Canada Emergency Business Account (CEBA)


UPDATE: The Federal Government announced additional changes to the CEBA attestation questions which will allow more businesses to qualify. Northern is waiting on final information from the government and we’ll update the application form once it’s received. Please check here for more information as it becomes available.

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

Terms and Conditions of the Canadian Emergency Business Account:

  • The loan will be offered at 0% interest until December 31, 2022
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022.
  • If the loan is not repaid by December 31, 2022, it will be converted into a 3 year term bearing an interest rate of 5% per annum.
  • Outstanding principal of the loan must be fully repaid by December 31, 2025.
  • Northern will not process any repayments of the CEBA loans until July 31, 2020.


Northern Business members, including small businesses and not-for-profits, that meet each of the following criteria will be eligible:

  • Must be a business (i.e., not a holding company) in operation before March 1, 2020.
  • Must demonstrate that you paid $20,000 to $1.5 million in total payroll in 2019. You’ll need to provide:
    • Your CRA Business Number (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration (T4SUM)
    • Employment income reported in Box 14 of your 2019 T4SUM
    • All employment income reported in box 71 of T4 statements issued to all of employees for 2019
    • 2019 T4SUM when requested upon audit
  • Must 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
  • Must be a current Northern business member with an active business operating account. Northern Credit Union must be your primary financial institution and your account must have been opened prior to March 1, 2020.
  • 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.

CEBA Frequently Asked Questions 

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