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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.

     3) Email a copy of your organization's 2019 T4 Summary of Remuneration Paid (T4SUM) to         This email address is being protected from spambots. You need JavaScript enabled to view it. 

To apply for a CEBA loan through Luseland Credit Union email us at This email address is being protected from spambots. You need JavaScript enabled to view it. or  call us at 1-306-372-4444.