CEBA Program is HERE!
Date Posted: Apr 30, 2020
To our Local Businesses
The Government of Canada
recently announced the Canada Emergency Business Account (CEBA) Benefit that
will support small businesses and non-profits affected by COVID-19. CEBA will provide interest-free loans, of up
to $40,000, to help cover their operating costs during this time where revenues
have been temporarily reduced.
Who can apply?
Small businesses or
not-for-profit organizations, registered in Canada, who use their Raymore
Credit Union business account for daily operations. If day-to-day transactions are not done
through your Raymore Credit Union account, you must apply for this benefit
through your primary financial institution.
- $40,000 interest-free loan to help cover operating
costs (payroll, non-deferral expenses)
- $10,000 (25%) of the $40,000 loan is eligible for
complete forgiveness if $30,000 is repaid on or before December 31, 2022
- If the loan cannot be repaid by December 31, 2022 it
can be converted into a 3-year loan with an interest rate of 5%
- Once your loan application has been submitted and
approved, the funding process may take 5 business days
- Loan is funded as a $40,000 term loan, 0% interest and
no payments until December 31,2022
- No interest will apply until January 1, 2023
- Beginning January 1, 2023, interest accrues on the
balance of the term loan at the rate of 5% per annum, payable monthly on
the last day of the month
- 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 you do not repay the 75% of the balance of the term
loan on or before December 31, 2022, the full loan balance and all accrued
and unpaid interest will be due and payable on December 31, 2025.
requirements are as follows, per the Government of Canada’s requirements:
- You use a business account at Raymore Credit
Union for your daily business operations. The account was opened on or prior to
March 1, 2020.
- Your business has been a registered and
operational business on or before March 1, 2020.
- Your business is not a holding company
- Your payroll expense is between $20,000 and $1.5
million. To confirm this, you will be required to provide the following
o Employer account number,
as reported at the top of your 2019 T4 Summary of Remuneration Paid.
o Employment income
reported in Box 14 of your 2019 T4 Summary of Remuneration Paid.
o A copy of your 2019 T4
Summary of Remuneration Paid, if requested.
- As per the requirements
set out by the Government of Canada, you must agree to use funds from this loan
to pay for operating costs that cannot be deferred, such as payroll, rent,
utilities, insurance, debt payments and property tax.
- Employer account number, as reported at the top
of your 2019 T4 Summary of Remuneration Paid.
- Employment income reported in Box 14 of your
2019 T4 Summary of Remuneration Paid.
- A copy of your 2019 T4 Summary of Remuneration Paid (if requested)
How do I Apply?
Applications must be submitted online. The form should take a
few minutes to complete. To submit your
application please click APPLY NOW. Once
your application is submitted and approved, you should receive your funding
within 5 business days.
Please reach out to
our Lending Department for further information or questions on
the benefit firstname.lastname@example.org or call 1.866.612.2300
For more information on
the Saskatchewan Small Business Emergency Payment Program please visit the CEBA Website
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