Canada Emergency Business Account


May 29- Finance Canada has let Financial Institutions know that their aim is to operationalize updated criteria for the CEBA loan as early as June 9th. Finance Canada are currently working on updated legal agreements and reporting requirements that will allow these changes to take place, and which will allow more small businesses to access the program. For firms unable to demonstrate 2019 payroll or new companies, there will be a process to demonstrate non-deferable expenses (such as rent and other overhead) of $40,000 for 2020 to qualify for the updated CEBA. Other details are forthcoming from the government, and we will share them as they become available in the coming days.

We look forward to bringing the latest version of CEBA to you. For additional information, please visit

If you're a Vancity business member in need of emergency support due to the impact of COVID-19, we can help.

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.

Note: The federal government announced April 16 changes to the eligibility requirements. The new threshold amount is you paid between $20,000 to $1.5 million in payroll expenses (“Employment income’) in 2019.

The Canada Emergency Business Account will provide a $40,000 loan:

  • at 0% interest until December 31, 2022
  • requires no minimum monthly principal payments until December 31, 2022
  • principal repayments can be made at any time
  • $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before December 31, 2022.

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Note: It will take approx. 5 business days to process your application.

Who is eligible?

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

  • must be a business (i.e., not a holding company) in operation before March 1, 2020.
  • must demonstrate that you paid between $20,000 to $1.5 million in total payroll expenses (“Employment income”) in 2019. You’ll need to provide:
    • Your CRA Business Number (15 digits), as reported at the top of your 2019 T4 Summary of Remumeration Paid (T4SUM)
    • Your total payroll expenses: The sum of all Employment income reported on ALL employee T4s for 2019: Add Box 14 and Box 71 on your 2019 T4 Summary of Remuneration Paid (T4SUM)
    • 2019 T4SUM when requested upon audit
  • must 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.
  • must be a current Vancity business member with an active business operating account. Vancity must be your primary financial institution and your account must have been opened prior to March 1, 2020.
  • 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.

How can I apply?

Please fill out the Canada Emergency Business Account form in online banking (desktop only). You’ll be asked to log in to online business banking before you can fill out the form.

The sum of all Employment income (payroll expenses) reported on ALL employee T4s for 2019 (add Box 14 and Box 71) on your 2019 T4 Summary of Remuneration Paid (T4SUM) must be between $20,000 and $1.5 million.

If you use Online Business Plus, contact to apply.

In your email, please make sure you provide the following information in order to expedite the request:

  • Full Business Name
  • Relationship number
  • Your first and last name (please note you must be a signer on the account)
  • Contact phone number

How long will it take for the funds to show up in my account?

Your application will be reviewed for eligibility and submitted to the Federal Government for funding. This entire process will take up to 5 business days from the date of your submission. Upon approval, you’ll receive a confirmation email from Vancity, and the $40,000 loan will be deposited into your existing business account.

Where do I get additional information if my application was not successful?

Export Development Canada will be the administrator of the government’s eligibility criteria. For additional information, please visit

What do I need to log-in or set-up online banking?

To log-in your Vancity business account, you’ll need:

  • Member Card # (last 10-digits of your MEMBER CARD debit card)
  • Online Banking Password: If you don’t already have a password, call our Member Services Centre

If you’re logging in for the first time, you’ll need to log in using a desktop (laptop or PC) or the Vancity mobile app. You’ll be prompted to:

  • Create a new password
  • Accept the Business Member Agreement
  • Set-up 3 new Personal Access Questions and Answers

Watch a step-by-step video on how to log into online banking.

If you use Online Business Plus, contact to set up online business banking.

In your email, please make sure you provide the following information in order to expedite the request:

  • Full Business Name
  • Relationship number
  • Your first and last name (please note you must be a signer on the account)
  • Contact phone number

How can I get my 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 my 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.

What if I have multiple businesses? Can I apply for CEBA for each business?

Yes, each business that meets the eligibility criteria may apply for CEBA.

I have other loans with Vancity. Can I still apply for the Canada Emergency Business Account?

Yes, you can still apply if you have other loans with Vancity that is in good standing and if your business meets the eligibility requirements for CEBA.

My business requires the consent of more than one signatory to commit to an action. Can I still apply?

Yes, please ensure that only the authorized signer of your Vancity business account applies. We cannot accept multiple applications from the same business account.

What will my loan payments 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.

Will there be any additional documentation I have to complete?

Yes, we will be following up with a commitment letter outlining the loan details in the near future for approved applications. You will be able to digitally sign this document. For security purposes we will require a cellphone for authentication. Please include this as your contact phone number in your application

Are there any restrictions on how I can use CEBA funds?

The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and 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 increases in management compensation.