Please note, due to the high volume of applications it may take us a little longer to contact you once your form has been submitted. Our commitment is to get back to you within 2 business days.
Update December 11, 2020: The Government of Canada, alongside its partners EDC have expanded the Canada Emergency Business Account (CEBA) loan program to provide additional financial support to those eligible Canadian small businesses and non-profits who continue to be impacted by the unprecedented economic challenge brought on by the COVID-19 pandemic.
Under this expansion, the CEBA program will now provide access to an additional $20,000 to eligible borrowers who already received a $40,000 loan and $60,000 for new applicants to CEBA.
If you are a business member and have an existing CEBA loan administered through our credit union, and the loan is in good standing, you may apply for the additional $20,000. For those who are eligible, $10,000 will be forgivable if repaid by December 31, 2022. For example, if you are a business who has a current loan of $40,000 and are approved for the additional funds under the new criteria of $20,000 your total loan is $60,000 and of that, $20,000 is forgivable if repaid before December 31, 2022.
For those business members who do not have an existing CEBA loan or pending application, and meet the criteria outlined by EDC, you may be eligible for a loan up to $60,000 with a total of $20,000 forgivable if repaid prior to December 31, 2022. New applicants must complete the EDC pre-screening tool here and follow the other application requirements outlined below.
The application deadline has been extended to March 31, 2021
More information on the program as well as frequently asked questions are outlined below.
Also, for additional information, visit the Government of Canada website.
The Government of Canada and Export Development Canada (EDC) have launched the Canada Emergency Business Account (CEBA) to support businesses and non-profits that have been adversely affected by COVID-19. Eligible businesses will receive a total of $60,000 loan for immediate financial support to cover short term operating expenses, payroll, and other non-deferrable expenses which are critical to sustain business continuity.
We are accepting applications for the CEBA loan program on behalf of the Government of Canada and Export Development Canada (EDC) until March 31, 2021. To apply, please complete the following:
Frequently Asked Questions:
This CEBA loan program provides interest-free loans of up to $60,000 to small businesses and not-for-profits that have been seriously impacted by the pandemic.
If the balance of the loan has been repaid on or before December 31, 2022, 33% of the loan ($20,000) will be forgiven.
As of October 26, 2020, eligibility for CEBA expanded by removing the previous March 1, 2020 condition for having an active business chequing/operating account. With this removal, eligible businesses can now apply after opening a business chequing/operating account with their primary financial institution. For more information about this new criteria see the section below on “About the CEBA expansion.”
As of December 4, 2020, approved CEBA applicants can now receive a $60,000 loan. CEBA applicants who have received the $40,000 CEBA loan may apply the CEBA expansion, which provides eligible businesses with an additional $20,000 of financing.
The CEBA application process follows one of two streams:
Every applicant must meet the following criteria:
If you fall into the Non-Deferrable Expenses Stream you must also meet the following criteria:
CEBA applications under the 2020 Eligible Non-Deferrable Expenses Stream will follow a three-step process:
Step 1: Complete the online Pre-Screen Tool. The Pre-Screen Tool is not a CEBA application and is solely intended to provide a non-binding indication of eligibility to inform your decision of whether to apply for a loan. If you are declined at this step you can still apply for CEBA and therefore still need to complete the next two steps as identified.
Step 2: Businesses will initiate applications directly through filling out the application
https://ceba.concentra.ca/?institutionNumber=83924
Once we receive the application, we will be in touch to activate Step 3 of the application process.
Step 3: Once we have received your application, you will then be directed to a CEBA website to provide supporting documentation of the 2020 Eligible Non-Deferrable Expenses and to complete the application.
The Government of Canada will assess application information submitted with the supporting documentation and information provided in Step 3. If successful, the Government of Canada will notify us and provide funding for your CEBA loan.
Applicants with a $40,000 CEBA loan may apply for the $20,000 expansion. To apply, click here https://ceba.concentra.ca/?institutionNumber=83924
Yes, you may apply for the $20,000 expansion. To apply, click here https://ceba.concentra.ca/?institutionNumber=83924
The following terms apply to all CEBA loans (original loan and expansion loan):
Interest:
• 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
Repayments & Maturity:
• No principal repayment required before December 31, 2022
• If loan remains outstanding after December 31, 2022, only interest payments required until full principal is due on December 31, 2025
Debt Forgiveness:
• If the outstanding principal, other than the amount of potential debt forgiveness, is repaid by December 31, 2022, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred
Applicants applying for the expansion can only apply for the full $20,000.
For existing CEBA loan, click here to apply for the expanded program https://ceba.concentra.ca/?institutionNumber=83924
If you are a new applicant click here to fill out the EDC pre-screen tool to see if you may be eligible.
No, under the expanded program you may no longer apply for $40,000.
As long as your existing CEBA loan is with Princess Credit Union and meets the eligibility criteria, you may apply here https://ceba.concentra.ca/?institutionNumber=83924
Yes, you will need to submit a new application and attestation to the financial institution that provided you with your original CEBA loan.
You will not need to resubmit your original application, or re-upload expense documents.
To apply, click here. https://ceba.concentra.ca/?institutionNumber=83924
Choosing to cancel your application will reset adjudication timelines, adding additional processing time. An additional attestation will need to be submitted to apply for a $60,000 loan.
With respect to your existing $40,000 loan application, once you have applied, uploaded all necessary supporting documents (if applicable), and if pre-funding eligibility validation is successful, you should expect to receive funding within 10-15 business days.
Upon approval of your original loan application, you may then apply for an expansion and can do so by clicking here. https://ceba.concentra.ca/?institutionNumber=83924
Once you have applied, uploaded all necessary supporting documents (if applicable), and if pre-funding eligibility validation is successful, you should expect to receive funding within 10-15 business days.
If you borrowed $40,000 or less:
Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
Example 1:
Maximum Amount Borrowed: $40,000
Amount Repaid By December 31, 2022: $30,000
Available Forgiveness: $10,000
Example 2:
Maximum Amount Borrowed: $20,000
Amount Repaid By December 31, 2022: $15,000
Available Forgiveness: $5,000
Example 3:
Maximum Amount Borrowed: $40,000
Amount Repaid By December 31, 2022: $25,000
Available Forgiveness: $0
If you borrowed more than $40,000 and up to $60,000:
If you received a $40,000 loan and subsequently received the $20,000 expansion, the terms of your forgiveness have changed and are described here.
Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:
• 25 percent on the first $40,000; plus
• 50 percent on amounts above $40,000 and up to $60,000.
For clarity, the portion of forgiveness based on a rate of 25% and the portion of forgiveness based on a rate of 50% are combined into a single tranche of forgiveness, which is only available if all other amounts outstanding are repaid by December 31, 2022. For example, if $60,000 is borrowed, no forgiveness is available unless $40,000 is repaid.
Example 4:
Maximum Amount Borrowed: $60,000
Amount Repaid By December 31, 2022: $40,000
Available Forgiveness: $20,000 ($40,000 x 25% + $20,000 x 50%)
Example 5:
Maximum Amount Borrowed: $50,000
Amount Repaid By December 31, 2022: $35,000
Available Forgiveness: $15,000 ($40,000 x 25% + $10,000 x 50%)
Example 6:
Maximum Amount Borrowed: $60,000
Amount Repaid By December 31, 2022: $35,000
Available Forgiveness: $0
If you fully repaid your original $40,000 loan, claimed forgiveness, and thereafter received the $20,000 expansion:
Repaying the outstanding balance of the $20,000 expansion (other than the amount available to be forgiven) on or before December 31, 2022 will result in loan forgiveness of 50 percent (up to $10,000).
Example 7:
Maximum amount Borrowed: $20,000
Amount Repaid By December 31, 2022: $10,000
Available Forgiveness: $10,000
Example 8:
Maximum amount Borrowed: $20,000
Amount Repaid By December 31, 2022: $8,000
Available Forgiveness: $0
Applicants who received a $40,000 loan must apply separately for the $20,000 CEBA expansion.
In instances where additional information is needed from you relating to your original loan application, or if post-funding validations identified a discrepancy between your original loan application and CRA records, your expansion application may be declined.
Depending on the reason for decline, you may or may not be able to remedy your application.
Depending on the reason for decline, you may or may not be able to remedy your application. You will be notified with instructions on the next steps if any action or input is required from you.
The deadline to apply for the $20,000 expansion at your financial institution is March 31, 2021.
Once you have applied if pre-funding eligibility validation is successful, you should expect to receive funding within 10-15 business days.
Please be advised that by clicking on the link below you will be taken to an external site.
Online Application – Apply Now