The new Canada Emergency Business Account (CEBA) provides funding to eligible financial institutions, so they in turn can provide interest-free loans up to $40,000 to qualifying businesses. A quarter of this loan (up to $10,000) is eligible for complete forgiveness and requires no minimum monthly payments until December 31, 2022.
Who is eligible for the Canada Emergency Business Account?
To enroll in this program, you must meet the following criteria:
- You had an active and open business on March 1, 2020
- Your primary business operating/chequing account must be with First West Credit Union (via one of our divisions: Envision Financial, Valley First, Island Savings or Enderby & District Financial) and used for day-to-day payments and cash management activities
- Your primary business operating/chequing account must have been opened before March 1, 2020
- You agree that you are only applying for the Canada Emergency Business Account with a division of First West Credit Union and not at any other financial institution
- You are an operating company registered in Canada
- You have Federal Tax Registration
- In 2019, you paid between $20,000 to $1.5 million in total payroll
- You confirm that the loan proceeds will be used to pay for operating expenses that cannot be deferred, such as payroll, rent, utilities, insurance, debt payments and property tax
Enroll in the Canada Emergency Business Account
If you meet the above criteria and are the individual that can bind the business, enroll today.