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Canada Emergency Business Account

  • CEBA is a federal government loan program that provides small and medium-sized businesses and not-for-profits with a limited-time, interest-free loan of up to $40,000 to help cover operating cost due to the economic impacts of COVID-19. More information can be found about the program at this link: https://ceba-cuec.ca/

  • The $40,000 loan is interest-free until December 31, 2022. Up to 25% of the loan (up to $10,000) is eligible for complete forgiveness if 75% (up to $30,000) is fully repaid on or before December 31, 2022. If the loan cannot be repaid by December 31, 2022, it will be converted into a three-year term loan charging an interest rate of 5%. There are no associated fees with this loan.

  • No minimum monthly principal payments are required until December 31, 2022. Up to 25% of the loan ($10,000) is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022. After this date, the loan will be converted into a three-year term loan charging an interest rate of 5%.

  • The loan is interest-free until December 31, 2022. Furthermore, no principal repayments are required during this period (unless you are seeking to repay 75% to qualify for the 25% forgiveness feature).

    If you choose to extend the loan beyond this date, interest of 5% applies during the extension period. We will provide you more information on interest payments during the extension period once the program is in place.

  • The loan will be direct deposited in your account after the loan is approved.

  • CEBA is available to:

    Chinook Financial members who have a primary Business Operating Account with us and have good standing as an existing borrower

    Organizations who paid between $20,000 to $1.5 million in total payroll in 2019.

    Further qualifying details can be found at the government of Canada website: https://ceba-cuec.ca/

  • For your convenience you can apply from home using our online application. Our team of advisors will contact you once your application has been received to discuss next steps. 

  • For a speedy experience, please have the following information on hand:

     

    2019 T4 Summary of Remuneration Paid (T4SUM) that shows an annual payroll of between $20,000 and $1.5 million (if you cannot locate your T4SUM, contact the Canada Revenue Agency to have them reissue it to you);

    A 15-digit Canada Revenue Agency Number also shown on the T4SUM;

    business contact information, including phone number and email address.

  • Your business’ primary financial institution is the one where your business does the majority of its day-to-day banking, including employee payroll, supplier payments, and collection of receivables using a Credit Union Business Operating Account. If Chinook Financial is not where your business conducts its day-to-day banking, please apply through the financial institution that holds your primary Business Operating Account.

    You can apply only once for the CEBA program regardless of how many financial institutions you deal with.

  • This loan must be taken out through your primary financial institution.

  • No. For the purpose of the CEBA program, your business’ primary financial institution is the one where your business does the majority of its day-to-day banking, including employee payroll, supplier payments, and collection of receivables using a Credit Union Business Operating Account. If the Credit Union is not where your business conducts its day-to-day banking, please apply through the financial institution that holds your primary Business Operating Account.

  • Yes. As long as each of your businesses meet the outlined qualifications, they will be eligible to participate in the CEBA program.

  • No. The Canada Emergency Business Account is available only to business clients with employee payrolls between $20,000 and $1.5 million in 2019. Use of a personal chequing account is not permitted when operating in the name of a business. The federal government has announced a number of relief measures to support individuals as sole proprietors. Further information is available at the Government of Canada’s COVID-19 Economic Response Plan site.

  • Chinook Financial is administering the Canada Emergency Business Account loan program on behalf of the Federal Government. If you have questions about your organization’s eligibility based on their qualification criteria, please visit the Federal Government’s support site  https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses

  • If your business is experiencing hardship due to COVID-19, you may be eligible to qualify for additional relief measures available at the Government of Canada’s COVID-19 Economic Response Plan site.  https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses

    Additionally, we currently offer a skip-the-payment program to assist members with cash flow issues caused by the COVID-19 pandemic.  Please contact your Credit Union Advisor, Account Manager or submit questions to cebainquiries@connectfirstcu.com for further assistance.

  • Our team of advisors is here to guide you through this challenging time. If you need to get in touch, please contact your Credit Union Advisor, Account Manager or submit questions to cebainquiries@connectfirstcu.com for further assistance.