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.

CEBA will provide interest-free loans of up to $60,000 (originally $40,000) to small businesses and not for profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
*Application deadline is June 30, 2021.

Who is eligible for CEBA?

  • Must have an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020 to apply for CEBA 
  • Must be an active Canadian business.
  • Has an active business chequing/operating account with the Lender at the time of applying for CEBA. Note: If Borrower currently does not have a business chequing/operating account the Borrower must create one at their primary financial institution before applying for CEBA.
  • Intends to continue to operate its business or to resume operations

How do I apply?

Submit the form above or contact your account manager who will then contact you with next steps to the application.
 
Member resources
  1. Pre-screen Tool  https://verify-verifier.ceba-cuec.ca/   
  2.  EDC Portal
 
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
  • 2018/2019 Income Tax ReturnJune

Frequently Asked Questions

CEBA will provide interest-free loans of up to $60,000 (originally $40,000) to small businesses and not for profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
 Repaying the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $20,000).  Principle payment in full is required December 31, 2025.

The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you wish to repay 75% of the loan, to qualify for the  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.

Businesses that were active and operating as of March 1, 2020 but didn’t have a business bank account as of March 1, 2020 may now be eligible for the CEBA program. The steps for these businesses to access CEBA are:

  1. Visit and complete the Pre-screen Tool on https://verify-verifier.ceba-cuec.ca/
  2. Open a business chequing/operating account with your primary financial institution
  3. Apply for CEBA at your primary financial institution

We’ll provide instructions on how to complete all relevant parts of the CEBA application.

Yes, each qualifying business must have a unique 9 digit Canada Revenue Agency business number.  Each qualifying business is limited to one CEBA loan. 

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 approximately  10 days of approval.

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