Canada Emergency Business Account Loan Program

CEBA Program

If you're a Summerland Credit Union business member in need of emergency support due to the impact of COVID-19, we’re here to help.

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

Summerland Credit Union is now accepting applications from our Business members through Online Banking. Please see document on How to Apply here and further instructions below.

CEBA Loan Details

CEBA provides a $40,000 loan for eligible small businesses and not-for-profit organizations.

  • Interest rate of 0% until December 31, 2022
  • No minimum monthly principal payments required until December 31, 2022
  • 25% up to $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before December 31, 2022

Eligibility Requirements

SDCU Business members, including not-for-profits that meet each of the following criteria, will be eligible:

  • Canadian registered business (not a holding company) in operation on March 1, 2020
  • Paid between $20,000 and $1.5 million in total payroll in 2019. You’ll need to provide:
  • Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
  • Employment income reported in Box 14 of your 2019 T4SUM
  • 2019 T4SUM when requested upon audit by the Government of Canada
  • 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
  • A current SDCU business member with an active business operating account in good standing (no arrears). SDCU 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.

Applying for CEBA

Eligible SDCU business members can now apply for the CEBA loan program through our Business Online Banking platform. The link to the application can be found under Account Services in the left-hand menu once you are logged in.

Once you have completed and submitted your application / attestation, you will receive an email from SDCU via DocuSign which will include a loan application that will also need to be completed.

PLEASE NOTE - Member’s will need their 4 digit code Standard Industrial Classification (SIC) Code for completing the lending application that they will receive via DocuSign after completing the Attestation. This is a required field in the lending documents so members must have this number to complete the application. Please use the link above to locate the 4 digit SIC code for your business.

Not Already Signed Up for Online Banking?

If you are not already signed up for Online Banking, now is the time. Please contact us at 250-494-7181 or email us at ceba@sdcu.com to get set up. Check our website www.sdcu.com for additional information on the CEBA program.

If you do not want to access the CEBA program through Business Online Banking, we will contact you when the manual process for the program is ready to launch which should be available sometime around mid-May.

Please do not hesitate to contact us if you need assistance with the CEBA application, help signing up for Online Banking, or guidance on other options available for financial relief.