Canadian Emergency Business Account

Businesses operating from a personal account are now eligible to apply for CEBA.

Before going through the CEBA process, Lafleche Credit Union is asking that members complete the CEBA Pre-Screen tool to determine your eligibility and the validity of your non-deferrable expenses.  After you receive your CEBA Pre-Screening Confirmation number, please contact a lender at either our Lafleche or Glentworth branch. Our lenders will assist you through the required business account opening process. Once your business account is open, then you can apply for CEBA.

The deadline for applications for the Canada Emergency Benefit Account has been extended to December 31. 

Business Support

On March 27th, 2020, the Government of Canada announced a new Canada Emergency Business Account (CEBA), which will provide government guaranteed interest-free loans up to $40,000 to small businesses and not-for-profits. The intention of this loan is to help businesses affected by COIVD-19 to cover their operating costs during a period where revenue may be reduced.

WHAT IS THE CEBA LOAN & HOW DOES IT WORK?

  • $40,000 interest-free (until December 31, 2022) government guaranteed loan to help you cover operating expenses, payroll and other non-deferrable costs you were not able to defer because of COVID-19
  • 0% interest and no payments until December 31, 2022
  • Eligible for up to $10,000 forgiveness if $30,000 is fully repaid on or before December 31, 2022
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven.  For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • If the loan cannot be repaid in full by December 31, 2022, the remaining balance will be converted into a 3-year loan with an interest rate of 5% per annum, paid monthly. The full balance including all accrued and unpaid interest must be repaid no later than December 31, 2025.

WHAT IS THE ELIGIBILITY CRITERIA?
The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • You are a Canadian operating company (ie. not a holding company) registered and in operation on or before March 1, 2020
  • You have a Canada Revenue Agency Tax Number
  • Lafleche Credit Union is your primary financial institution – meaning your everyday business banking account and cash management activities are held with Lafleche Credit Union, and opened on or before March 1, 2020
    • If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account
    • Your account must be in Good Standing as an existing member

There are 2 ways to qualify:

  • Payroll Based: Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM).
  • Non-Deferrable Expense Based: Businesses with annual payroll less than $20,000 in 2019 and between $40,000 and $1,500,000 eligible non-deferrable expenses projected for 2020.  Click here for a list of eligible non-deferrable expenses.

WHAT DO I NEED?
To speed up the process, gather the following information:

  • Payroll Based Application: Locate your 2019 T4 Summary of Remuneration Paid statement.  If you cannot located you can contact the Canada Revenue Agency to have them re-issue your 2019 statement. You will need the following information from the statement:
    • Your employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid
    • Your employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid
    • A copy of your 2019 T4 Summary of Remuneration Paid may be requested
  • Non-Deferrable Expense Application:
    • Your CRA business number
    • For incorporated businesses, a copy of your 2019 T2. For all other unincorporated businesses, a copy of your 2019 T1.
    • Proof of eligible non-deferrable expenses that you were or are obligated to pay in 2020. Click here for a list of eligible non-deferrable expenses.

HOW DO I APPLY?

Click on link to apply for CEBA now: Lafleche Credit Union CEBA Application.

  • Complete Part A of the application, if your business is eligible through Payroll Based.
  • Complete Part B of the application, if your business is eligible through Non-Deferrable Expenses.  Remember to upload supporting documents to the government through this link for review.

Lafleche Credit Union would like our members to know that we are here for you. We are committed to providing flexible solutions to help you through this challenging time.

Contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application. If you have further questions, please visit CEBA Questions. Continue to check back at this page for more information as it becomes available.


LAFLECHE MAIN BRANCH

105 Main Street
Lafleche, Saskatchewan
S0H 2K0
Tel: (306) 472-5215
PO Box: 429

Hours of Operation:

9:00 - 4:00 Monday to Friday

GLENTWORTH BRANCH

111 Main Street
Glentworth, Saskatchewan
S0H 1V0
Tel: (306) 266-4821
PO Box: 128

Hours of Operation:

9:00 - 12:00, 1:00 - 4:00
Monday to Friday