Apr. 15, 2020

Canadian Emergency Business Account

Would you like to apply for the CEBA program?

Please provide your name and contact information and we will be in touch by the end of our next business day.

If you are a Fusion Credit Union business member in need of emergency support due to COVID-19, we’re here to help.

What is Canadian Emergency Business Account (CEBA)?

CEBA is part of the federal government’s loan and loan-guarantee program for small and medium-sized businesses affected by the COVID-19 pandemic.

The $25-billion program provides a $40,000 loan to eligible business accounts that is interest-free until Dec. 31, 2022.

Who is eligible for CEBA?

  • Must be a Fusion member as of March 1, 2020 
  • Active Canadian businesses only (as of March 1, 2020) with a payroll of $20,000 – $1.5 million
  • No arrears greater than 90 days as of March 1, 2020
  • *NEW eligibility requirements are coming soon

How do I apply?

Applications are now open.  By submitting the form above,  you will notify your account manager who will then contact you with next steps to the application.
 
In the meantime, you can prepare the following: 
  • Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
  • The employment income reported in Box 14 of your 2019 T4SUMiaAppli

Frequently Asked Questions

CEBA will provide interest-free loans of up to $40,000 to eligible businesses.
To qualify, businesses will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019.  Repaying the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000).  

The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you wish 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, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once the program is in place.

Sole proprietors who use a personal account for their business are not eligible. You must have had a Business account prior to March 1, 2020. Please visit the Government of Canada’s COVID-19 Economic Response Plan to view other programs.

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

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

The funds will be directly deposited to your Fusion business account within five days of signing your application

The loan will be deposited in your account after the loan is approved.