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Ceba Loans 3.0

Canada Emergency Business Account (CEBA) 3.0 Loans

The criteria for CEBA loans have been expanded to include businesses that were not previously considered. Sole-proprietors and other businesses that do not have a payroll expenses are now eligible to apply.

What is the CEBA loan?

  • A $40,000 interest-free loan to help businesses cover operating costs that they were not able to defer because of COVID-19
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is repaid on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with an interest rate of 5%
  • Once your loan application has been reviewed and submitted, the process for funding will take up to 15 days from completion.  


How does the CEBA loan work?

  • The loan will be funded as a $40,000 term loan, 0% interest and no payments until December 31, 2022
  • No interest will apply until January 1, 2023
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of the month
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven.  For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • 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.

There are now 2 ways to apply!

  • Part A—Businesses with annual payroll expenses between $20,000 and $1.5 million reported on their 2019 T4 Summary.
  • Part B—Businesses with annual payroll less than $20,000 during 2019 and expected eligible non-deferrable expenses for 2020 between $40,000 and $1.5 million. A list of eligible non-deferrable expenses can be found on the Government of Canada website here.

Is your organization eligible to receive a CEBA 3.0 Loan through Luseland Credit Union?

The Government of Canada states that to be eligible for a CEBA 3.0 loan your organization must:

  • Be a Canadian operating company registered and in operation on or before March 1, 2020.
  • Use LCU as your primary financial institution including holding your primary operating accounts for your business with LCU on or before March 1, 2020.
  • Be in good standing with LCU, meaning you weren't in arrears on existing borrowing by 90 days or more on March 1, 2020.
  • Have a 15-digit Canada Revenue Agency business number.
  • You have not previously applied for financial support under the Program and will NOT apply with another financial institution.

What does your organization need to apply, through Luseland Credit Union, to receive a CEBA 3.0 loan?

Your organization needs to:

  • Email LCU at This email address is being protected from spambots. You need JavaScript enabled to view it. for the application portal link. You can also call us at 306-372-4444.
  • 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. if applicable.
  • Compile to the supporting documentation for the eligible non-deferrable expenses used if applicable.


For further details, please visit the Government of Canada’s website here.