Canada Emergency Business Account

The new Canada Emergency Business Account (CEBA), which was announced by the Government of Canada on March 27th, 2020 will provide up to $40,000 to small businesses and not-for-profits as an interest-free Term Loan. The intention of this loan is to help cover their operating costs during a period where revenue could be reduced.

What are the eligibility criteria?

The Government of Canada's eligibility criteria are:

  • Have an existing Access Credit Union business account opened prior to March 1, 2020 and utilize it as your primary operating account
  • Your business has been a registered and operational business since on or before March 1, 2020
  • Your payroll expenses are between $20,000 and $1.5 million annually.
  • You agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, debt payments and property tax.

How will the CEBA work?

The Canada Emergency Business Account will be funded as an interest-free Term Loan for $40,000.
  • No interest will apply until January 1, 2023.
  • Up to $10,000 of the Term Loan will be forgiven if the balance is fully paid on or before December 31, 2022.
  • If you do not repay 75% of the balance of the Term Loan (as at January 1, 2021) 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.
For more information, please reach out to your Account Manager. We're looking forward to hearing from you.
 

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