Canada Emergency Business Account (CEBA) Program

CEBA
The Canada Emergency Business Account (CEBA) program is available to businesses who meet the eligibility criteria set out by the Government of Canada subject to the ongoing availability of government funding.

What is the CEBA Program?

  • CEBA will provide qualifying businesses a loan of up to $40,000 to help you cover operating costs you were not able to defer because of COVID-19
  • The loan is interest-free and 25% of the loan (up to $10,000) is forgivable if you repay the loan on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year term loan


How does the CEBA loan work?

  • The loan is funded as a term loan (up to $40,000) at an interest rate of 0%.   No payments are required until December 31, 2022
  • If you pay 75% of the balance of the original term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your original loan balance is $40,000 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • Beginning January 1, 2023, interest accrues on the outstanding balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month.
  • 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 Government of Canada has set out the following eligibility 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). If you cannot locate your T4SUM contact Revenue Canada for reissue
  • You must provide your 15-digit Canada Revenue Agency Number, as shown on your T4SUM
  • Bayview Credit Union is your primary financial institution and your account was opened on or before March 1, 2020.   This means your everyday business banking account and cash management activities are held with us
  • Your account must be in Good Standing with Bayview Credit Union

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, please ensure you have your 2019 T4 Summary of Remuneration Paid statement on hand. You will need the following information from your 2019 T4 Summary of Remuneration Paid statement:

  • 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
    A copy of your 2019 T4 Summary of Remuneration Paid may be requested

 

If you have further questions, please visit www.CEBAquestions.ca or email us at CEBA@bayviewnb.com. Alternatively, you may reach out to our Member Advice Centre Team at 506-634-1263. Please let them know you are inquiring about “CEBA Program” and they will redirect you to the appropriate Commercial Account Manager.

 

Apply Here

 

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