The Canada Emergency Business Account Loan Program (CEBA)

Launched on April 9, 2020, CEBA provides a zero-interest, partially forgivable loan of $40,000 to small businesses that experienced diminished revenues due to COVID-19 and faced ongoing non-deferrable costs, such as rent, utilities, insurance, taxes and employment costs. By assisting these businesses in servicing their non-deferrable costs, CEBA is intended to facilitate the post-COVID resumption of normal business operations. 

As of December 4, 2020, an additional $20,000 CEBA loan was made available, for eligible businesses facing financial hardship as a result of the COVID-19 pandemic.

Apply for CEBA through RCU’s Online Banking platform or by contacting the credit department directly. The application can be found under the "Account Services" menu.

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

  • All applicants have until June 30, 2021, to apply for a $60,000 CEBA loan or the $20,000 expansion.

  • The Canada Emergency Business Account Loan Program provides qualifying businesses with access to a $60,000 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.

  • Up to $20,000 loan forgiveness is available, provided that the outstanding balance is fully paid before 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.

What are the eligibility requirements for the CEBA?

To qualify for CEBA, all applicants must:

  • Have an active Canada Revenue Agency (CRA) business number with an effective date of registration on or prior to March 1, 2020
  • Meet the payroll eligibility criteria; or demonstrate a minimum of $40,000 in eligible non-deferrable expenses, and have filed a 2018 or 2019 tax return.

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.

For full details, please visit the Government of Canada CEBA page.

​Apply for CEBA through RCU’s online banking platform

Once logged in, click on "Account Services" to apply.