Canada Emergency Business Account

The Government of Canada announced changes to the Canada Emergency Business Account (CEBA) on May 19th, 2020. The details for these changes have not yet been finalized by the Government of Canada. As details become available, we will update this page with information.

First Credit Union is committed to helping our business members access the government’s Canada Emergency Business Account (CEBA). Eligibility is based on criteria established by the Government of Canada. Please log into Online Banking to enroll.


If you're a First Credit Union business member in need of emergency support due to the impact of COVID-19, we can help.

The Canada Emergency Business Account (CEBA) provides loans up to $40,000 for eligible small businesses and not-for-profit members. This federal program is designed to help cover operating costs for organizations experiencing temporary revenue reductions.

Note: The federal government announced April 16 changes to the eligibility requirements. The new threshold amount is you paid between $20,000 to $1.5 million in payroll expenses (“Employment income’) in 2019.

The Canada Emergency Business Account will provide loans up to $40,000:
  • at 0% interest until December 31, 2022
  • requires no minimum monthly principal payments until December 31, 2022
    • principal repayments can be made at any time
  • $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before December 31, 2022
Note: It will take approximately 10 business days to process your application.

Who is eligible? Expand/Collapse

First Credit Union business members, including small businesses and not-for-profits, that meet each of the following criteria will be eligible:
  • Must be a business (i.e., not a holding company) in operation before March 1, 2020
  • Must demonstrate that you paid between $20,000 to $1.5 million in total payroll expenses (“Employment income”) in 2019. You’ll need to provide:
    • Your CRA Business Number (15 digits), as reported at the top of your 2019 T4 Summary of Renumeration Paid (T4SUM)
    • Your total payroll expenses: The sum of all Employment income reported on ALL employee T4s for 2019, as noted (in box 14) on your 2019 T4 Summary of Remuneration Paid (T4SUM)
    • 2019 T4SUM when requested upon audit
  • Must agree to use the funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance & property tax, as per the requirements of the program set out by the Government of Canada
  • Must be a current First Credit Union business member with an active business operating account. First Credit Union must be your primary financial institution and your account must have been opened prior to March 1, 2020
  • Must apply for CEBA only from your primary financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government

How can I apply? Expand/Collapse

Please fill out the Canada Emergency Business Account form in online banking (desktop only), it will be located within the account services section . You’ll be asked to log in to online banking before you can fill out the form.

Your total payroll expenses: The sum of all Employment income reported on ALL employee T4s for 2019, as noted (in box 14) on your 2019 T4 Summary of Remuneration Paid (T4SUM) must be between $20,000 and $1.5 million.

How long will it take for the funds to show up in my account? Expand/Collapse

Your application will be reviewed for eligibility and submitted to the Federal Government for funding. This entire process will take up to 10 business days from the date of your submission. Upon approval, you’ll receive a confirmation email from us, and the loan funds will be deposited.

Where do I get additional information if my application was not successful? Expand/Collapse

Export Development Canada will be the administrator of the government’s eligibility criteria. For additional information, please visit

How can I get my my 2019 T4SUM Summary of Remuneration Paid? Expand/Collapse

Contact the Canada Revenue Agency for your 2019 T4SUM Summary of Remuneration Paid.

I am a sole proprietor who uses a personal account for my business. Can I still apply? Expand/Collapse

No, CEBA is only available to business members who meet the eligibility criteria.

Please visit the Government of Canada’s COVID-19 Economic Response Plan to view other programs.

What if I have multiple businesses? Can I apply for CEBA for each business? Expand/Collapse

Yes, each business that meets the eligibility criteria may apply for CEBA.

I have other loans with First Credit Union. Can I still apply for the Canada Emergency Business Account? Expand/Collapse

Yes, you can still apply if you have other loans with First Credit Union that are in good standing and if your business meets the eligibility requirements for CEBA.

My business requires the consent of more than one signatory to commit to an action. Can I still apply? Expand/Collapse

Yes, please ensure that only the authorized signer of your First Credit Union business account applies. We cannot accept multiple applications from the same business account.

What will my loan payments be? Expand/Collapse

The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you are seeking to repay $30,000, or 75% of the loan, to qualify for the $10,000 forgiveness feature.

If you choose to extend the loan beyond this date we’ll provide you more information on payments during the extension period once the program is in place.

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