Federal Government made the Canada Emergency Business Account (CEBA) program available through all participating Credit Unions! The program has been designed to help small business employers with their most pressing needs and to position the Canadian economy for recovery.


  • As of December 4, 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000.
  • Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing.
  • All applicants have until March 31, 2021, to apply for the $60,000 CEBA loan or the $20,000 expansion.

If you have questions, please contact the CEBA Call Centre at 1-888-324-4201. An agent will return your call between Monday and Friday from 10:00am to 9:00pm EST.

If you are a qualifying small business customer, the Canada Emergency Business Account provides access to a $40,000 loan:

  • 0% interest until December 31, 2022
  • No principal payments until December 31, 2022
  • $10,000 loan forgiveness is available, provided outstanding balance is $40,000 at December 31, 2020, and $30,000 is paid back between Jan. 1, 2021 and Dec. 31, 2022
  • If any part of the balance is not paid by December 31, 2022, the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023
  • The full balance must be repaid by no later than December 31, 2025

NOTE: Once you are approved for CEBA, you will receive a deposit of $40,000 in your operating account upon signing the required loan documents.

Eligibility for the Canada Emergency Business Account

To receive the Canada Emergency Business Account, the following eligibility requirements must be met:

  • The person applying has the ability and authority to bind the organization
  • Your organization is a Canadian operating business (i.e. not a holding company) in operation on March 1, 2020
  • Your organization’s payroll expense in the 2019 calendar year was between $20,000 and $1,500,000 (updated payroll expense requirements effective April 17). You will need to have a federal tax registration and provide:
    • Your Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of the 2019 T4 Summary of Remuneration Paid
    • Your total employment income reported in Box 14 of the 2019 T4SUM
    • The sum of all employment income reported on all employee T4s for 2019 (add Box 14 and Box 71)
    • Information to demonstrate the above when requested upon audit by the Government of Canada
  • Per the requirements of the program, as set out by the Government of Canada, you will agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service
  • You have an active business chequing/operating account at Southwest Regional Credit Union, which is your primary financial institution. Your account was opened prior to March 1, 2020, and was not in arrears on existing borrowing products, if applicable, with Southwest by 90 days or more as at March 1, 2020.
  • You are not applying for this program at any other financial institution. You understand that applying for support under the Program at more than one financial institution may result in ineligibility under the Program, default under the facility in respect of which this attestation is being provided, prosecution or other enforcement measures available at law or otherwise.
  • You agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents
  • You intend to continue to operate your business or to resume operations
  • You authorize Export Development Canada, as your representative with the Canada Revenue Agency, to access any required payroll information for the purpose of verifying eligibility.

Please note the following businesses are not eligible for the Canada Emergency Business Account:

  • Government organizations or bodies, or entities owned by a government organization or body
  • Unions, charitable, religious or fraternal organizations or entity owned by such an organization or if it is, it is a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services;
  • Entities that are structured as a holding company;
  • Entities owned by individuals holding political office; and
  • Entities that promote violence, incite hatred or discriminate on the basis of sex, gender, sexual orientation, race, ethnicity, religion, culture, region, education, age or mental or physical disability.

Applying for the Canada Emergency Business Account

If you are a small business customer and interested in applying for the Canada Emergency Business Account, it will be available starting May 1.

Please contact your branch to begin the loan application process for the Canada Emergency Business Account.


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