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Canada Emergency Business Account (CEBA)
The Canada Emergency Business Account (CEBA) is a Government of Canada program that provides up to $40,000 to small businesses and not-for-profits as an interest-free loan. The goal of this program is for the Federal Government to provide financing to Canadian organizations to help cover their operating costs during COVID-19.
If you have any questions about CEBA loans please call us at 1-306-372-4444.
What is a CEBA loan?
A CEBA loan an agreement between a Canadian organization and the Government of Canada to receive a $40,000 interest-free loan of which $10,000 is eligible to be forgiven if $30,000 is repaid on or before December 31, 2022.
If the loan is not repaid by December 31, 2022, the loan must be converted into a 3-year loan with an interest rate of 5%.
Once you have submitted your loan application it can take up to 5 business days to receive the funds.
Is your organization eligible to receive a CEBA loan?
The Government of Canada states that to be eligible for a CEBA loan your organization must:
1) Be a Canadian operating company registered and in operation on or before March 1, 2020.
2) Have reported annual payroll expenses between $20,000 and $1.5 million on your 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM contact your accountant or Revenue Canada.
3) Have a 15-digit Canada Revenue Agency Number also shown on your T4SUM.
What does your organization need to apply, through Luseland Credit Union, to receive a CEBA loan?
Your organization needs to:
1) Have primary bank accounts used to operate your business held with Luseland Credit Union on or before March 1, 2020.
2) Be in Good Standing with Luseland Credit Union.