CEBA (Canada Emergency Business Account)

What is CEBA?

The Canada Emergency Business Account will help eligible small businesses with capital to see them through the current challenges. It will provide interest-free loans of up to $60,000 (guaranteed by the government) to small businesses and not-for-profits, to help with operating costs. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

As of December 4th 2020, the Canadian government is allowing small businesses to apply for a second $20,000 loan - on top of the initial $40,000 that was available to small businesses for those that applied for CEBA previous to December 4th.

All applicants have until March 31, 2021, to apply for $60,000 CEBA loan or the $20,000 expansion.


What requirements need to be met?

  • Must be a Canadian operating business in operation as of March 1, 2020, and have a federal tax registration. If a charity, must be a registered T2 or T3010 corporation, that generates a portion of its income from sale of goods or services.
  • Must have paid a total employment income (payroll) of no more than $1.5 million in 2019.
  • eligible non-deferrable expenses between $40,000 and $1.5 million, which can include costs like rent, property taxes, utilities, and insurance.


Note, you will need to indicate:

  • Your Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
  • The employment income reported in Box 14 of your 2019 T4SUM
    You must be able to provide your 2019 T4SUM when requested upon audit by the Government of Canada.


  • You must have an active business chequing/operating account with Compass Credit Union.
  • You must apply through the primary financial institution for your business.
  • Your business’s account must have been opened on or before March 1, 2020, and must not have been in arrears as at March 1, 2020.
  • Your business must not have previously used the program and must agree not to apply for it through any other financial institution.
  • You must acknowledge your intent to continue to operate your business or resume operations. You must agree that funds will only be used to pay non-deferrable operating expenses such as payroll, rent, utilities, insurance, property tax, and regularly scheduled debt service, as defined in the program requirements.

How do I apply?

Locate the following:

• Canada Revenue Agency Business Number (BN) (15 digits) as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
• The employment income reported in Box 14 of your 2019 T4SUM

Then download and complete the Information Form and Loan Agreement, and submit them along with your name and phone number in the submission form below. You can also mail or drop off the forms in the overnight depository boxes located at our branches.

Submit your signed forms here

  • Drop files here or
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      Please upload the CEBA Term Loan Application and Information Form.
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