During the COVID-19 pandemic and this unprecedented time, the Canadian Government has launched the Canada Emergency Business Account (CEBA) to support small and medium-sized businesses and non-profit organizations. For a limited time registered businesses can apply for a loan that is interest-free until December 31, 2022.

How can this Government supported program help your business?

The Canada Emergency Business Account details are as follows:

  • A government-guaranteed loan of $40,000 interest-free (until December 31, 2022) to help you pay for operating costs that you’re not able to defer as a result of COVID-19.
  • 0% interest until December 31st, 2022. If the loan isn’t repaid by December 31st, 2022, it is extended and takes on a repayment rate of 5% annually for a three-year term.
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022. 
  • For all of the Canada Emergency Business Account details, please visit: https://www.canada.ca/en/department-finance/economic-response-plan.html

 

What are the eligibility criteria for the Canada Emergency Business Account Loan?

To be eligible, the federal government has imposed the following qualifications on businesses:

  • Must be a registered small or medium-sized business or not for profit organization.
  • Must have paid between $20,000 and $1.5 million in salaries in 2019.
  • Not for Profits (NPO) must have filed a T2 return for the 2019 tax year.
  • Charities must have filed a T3010 return for the 2019 tax year.
  • Businesses’ must have 2019 T4 Summary of Remuneration Paid. (T4SUM).

 

Are you interested in applying for the Canada Emergency Business Account through Westoba?

If you are interested in applying for CEBA through Westoba, you are declaring the following are true, you:

  • Have an active Canadian business operating account with Westoba Credit Union on or before March 1, 2020.
  • Your business was not in arrears on existing borrowing facilities, with Westoba Credit Union by 90 days or more as of March 1, 2020.
  • Westoba Credit Union must be your primary financial institution.
  • Have a federal tax registration.
  • Have not previously used the program and will not apply for support under the program at any other financial institution.
  • Acknowledge the intention is to continue to operate your business or to resume operations.
  • Agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

Note sole proprietors are not eligible.


Documents you require to apply:

  • Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM).
    • Your Canada Revenue Agency Employer’s Account Number (15 digits), as reported in the top right corner of the Borrower’s 2019 T4 Summary of Remuneration Paid (T4SUM), is: XXXXXXXXXXXXXXX.
  • The employment income reported in Box 14 of your 2019 T4SUM.


Get started:

Step #1 – Complete Westoba’s Canada Emergency Business Account form below, it should take approximately 15 minutes. Correctly fill in all required fields to ensure a faster turnaround time. Any incorrect information may delay your application.

Step #2 – CEBA applications will be reviewed by our Westoba Team within two business days of you filling out the online form.

Step #3 – Our Westoba Team will be in touch to coordinate an in-person meeting to sign credit documentation and loan applications. You must either email a copy of your T4 Sum to this Westoba Team member or bring your T4 Sum to this meeting for us to obtain a copy for our records. Applications are submitted daily to the Government.

Step #4 – The Government reviews all applications and funds CEBA loans to the financial institution to disburse. This can take up to five business days after receiving documents. Funds will be deposited into your primary operating account with Westoba Credit Union.

If you’re having issues accessing the form below, please call 1-877-WESTOBA or email businessbanking@westoba.com.

To ensure that small businesses have access to the capital they need to see them through the current challenges, the Government of Canada has launched the new Canada Emergency Business Account, which has been implemented by eligible financial institutions in cooperation with Export Development Canada (EDC).

This $25 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.

This will better position them to quickly return to providing services to their communities and creating employment.

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

The main eligibility points to apply for CEBA are: 

  • Your business must be a registered Canadian business that has been in operation since before March 1, 2020 
  • The organization must have paid between $20,000 and $1.5 million in salaries in 2019, which can be found in your 2019 T4 Summary of Remuneration Paid. 
  • You have a federal tax registration.
  • If you are a non-profit (NPO) you need to have filed a T2 return for the 2019 tax year. If you’re a charity, you need to have filed a T3010 return for the 2019 tax year.  
  • The loan must be used to pay non-deferrable business operating costs such as payroll, rent, utilities, insurance, and property taxes.
  • You have an active business chequing/operating account with Westoba Credit Union, which is your primary financial institution. This account was opened on or prior to March 1, 2020 and was not in arrears on existing borrowing facilities, if applicable, with the Westoba Credit Union by 90 days or more as at March 1, 2020.
  • You have not previously used the Program and will not apply for support under the Program at any other financial institution.
  • You acknowledge its intention to continue to operate its business or to resume operations.
  • You agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

Westoba Credit Union assures you that security measures are in place to protect your digital information. This is a secure form Powered By Microsoft Forms Pro.

All data collected on the form will be permanently deleted once your CEBA application process is completed.

Please reference our Privacy Policy for more information: https://westobacu.com/legal/privacy

We strongly encrouage all members intersted in the CEBA loan, to apply using the online form. However, we understand that some business members may not have access to the internet to do so. If this is the case, please reach out to our Business Banking Team, either at 1-877-WESTOBA or emailing businessbanking@westoba.com to discuss other methods.

No, you can only apply for this loan at one financial institution, and it must be your primary financial institution where you do your majority of banking. 

CEBA applications will be reviewed by our Westoba Team within two business days of you filling out the online form.

Our Westoba Team will be in touch to coordinate an in-person meeting to sign credit documentation and loan application. You must either email a copy of your T4 Sum to the Westoba Team member that will be in contact regarding your application or bring your T4 Sum to this meeting for us to obtain a copy for our records. Applications are submitted daily to the Government.

The Government reviews all applications and funds CEBA loans to the financial institution to disburse. This can take up to five business days after receiving documents. Funds will be deposited into your primary operating account with Westoba Credit Union.

Processing time for applications will depend on the volume of applications Westoba receives.

If your request is ineligible, it means your business does not meet the program’s eligibility criteria put in place by the Government of Canada and cannot benefit from this programAn appeal process is being worked out and more information will be released in the upcoming weeks. 
 
Westoba is not able to grant any exceptions to the program’s eligibility criteria. However, if you have questions about your application, email businessbanking@westoba.com to discuss them further and to review other options.  

This program requires one authorized signer to bind the organization to the terms of CEBA. If your business has multiple owners, by filling out the form online, you are agreeing to the terms set out in the attestation. 

Each business that individually meets the CEBA eligibility requirements and has an operating business account with Westoba can apply for this program separately. 

The Government of Canada’s (GOC) COVID-19 Economic Relief Plan is the best place to go to learn the most update to date information on what programs the GOC are putting out: https://www.canada.ca/en/department-finance/economic-response-plan.html 

Please reach out to your Business Banking Advisor or Relationship Manager directly to discuss your options and how we can support you during this time. We are committed to your success and want to work with you to get through this. If you are unsure who your representative is, please email: businessbanking@westoba.com 

These are tax documents that your organization files with the Canada Revenue Agency.  

Registered businesses file T4 documents, T2 documents are for non-profits, and T3010 are for registered charity organizations. To qualify for CEBA, you must have submitted one of these documents for the 2019 year based on which category your organization falls under.  

If you don’t have a copy on record from your 2019 calendar year, you can contact the Canada Revenue Agency to get a copy.

No, based on the terms of CEBA, the loan must be used to pay non-deferrable business operating costs. This includes things such as payroll, rent, utilities, insurance, property taxes, and regularly scheduled debt service. It may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions, and increases in management compensation

No, sole proprietorships are ineligible. Based on the Government of Canadaeligibility criteria for CEBA, business must have an active business account before March 1, 2020. Please refer to the Government of Canada’s COVID-19 Economic Response Plan, to learn what options are available to sole proprieties. 

Please reach out to your Business Banking Advisor or Relationship Manager directly to discuss your options and how we can support you during this time. We are committed to your success and want to work with you to get through this. If you are unsure who your representative is, please email: businessbanking@westoba.com