CEBA Program Update
Date Posted: Apr 17, 2020

To our Local Businesses,

The Government of Canada recently announced the Canada Emergency Business Account (CEBA) Benefit that will support small businesses affected by COVID-19.

CEBA will provide interest-free loans, of up to $40,000, to small businesses and non-profit organizations to help cover their operating costs during this time where revenues have been temporarily reduced.  Raymore Credit Union will be able to offer the CEBA Benefit by the end of April for our existing small business owners.

The Important Details:

  • This loan will help eligible businesses pay for operating expenses, payroll, and other non-deferral expenses
  • Businesses with payroll expenses between $20,000 - $1,500,000 in 2019 will qualify for the $40,000 loan
  • You will have access to $40,000 from the start of the program until December 31, 2020
  • As of January 1, 2021, your outstanding balance will be converted into a 5 year term loan
  • There will be no interest until January 1, 2023. As of January 1, 2023, a rate of 5.0% will be applied to the remaining balance for the duration of the term;
  • If you are able to pay off 75% of the balance of the loan by December 31, 2022, the remaining 25% is forgiven.

If you feel your business qualifies for this, you can prepare by locating you’re your 2019 T4 Summary of Remuneration Paid Statement.  If you cannot locate it please contact CRA and have one re-issued.

Please reach out to our Lending Department for further information or questions on the benefit raylending@raymorecu.com or call 1.866.612.2300

For more information on the Saskatchewan Small Business Emergency Payment Program please visit the Government of Canada website  

Click on the PDF link below for more Q&A regarding the CEBA Program

View PDF

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