Canada Emergency Business Account

Community Savings is committed to supporting our business members through this difficult and challenging time. We are pleased to announce that we are accepting applications for the Federal Government’s Canada Emergency Business Account (CEBA).

CEBA is a government-guaranteed, interest-free loan of up to $40,000, for eligible small businesses and not-for-profit members that have been affected by COVID-19 to help them cover operating costs.

CEBA Details

• The loan will remain interest-free until December 31, 2022
• requires no minimum monthly principal payments until December 31, 2022
• principal repayments can be made at any time
If at least 75% of the loan is repaid by December 31, 2022, the remaining 25 percent (up to $10,000) may be forgiven.
• If not repaid by December 31, 2022, the loan will be extended to December 31, 2025 at 5% interest.

To be eligible, you must have been an existing active business member of Community Savings on March 1, 2020, who meets all of the criteria for the program set by the Government of Canada, as follows:

• You are an existing Canadian borrowing or non-borrowing member of Community Savings;
• The program includes unions, charitable, religious or fraternal organizations or clients owned by such an organization if it is a T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services;
• You have a registered business chequing/operating account with Community Savings, which is your primary financial institution. This account was not in arrears under any existing credit facilities, if applicable, with Community Savings for 90 days or more as at March 1, 2020;
• You have a Federal tax registration;
• You have a Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM);
• You have a total employment income paid in the 2019 calendar year between $20,000 and $1,500,000, as reported in Box 14 of your 2019 T4SUM;
• You have not previously used CEBA in connection with any credit facility established with Community Savings or any other financial institution, and you are not applying for support under such program at any other financial institution
• Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.

How to Apply

We are accepting applications for the Federal Government’s Canada Emergency Business Account.
For more information on CEBA or how to register, please call:

Tony Sandhu  604-341-3654
Kevin Tan  778-883-5727

Frequently Asked Questions

What can the CEBA funds can be used for?
As set out by the Government of Canada, the loan proceeds can only be used to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. It may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

Can I enroll for CEBA at more than one financial institution?
No. Business members must only apply at their primary financial institution where they have an existing business chequing account. Applying at more than one financial institution may result in ineligibility under the program.

What if there are multiple owners of the business?
• The individual applying for the loan must have the authority to attest on behalf of the organization and have the authority to sign the binding agreement to the terms of the CEBA loan.
• Since we cannot accept multiple signatures at this time, we recommend that your organization prepare and approve a resolution that allows the key principal applying for the loan to be given the special authorization to attest on behalf of, and individually, bind the organization to the terms of the loan agreement

What if I own multiple businesses?
Each business must meet the Government eligibility requirements and must have an active business operating account with Community Savings.

What if I haven’t submitted/received a T4 summary?
At this time, you would not be eligible for this program. If you have not received it or have lost it, please contact the Canada Revenue Agency to have them reissue your 2019 T4 summary of remuneration paid (T4SUM)

What if I have accounts at multiple financial institutions. How do I determine where to apply?
You should be submitting your application at your primary financial institution. This generally means the account where you conduct the majority of your day-to-day banking, including employee payroll, supplier payments and collection of receivables.

What if I don’t have a business account?
Unfortunately, you are not eligible for this program at Community Savings. If you have an operating business account at another financial institution, please contact them

What if I run a sole proprietor business, am I eligible to apply?
The CEBA is available to business clients with employee payrolls between $20,000 and $1,500,000* in 2019.

Are there any conditions for the loan?
You are required to meet all eligibility criteria for the loan, as detailed in the application, including an acknowledgment that the funds from this loan will only be used to pay for non-deferrable operating expenses. In the application, you will be required to make an attestation that you meet these criteria, which is subject to verification and audit. All applications are subject to approval and funding availability through the CEBA program.

* Terms and conditions apply. Applications subject to approval and to funding availability and eligibility criteria of the Canada Emergency Business Account program.