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.  If CEBA loan is repaid in full by December 31, 2022, $10,000 of the loan will be forgiven. 
*Program expires December 31, 2020.

Who is eligible for CEBA?

  • Must be a Fusion member as of March 1, 2020 
  • The member has not previously used the Program and will not apply for support under the program at any other financial institution.
  • Must have an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020 

How do I apply?

By submitting the form above,  you will notify your account manager who will then contact you with next steps to the application.
As of October 26, 2020 – 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                 (The member may receive a confirmation number from the Pre-screen Tool, Fusion does NOT require this number)
  2. Open a business chequing/operating account with your primary financial institution
  3. Apply for CEBA at your primary financial institution

Step 1: Please submit the form above or contact your loans officer directly.  Your loans officer will provide you an attestation form to complete.
Step 2:  Depending on eligibility of your business, please determine which of the following applications to pursue:

    a.  Active Canadian business with payroll of $20,000 – $1.5 million  
    b.  Active Canadian business with eligible non-deferrable expenses between $40,000 and        $1,500,000 in 2020.

If you chose option a, your loans officer will request necessary documents.  Once approved, CEBA funds will be directly deposited into your account within 5 business days.

If you chose option b, your loans officer will direct you to an EDC Portal to upload necessary documents.  Once uploaded, the approval process may take up to 10 days.  Once approved, funds will be directly deposited into your account.

Step 3:  Fusion Credit Union will notify you of approval or declination, and disperse funds as necessary.  This could take up to 10 business days.

In the meantime, you can prepare the following: 

If you chose option a:

  • 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
If you chose option b:
  • 2018/2019 Income Tax Return
  • Your Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)December

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).  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 $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 approximately  10 days of approval.

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