CEBA Extended to December 31st

The Canadian Government has launched the Canada Emergency Business Account (CEBA) to support small and medium-sized businesses and non-profit organizations. CEBA has been extended to December 31st, 2020, making the program accessible longer to Canadians. 

For those who already have an approved CEBA loan, Westoba will start accepting CEBA loan repayment on November 1st, 2020. Payments will be processed on the 15th of each month, payable through our Virtual Services team at 1-877-WESTOBA (937-8622), through your Business Advisor or at the branch. 

If you have applied for a CEBA loan and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 for a status of your application. The Call Centre is open Monday to Friday from 8:00 am to 9:00 pm EST.   

CEBA Call Centre Purpose

  • The call centre can provide a live status of a business owner’s application.
  • Call centre employees can also answer questions about codes or specific documents.
  • The call centre can provide callers with information about the status of their application, the CEBA program and the document upload website.

1) Application status questions: “Why was I declined?” “Why was my document rejected?” “What is the status of my application?” 

2) Program clarification questions: “How can I apply for CEBA?” “What is an eligible non-deferable expense and how are they being calculated?” 

3) Application support questions: “Why is my document deemed low quality?” “Why isn’t this working on Internet Explorer?” 

  • The purpose of the call centre is not to field concerns regarding government policy, program design or criteria. Business owners looking to share feedback on these topics may be encouraged to speak with the Department of Finance (the federal department responsible for the program). Other avenues for applicants to share their perspectives include their industry associations, or umbrella organizations such as the Canadian Federation of Independent Business.
  • Applicants will also be reminded to contact theirWestoba Business Advisor with any questions around the Westoba application systems and for final decisions on applications. 

How can this Government supported program help your business?

The Canada Emergency Business Account details are as follows:

  • A government-guaranteed loan of $40,000 interest-free (until December 31, 2022) to help you pay for operating costs that you’re not able to defer as a result of COVID-19.
  • 0% interest until December 31st, 2022. If the loan isn’t repaid by December 31st, 2022, it is extended and takes on a repayment rate of 5% annually for a three-year term.
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022. 
  • For all of the Canada Emergency Business Account details, please visit: https://www.canada.ca/en/department-finance/economic-response-plan.html

 

What are the eligibility criteria for the Canada Emergency Business Account Loan?

To be eligible, the federal government has imposed the following qualifications on businesses:

  • Must be a registered small or medium-sized business or not for profit organization.
  • Must have paid between $20,000 and $1.5 million in salaries in 2019. OR
  • For applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year:  
    • Must have a Canada Revenue Agency business number and has filed a 2018 or 2019 tax return. 
    • Must have eligible non-deferrable expenses between Cdn.$40,000 and Cdn.$1,500,000. 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. NPOs must have filed a T2 return for the 2019 tax year. 
    • The Eligible Non-Deferrable Expense categories are the following: 
      • Wages and other employment expenses to independent (arm’s length) third parties; 
      • Rent or lease payments for real estate used for business purposes; 
      • Rent or lease payments for capital equipment used for business purposes; 
      • Payments incurred for insurance related costs; 
      • Payments incurred for property taxes; 
      • Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet; 
      • Payments for regularly scheduled debt service; 
      • Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower. 
  • Not for Profits (NPO) must have filed a T2 return for the 2019 tax year.
  • Charities must have filed a T3010 return for the 2019 tax year.
  • Businesses’ must have 2019 T4 Summary of Remuneration Paid. (T4SUM).

 

Are you interested in applying for the Canada Emergency Business Account through Westoba?

If you are interested in applying for CEBA through Westoba, you are declaring the following are true:

  • Westoba Credit Union must be your primary financial institution.
  • Have a federal tax registration.
  • Have not previously used the program and will not apply for support under the program at any other financial institution.
  • Acknowledge the intention is to continue to operate your business or to resume operations.
  • Agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.


Documents you require to apply:

A. Applicants that have $20,000 and $1.5 million in salaries in 2019.   

  • Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM). 
  • Your Canada Revenue Agency Employer’s Account Number (15 digits), as reported in the top right corner of the Borrower’s 2019 T4 Summary of Remuneration Paid (T4SUM), is: XXXXXXXXXXXXXXX. 
  • The employment income reported in Box 14 of your 2019 T4SUM.

B. Applicants with Cdn. $20,000 or less in total employment income paid in the 2019 calendar year.

  • Documentation of 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. NPOs must have filed a T2 return for the 2019 tax year. NOTE: Applicants reporting non-deferrable expense will have to submit documentation directly to EDC to validate expenses.  


Get started:

Step #1 – Complete the EDC CEBA pre-screen tool at https://verify-verifier.ceba-cuec.ca/ You will need this pre-screen application number to complete your Westoba application.  

Step #2 – Complete Westoba’s Canada Emergency Business Account form below, it should take approximately 15 minutes. Correctly fill in all required fields to ensure a faster turnaround time. Any incorrect information may delay your application.  

Step #3 – CEBA applications will be reviewed by our Westoba Team within two business days of you filling out the online form.  

NOTE: Applicants reporting non-deferrable expense will have to submit documentation directly to EDC to validate expenses. Documents will be submitted here https://application-demande.ceba-cuec.ca/ 

Please use one of the following supported browsers on PC: Chrome, Firefox, Microsoft Edge version 83+ 

Please use one of the following supported browsers on Mac: Chrome, Firefox 

Step #4 – Our Westoba Team will be in touch to coordinate an in-person meeting to sign credit documentation and loan applications. You must either email a copy of your T4 Sum to this Westoba Team member or bring your T4 Sum to this meeting for us to obtain a copy for our records. Applications are submitted daily to the Government.

Step #5Economic Development of Canada is now approving all applications and not the financial institution. This currently adds approximately 10-15 business days to the processing time.  

Funds will be deposited into your primary operating account with Westoba Credit Union. 

If you’re having issues accessing the form below, please call 1-877-WESTOBA or email businessbanking@westoba.com.

The Canada Emergency Business Account (CEBA) is the Canadian government’s emergency account for businesses. This program allows small and medium-sized businesses and non-profits to apply for a loan up to $40,000 to help cover operating costs that are not able to be deferred. 

CEBA has been extended to December 31st, 2020, making the program accessible longer to Canadians. If you have applied for a CEBA loan and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 for a status of your application. The Call Centre is open Monday to Friday from 8:00 am to 9:00 pm EST. 

The main eligibility points to apply for CEBA are: 

  • You must complete the EDC pre-screen tool prior to submitting your application to WestobaTo fill out the pre-screen, visit: https://verify-verifier.ceba-cuec.ca/ 
  • The organization must have paid between $20,000 and $1.5 million in salaries in 2019, which can be found in your 2019 T4 Summary of Remuneration Paid. 
  • For applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year:  
    • The Borrower has eligible non-deferrable expenses between Cdn.$40,000 and Cdn.$1,500,000. 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. 
  • If you are a non-profit (NPO) you need to have filed a T2 return for the 2019 tax year. If you’re a charity, you need to have filed a T3010 return for the 2019 tax year.  
  • The loan must be used to pay non-deferrable business operating costs such as payroll, rent, utilities, insurance, and property taxes. 

No, you must enroll for CEBA at your primary financial institution.

Processing time for applications will depend on the volume of applications Westoba receives. CEBA applications will be reviewed by our Westoba Team within two business days of you filling out the online form. We will coordinate a meeting to physically sign the documents and then submit to the Government. Economic Development of Canada is now approving applications and the processing time is now approximately 6 – 10 business days. To receive a status update on your CEBA application. contact the CEBA Call Centre at 1-888-324-4201 Call Centre hours of operation are Monday to Friday, from 8 a.m. to 9 p.m. NOTE: Applicants reporting non-deferrable expense will have to submit documentation directly to EDC to validate expenses. Documents will be submitted here https://application-demande.ceba-cuec.ca/ 

Please use one of the following supported browsers on PC: Chrome, Firefox, Microsoft Edge version 83+ 

Please use one of the following supported browsers on Mac: Chrome, Firefox 

If your request is ineligible, it means your business does not meet the program’s eligibility criteria put in place by the Government of Canada and cannot benefit from this program. An appeal process is being worked out and more information will be released in the upcoming weeks. 
 
Westoba is not able to grant any exceptions to the program’s eligibility criteria. However, if you have questions about your application, email businessbanking@westoba.com to discuss them further and to review other options.  

This program requires one authorized signer to bind the organization to the terms of CEBA. If your business has multiple owners, you must appoint one signatory and authorize this person to attest to your organization’s behalf.   

Each business that individually meets the CEBA eligibility requirements and has an operating business account with Westoba can apply for this program separately. 

The Government of Canada’s (GOC) COVID-19 Economic Relief Plan is the best place to go to learn the most update to date information on what programs the GOC are putting out. 

https://www.canada.ca/en/department-finance/economic-response-plan.html 

Please reach out to your Business Banking Advisor or Relationship Manager directly to discuss your options and how we can support you during this time. If you are unsure who your representative is, please email: businessbanking@westoba.com 

These are tax documents that your organization files with the Canada Revenue Agency.  

Registered businesses file T4 documents, T2 documents are for non-profits, and T3010 are for registered charity organizations. To qualify for CEBA, you must have submitted one of these documents for the 2019 year based on which category your organization falls under.  

If you don’t have a copy on record from your 2019 calendar year, you can contact the Canada Revenue Agency to get a copy. 

Click here to visit Canada’s COVID-19 website for more information. 

No, based on the terms of CEBA, the loan must be used to pay non-deferrable business operating costs. This includes things such as payroll, rent, utilities, insurance, and property taxes. 

Yes, sole proprietors are eligible. Please refer to the Government of Canada’s COVID-19 Economic Response Plan, to learn what options are available to sole proprieties.