**CEBA expansion is now available.
Deadline for application is June 30, 2021**
We are pleased to be able to assist our members in accessing the Government’s Canada Emergency Business Account (CEBA). We are accepting applications based on the original eligibility criteria (Payroll Stream) and we are now accepting applications under the expanded eligibility criteria (Non-Deferrable Expenses Stream).
The application is available through our online banking portal (not through the mobile app). To apply for CEBA, review How to Prepare and Eligibility Requirements first, then click on the "Apply Now" button below to complete the online application.
Once you have submitted your application, you will receive an email within 1-2 business days, confirming that your application has been received and is in progress.
Should all the qualification criteria be satisfied, you will receive a request from e-Sign to sign the loan document within 4-6 business days. The funds will be deposited to your account within 1 business day after we receive confirmation of signing.
**Deadline for application is June 3, 2021. This deadline extension applies to any new applications for CEBA loans of $60,000 or to new applications from businesses that have already received the $40,000 loan and intend to apply for the additional $20,000. ***
WHAT IS THE CANADA EMERGENCY BUSINESS ACCOUNT (CEBA)?
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 $60,000 to eligible 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.
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.
Up to $20,000 loan forgiveness provided the outstanding balance is paid on or before December 31, 2022.
NON-DEFERRABLE EXPENSE STREAM ELIGIBLE EXPENSE CATEGORIES ARE THE FOLLOWING:
• Wages and other employment expenses to independent (arm’s length) third parties;
• Rent or lease payments for real estate used for business purposes;
• Rent or lease payments for capital equipment used for business purposes;
• Payments incurred for insurance related costs;
• Payments incurred for property taxes;
• Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet;
• Payments for regularly scheduled debt service;
• Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower