Canada Emergency Business Account

Helping our business members, now and always

Has your business been impacted by COVID-19? We’re here to help. GVC Credit Union is participating in the Canada Emergency Business Account (CEBA) program, a federally sponsored relief program designed to help our business members through these challenging times.

Canada Emergency Business Account (CEBA)

The application deadline for CEBA has been extended to March 31, 2021.

In April 2020, the Government of Canada launched the Canada Emergency Business Account (CEBA), intended to assist small business and not-for-profits experiencing economic impact resulting from the COVID-19 pandemic. The program has been expanded and enhanced several times to enable increased support. Qualifying business can now access up to $60,000 in interest free loans to cover Non-Deferrable Expenses and previously approved applicants who have received a $40,000 CEBA loan may now apply for a $20,000 expansion, for a total of $60,000 in interest free CEBA loans.    

The loan is interest free until December 31, 2022 and charged 5% per annum interest starting on January 1, 2023. If the outstanding principal, other than the amount of potential debt forgiveness, is re-paid by December 31, 2022, the remaining principal amount will be forgiven, provided no default under the loan has occurred.

Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in a single tranche of loan forgiveness up to $20,000:

  • 25% on the first $40,000; plus
  • 50% on amounts above $40,000 and up to $60,000.

If $60,000 is borrowed, no forgiveness is available unless $40,000 is repaid. If $40,000 or less is borrowed and 75% of the borrowed amount is paid the remaining 25% (up to $10,000) is available for forgiveness. For additional information on the CEBA program or CEBA loan forgiveness, please visit ceba-cuec.ca.   

Prior to applying for a new CEBA loan at GVC Credit Union visit verify-verifier.ceba-cuec.ca to verify your eligibility and get your 10 digit Pre-screen Number. Please contact your branch if you have any questions or need assistance in applying for CEBA. 

How you apply

Application for CEBA is done through Online Banking. Once you log in, you will see the application link in the main menu on the left under Account Services.