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 Loan Program

The Canada Emergency Business Account (CEBA) provides a $40,000 loan for eligible small businesses and not-for-profit organizations. This federal program is designed to help cover operating costs for organizations experiencing temporary revenue reductions.

GVC Credit Union is now accepting applications from our Business members through Online Banking. Please see How to Apply below.

CEBA $40,000 loan details

  • Interest rate of 0% until December 31, 2022
  • No minimum monthly principal payments required until December 31, 2022
  • Principal repayments can be made at any time
  • 25% up to $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before December 31, 2022

Who is eligible?

GVC Credit Union business members, including not-for-profits that meet each of the following criteria, will be eligible:

  • Canadian registered business (not a holding company) in operation on March 1, 2020
  • Paid between $20,000 and $1.5 million in total payroll in 2019. You’ll need to provide: 
    • Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
    • employment income reported in Box 14 of your 2019 T4SUM
    • 2019 T4SUM when requested upon audit by the Government of Canada
  • Agree to use the funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance and property tax, as per the requirements of the program set out by the Government of Canada
  • A current GVC Credit Union business member with an active business operating account in good standing (no arrears). GVC Credit Union must be your primary financial institution and your account must have been opened prior to March 1, 2020

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.

You will need to have the following information to apply:

  • 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 T4SUM

  • Your Member Number, which can be found on the Account Summary page in online banking or your account statement. 

If you are not signed up for Online Banking, now is the time. Please contact your branch to get set up.

Important: Please note that you must apply for CEBA only from your primary financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.


I use my personal account for my business. Am I eligible?

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.

I have multiple businesses. Can I apply for CEBA for each one?

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

I have other loans with GVC Credit Union. Can I still apply for the 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.

My business requires the consent of more than one signatory. Does this affect the application process?

Please ensure that only the authorized signer of your GVC Credit Union business account applies and that you only submit one application per business.

What will my loan payments be?

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.

Do I have to be signed up for Online Banking to apply?

Yes, the application can only be done through our Online Banking platform. Signing up is fast and easy, and you will find that the features of Online Banking are very convenient. Contact your branch to get set up.

How long does the application process take and when can I expect my funds?

Your application will be reviewed for eligibility and submitted to the Federal Government for funding. This entire process will take up to 10 days from the date of your submission. Upon approval, you’ll receive a confirmation email from GVC Credit Union, and the approved loan amount will be deposited into your existing business account.

Can an Online Banking Delegate submit an application on behalf of the business?

No, Delegates cannot submit an application for CEBA. It must be done by the signing officer of the business.