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NEW: As of December 4, 2020, to provide additional financial support to Canadian small businesses during this time of unprecedented economic challenge brought on by the COVID-19 pandemic, the Government of Canada, alongside its partners EDC and Canada’s financial institutions, are now offering an increase in support for eligible CEBA applicants. The CEBA program will now provide access to an additional $20K for eligible borrowers who already received a $40,000 loan and $60,000 for new applicants to CEBA.
All applicants have until March 31, 2021, to apply for the $60,000 CEBA loan or the $20,000 expansion.
Updated CEBA Application Form is NOW AVAILABLE.
*NEW* All applicants can now check the status of their CEBA Loan online at https://status-statut.ceba-cuec.ca/. Please wait 5 to 7 business days after finalizing your application before checking your loan status on this loan status website or with the call centre. If you try before the 5 to 7 business days you will not receive an update. The loan status website will be able to address the following types of questions:
- What is the status of my application?
- Why was my application declined? How can I fix those errors (if applicable)?
All applicants are encouraged to check the status of their CEBA Loan online at https://status-statut.ceba-cuec.ca/, but if you continue to have questions you may call the CEBA Call Centre at 1-888-324-4201. The CEBA Call Centre is available Monday to Friday from 8AM to 9PM Eastern Standard Time, excluding statutory holidays.
Canada Emergency Business Account (CEBA)
On March 25, 2020, the Government of Canada announced the creation of the Canada Emergency Business Account (CEBA). Since then, the program has been expanded and enhanced several times as a result of feedback received from Canadian business owners to enable increased support.
The CEBA program is NOW offering up to $60,000 in loan support with:
- 0% per annum interest until December 31, 2022
- 5% per annum interest starting on January 1, 2023; interest payment frequency to be determined by your financial institution
- 36-month repayment term (maximum)
More information on the CEBA program, part of the Government of Canada’s COVID-19 Economic Response, and administered by Economic Development Canada (EDC), can be found on the website www.CEBA-CUEC.ca.
How to apply for a $60,000 CEBA loan or the $20,000 expansion:
Applications are accepted online only. To apply, login to your NPSCU MemberDirect Online Banking or MemberDirect Small Business Online Banking. Navigate to ‘Account Services’, found in the left side menu options and click ‘Canadian Emergency Business Account (CEBA)’
Who may be eligible?
As of October 26, 2020, the CEBA Program has expanded to include borrowers currently operating through a personal account. These borrowers may now be eligible for the program following completion of the pre-screen tool found here to determine potential eligibility. The borrower must open a business chequing/operating account with their financial institution before applying for CEBA. Additionally, NPSCU business members (including small businesses, sole proprietors, family-owned corporations and not-for-profits), must meet the full eligibility requirements of the program as set out by the Government of Canada for one of the following application streams:
- Payroll stream: The Borrower’s total employment income paid in the 2019 calendar year was between $20,000 and $1,500,000 as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM contact Revenue Canada for reissue.
- Non-Deferrable Expenses stream: For applicants with $20,000 or less in total employment income paid in the 2019 calendar year:
- The Borrower has a Canada Revenue Agency business number and has filed a 2018 or 2019 tax return.
- The Borrower has eligible non-deferrable expenses between $40,000 and $1,500,000 incurred or to be incurred in 2020 (subject to adjustments for support or subsidies under other Government of Canada COVID response programs). Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.
- The Borrower is a Canadian operating business in operation as of March 1, 2020.
- The Borrower has a federal tax registration.
- 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.
- The funds from this loan can only be used to pay non-deferrable operating expenses as defined by the Government of Canada, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payment of dividends, distributions and increases in management compensation.
To apply through your NPSCU online business banking account, you must:
- Hold North Peace Savings and Credit Union as your primary financial institution – meaning your everyday business banking account and cash management activities are held with NPSCU, opened on or before March 1, 2020.
- Your account must be in good standing as an existing member and must not have any borrowing facilities that were 90 days past due as of March 1, 2020. Your business contact information including personal identification, physical address, phone number, email etc. must be up to date.
- Be an organization with revenue from sales of goods or services (i.e., not a holding company) in operation before March 1, 2020.
- Have the ability and authority to bind the business to the lending agreement.
- Meet and agree to all of the terms in the online application.
- Not have applied through any other financial institution, or previously through NPSCU, for the program.
- Sign a Canada Emergency Business Account Application and Loan Agreement.
- Complete a detailed attestation confirming your specific eligibility requirements as required by the Government of Canada.
We encourage you to gather the following information as it will be required in the application:
- Payroll stream:
- Your CRA Business Number as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM). Please enter all 15 characters, including ‘RP’ (e.g. XXXXXXXRPXXXXXX).
- Your total payroll expenses: The sum of all Employment Income reported on ALL employee T4s for 2019: Add Box 14 and Box 71 on your 2019 T4 Summary of Remuneration Paid (T4SUM). This total must be between $20,000 and $1.5 million.
- 2019 T4SUM when requested upon audit.
- Non-Deferrable Expenses stream:
- Your 9-digit CRA business number
- If a partner in a partnership is applying, the legal name of the partner applying for the loan.
- For corporations, your T2 General form for the most recent tax year (2018 or 2019 only).
- If unincorporated, you’ll need your T1 General form for the most recent tax year (2018 or 2019 only).
Once you have completed the online application, one of our Business Advisors will contact you to complete the process.
Once your loan application has been received, all required supporting documentation uploaded, and eligibility validation is successful, one should expect to receive funding within 10-15 business days. The program is administered through Economic Development Canada (EDC), and delays may be expected as they work hard to serve the needs of all Financial Institutions and their members/clients.
Online CRA Direct Deposit Enrolment
Have you been impacted by COVID-19 or expect you may be in the coming weeks? Ensure that you receive the payments you may be eligible for as quickly as possible by updating direct deposit information in your ‘CRA My Account’ or ‘CRA My Business Account’.
To register for the first time or to update your CRA account, follow this link and follow the appropriate E-Services path applicable to you. Government of Canada E-Services
Requesting Financial Relief
NPSCU has introduced payment deferral programs for members impacted by COVID-19 on personal loans, personal mortgages, CUDF Loans, commercial mortgages and commercial loans. If you have been impacted by COVID-19 and require a payment deferral, call 1-877-787-0361 or email email@example.com to let us know and we will have and Advisor contact you.
Requesting Financial Relief for Credit Cards
Collabria has introduced financial support for members with NPSCU Collabria Credit Cards who have been impacted by COVID-19 including, but not limited to:
- Emergency Temporary Credit Limit Increase for cardholders who are currently outside of Canada and are actively working to return to Canada
- Minimum Payment Deferrals for cardholders impacted by COVID-19. Payment deferrals can be requested on a month by month basis (for up to 6 months).
- Reduced interest Rate on select cards for up to 6 months when financial relief is requested due to COVID-19 impacts.