Canada Emergency Business Account (CEBA) – Repayment Deadline Extended to December 31, 2023!

14.01.22

Canada Emergency Business Account (CEBA)
As part of COVID-19 relief measures, the Government of Canada announced a new program to support Canadian business called the Canada Emergency Benefit Account (CEBA) in cooperation with Export Development Canada (EDC).

As of December 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000.  CEBA will help eligible small businesses and not-for-profits have access to the capital they need by providing interest-free loans of up to $20,000, in addition to the original CEBA loan of $40,000 to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.  This expansion will be available to all eligible previous and new CEBA applicants.

This access to capital will help small businesses and not-for-profits to continue providing services to their communities and keep their employees on the payroll.

The CEBA application process follows one of two streams:

1. The Payroll Stream (Applicants with employment income paid in the 2019 calendar year between $20,000 CAD and $1,500,000 CAD); or
2. The Non-Deferrable Expense Stream (Applicants with $20,000 CAD or less in total employment income paid in the 2019 calendar year).

If the loan balance is repaid by the borrower on or before December 31, 2023, $10,000 of the original $40,000 loan will be forgiven.  Half of the additional $20,000 financing will also be forgivable if repaid by December 31, 2023.

NOTICE
Dear members,
Please be advised that the repayment deadline for eligible CEBA loan holders in good standing to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023.

Additional updates and details can be found on the CEBA website at https://ceba-cuec.ca/

Thank you for your continued patronage.
The BCU Financial Team

Click here for CEBA 5.0 FAQs

For more detailed information, please contact your local BCU Financial Branch.

CEBA Call Centre
The CEBA Call Centre is now available for members who have inquiries about their applications.
The CEBA Call Centre is open Monday to Friday from 8:00 am to 9:00 pm EST and can be reached at 1-888-324-4201.  To learn more, visit https://ceba-cuec.ca/.

For more information on the Canada Emergency Benefit Account (CEBA), please click here https://ceba-cuec.ca/