Encompass Public Portal - Encompass Credit Union

Canadian Emergency Business Account for Small Business (CEBA)

The federal government provides small businesses with the Canada Emergency Business Account (CEBA) due to the 2020 COVID-19 Pandemic. A CEBA loan provides financial relief for eligible small businesses and not-for-profit organizations to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of COVID-19.

As per the requirements of the program set out by the Government of Canada, the Borrower must agree to use the funds from this loan to pay for operating costs that cannot be deferred such as payroll, rents, utilities, insurance and property tax. They may not be used to fund any payments or expenses such as prepayment/refinancing of existing debts, payments of dividends, or increases in management compensation.

If your small business qualifies, the Canada Emergency Business Account provides access to a $60,000 interest free loan. Applicants that received the previous $40,000 amount may apply for the $20,000 expansion. All applicants will have until June 30, 2021 to apply for the $60,000 CEBA loan or the $20,000 expansion.

Repaying the loan on or before December 31, 2022 will result in loan forgiveness of 33% (up to $20,000). You can contact your Business Account Manager to see if you qualify or to discuss repayment.

To apply please contact your Business Account Manager.

** If you intend to apply for a CEBA loan under the Non-Deferrable Expenses stream, please complete a CEBA Eligibility Test and provide your CEBA pre-screen number to the credit union when you apply. **
https://verify-verifier.ceba-cuec.ca/

Read about the CEBA Guidelines here.

Below is a self-serve tool for CEBA applicants to check the status of their application directly:

https://status-statut.ceba-cuec.ca/

If you have applied for a CEBA loan and still need to provide evidence of non-deferrable expenses, documents can be uploaded to the CEBA Document Upload Website but please note, the site works best in Chrome and Safari browsers.