The Canada Emergency Business Account Loan Program

Financial support for your business

The Canada Emergency Business Account (CEBA) Loan Program has been officially launched by the Government of Canada and you can now apply through RCU’s online banking platform or by contacting the credit department directly. If your business is not registered for Online Banking, please contact the main branch to get this process started.

 

Not sure how the loan program works? Here are the details:

  • The Canada Emergency Business Account Loan Program will provide qualifying businesses with access to a $40,000 term loan at 0% interest until Dec 31, 2022.
  • There are no minimum monthly principal payments until December 31, 2022.

  • You can make principal repayments at any time.

  • $10,000 loan forgiveness is available, provided that the outstanding balance is fully paid between Jan 1, 2021 and Dec 31, 2022.

  • Unpaid balances as of December 31, 2022 will be converted to a 3-year term loan at 5% interest; all principal and accrued interest will be due by December 31, 2025.

  • You will need your 15-digit Business Number as it appears on your 2019 T4 Summary of Remuneration Paid (T4SUM) document and the Box 14 amount for remuneration issued in your 2019 T4SUM Document statement. You can access this information online through the CRA portal.

 

What are the eligibility requirements for the CEBA?

The Borrower is a Canadian operating business in operation as of March 1, 2020.

The Borrower has a federal tax registration.

The Borrower’s total employment income paid in the 2019 calendar year was between $20,000 and $1,500,000.

The Borrower has an active business chequing/operating account with RCU, which is its primary financial institution. This account was opened on or prior to March 1, 2020 and was not in arrears on existing borrowing facilities, if applicable, with the Lender by 90 days or more as of March 1, 2020.

The Borrower has not previously used the Program and will not apply for support under the Program at any other financial institution.

The Borrower acknowledges its intention to continue to operate its business or to resume operations.

The Borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.

 

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