Canadian Emergency Business Application

Business Support

On March 27th, 2020, the Government of Canada announced a new Canada Emergency Business Account (CEBA), which will provide government guranteed 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.

Lafleche Credit Union is working with the Federal Government and our partners on the program and setup to begin accepting online enrollments soon. While the details are being finalized, here is some information to help you get ready.

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 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 montly. 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
  • Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM).  If you cannot locate your T4SUM contact Revenue Canada for reissue
  • A 15-digit Canada Revenue Agency Number also shown on your T4SUM
  • 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

HOW DO I APPLY?

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

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

  • 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

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.

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