Program Details:

Through the CEBA program, eligible businesses and non-profits can access:

  • A $40,000 loan that is interest-free and no payments required until December 31, 2022.

  • 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 each month.

  • If you pay 75% of the balance of the loan (as of January 1, 2021), 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 75% of the balance of the term loan (as at January 1, 2021) 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.

  • Once your loan application has been reviewed and submitted the process for funding will take up to 7 days from completion. 


Original Eligibility Criteria:

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • Have an existing Edam Credit Union business deposit account opened prior to March 1, 2020 and utilize it as your primary operating account.

    • If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account.

    • Your account must be in Good Standing as an existing member.

  • Your business has been a registered and operational (not a holding company) business since on or before March 1, 2020.

  • Your payroll expenses are between $20,000 and $1.5 million annually.

  • You have not previously used the program and will not apply for support at any other financial institution.

  • Your intention is to continue operating your business or to resume operations.

  • You agree to participate in post-funding surveys conducted by the Government of Canada.

  • You agree that the funds from this loan will only be used to pay non-deferrable operating expenses including, payroll, rent, utilities, insurance, property tax, regularly scheduled debt service and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increase in management compensation.

**If you’re not sure if you qualify, we encourage you to discuss your application with your professional accounting partner prior to applying.

What information do I need to apply?

Before applying, we recommend you gather the following information:

  • Locate your 2019 T4 Summary of Remuneration Paid statement, you will need the following

    • Your employer account number, as reported at the top of your 2019 T4 Summary

    • Your employment income reported on box 14 of your 2019 T4 Summary

    • A copy of your 2019 T4 Summary of Remuneration Paid may be requested

Expanded CEBA Program Update (July 22/2020) - We are excited to announce that we have transitioned our application process to the newly expanded Canada Emergency Business Account (CEBA). 


The expanded CEBA has broadened to include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll.

Applicants will have to demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020.  You will be required to upload receipts and contracts to prove your eligible business expenses.  

Eligible Non-Deferrable Expenses include:

  • Wages and other employment expenses to independent (arm’s length) third parties;

  • Rent or lease payments for real estate used for business purposes;

  • Rent or lease payments for capital equipment used for business purposes;

  • Payments incurred for insurance related costs;

  • Payments incurred for property taxes;

  • Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet;

  • Payments for regularly scheduled debt service;

  • Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower.

Please note: It will take approximately 10-15 business days to receive funds. The processing time commences once your application form and all required supporting documentation are received by the Government of Canada.

Please contact one of our lenders at 306.397.2242 if you need assistance, as they would be more than happy to help you.

Use Chrome, Safari or Firefox when accessing the CEBA application.

Edam Credit Union is pleased to accept applications for the Federal Government’s Canada Emergency Business Account (CEBA).  This program was developed in partnership with the federal government and Canadian financial institutions to provide up to $40,000 to small businesses and not-for-profits as an interest-free loan. The intention of this loan is to help cover operating costs during a period where revenue could be reduced.


Community Sponsorship