Canada Emergency Business Account (CEBA)


CEBA has been extended to December 31, 2020, making the program more accessible to businesses. The updated program will allow businesses currently using a personal account to operate their business to apply.

For more details please visit the Government of Canada site for additional information.


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.

If a default occurs in any scheduled payment under this agreement, Northern Credit Union may demand payment of all unpaid amounts due, including without limitation all principal and interest. Events of default include:

  • Default in paying any amount due hereunder.
  • Default in paying any other loan.
  • Failure to comply with any of the provisions of this Agreement.
  • Making any false or misleading representation, including without limitation, in your application for the Loan or the information you have certified.
  • Commit an act of bankruptcy or become insolvent, or
  • A receiver is appointed for your business or any part of your property.


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

  1. Must be a business (i.e., not a holding company) in operation before March 1, 2020.
  2. 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 open prior to making your CEBA application.
  3. You must complete the CEBA 4.0 pre-qualification, prior to completing a Northern Credit Union application, by visiting:
  4. If your business paid between $20,000 to $1,500,000 in total payroll:
    1. Your organization's 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM, please contact the Canada Revenue Agency or your payroll provider.
    2. Your business has a 15-digit Canada Revenue Agency Number.
    3. You agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax.
    4. You are not applying for this loan at any other financial institution. 
  5. If your payroll is lower than $20,000, in addition to the above, you will need:
    1. Tax return for the year- end ending in calendar year 2019 (or if tax return for 2019 have not yet been submitted 2018; and
    2. Proof of eligible non-deferrable expenses of between $40,000 and $1,500,000 (these expenses are defined in the application but include expenses such as rent/lease, insurance, property taxes, utilities, scheduled debt payments).

Members and customers must complete their CEBA applications by December 31, 2020 if they wish to utilize this emergency government benefit.

Please see the CEBA website​ for information regarding application deadlines.


CEBA Frequently Asked Questions 

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