CEBA Frequently Asked Questions
How long will it take to process the loan?
Your application will be reviewed for eligibility and submitted to the Federal Government for approval and funding. This entire process can take up to 10 business days from the date of your submission. Upon approval, you’ll receive a confirmation email from Northern Credit Union or your Business Relationship Manager will contact you directly. The $40,000 loan will be deposited into your existing business account. The loan will be visible to you through Online Banking and on your monthly bank statement.
Step 1: Complete this online form. Once complete, click 'Submit' to send to Northern Credit Union.
Step 2: Authentication by secure message or phone call.
We will review your application and contact you by phone within two business days to verify your identity and confirm your application details.
Note: Once we authenticate you, please allow approximately 10 business days to receive the funds into your account.
Step 3: If your payroll is between $20,000 and 1,500,000 no further action is required.
If your payroll is less than $20,000 or you have no employment income, you are required to digitally upload proof of non-deferrable expensed directly to the Government of Canada. Further details will be provided in the form.
Step 4: Northern Credit Union will submit the information to the government within one business day of confirming your identity and details.
Step 5: Once approved Northern Credit Union will send you the required loan documentation to complete prior to funding.
Step 6: Northern Credit Union will fund the money into your Northern Credit Union business account (current account).
How can I get my 2019 T4SUM Summary of Remuneration paid?
Contact the Canada Revenue Agency for your 2019 T4SUM Summary of Remuneration Paid.
I am a sole proprietor who uses a personal account for their business. Can I still apply?
No, CEBA is only available to business members who meet the eligibility criteria.
Please visit the Government of Canada’s COVID-19 Economic Response Plan to view other programs.
If I have multiple businesses can I apply for CEBA?
Yes, each business that meets the eligibility criteria may apply for CEBA
My business account has multiple signatories required to sign on behalf of the company. Can I still apply?
Yes, ensure that only one of the authorized signors apply for the loan. We cannot accept multiple applications for the same business. Each signatory will be required to sign for the loan application once approved.
What will my loan payment be?
The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you are seeking to repay $30,000, or 75% of the loan, to qualify for the $10,000 forgiveness feature.
If you choose to extend the loan beyond this date, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once the program is in place.
What happens if I default on the loan?
If a default occurs in any scheduled payment under this agreement, at its option the lender 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 outstanding,
- you fail to comply with any of the provisions of this Agreement,
- you make any false or misleading representation, including without limitation, in your application for the Loan or the information you have supplied.
- you commit an act of bankruptcy or become insolvent, or
- a receiver is appointed for your business or any part of your property.