Merchant Services

Canada Emergency Business Account Loan Program

CEBA 3.0 is now open for application by RevCU Members.

If you're a Revelstoke Credit Union Business Member impacted by COVID-19, emergency support is now available.

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.

Revelstoke Credit Union is now accepting applications from our Business clients through Online Banking. Please see How to Apply below.

CEBA $40,000 loan details

  • ♦Interest rate of 0% until December 31, 2022
  • ♦No minimum monthly principal payments required until December 31, 2022
  • ♦Principal repayments can be made at any time
  • ♦25% up to $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before December 31, 2022

Who is eligible?

RCU Business clients 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:
    1. Canada Revenue Agency Business Number (BN) (15 digits), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM)
    2. employment income reported in Box 14 of your 2019 T4SUM
    3. 2019 T4SUM when requested upon audit by the Government of Canada
    1. ♦Expanded eligibility allows for applicants with payrolls under $20,000 to apply as of June 9, 2020 to include:
      1. any business with an operating account at a participating financial institution
      2. a CRA business number and to have filed a 2018 or 2019 return
      3. eligible non-deferrable expenses between $40,000 and $1.5 million such as rent, property taxes, utilities and insurance
  • ♦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 Revelstoke Credit Union Business Member with an active Business operating account in good standing (no arrears). Revelstoke credit Union must be your primary financial institution and your account must have been opened prior to March 1, 2020

How to Apply

Application for CEBA is done through Online Banking for your business account. Once you log in, click the menu item on the left, Account Services, you will see the application link there. You will need to have the following information to apply:

  • ♦If you are not signed up for Online Banking, now is the time. Please contact Account Services during normal business hours at 250.837.6291 to get set up.
  • ♦You must use the website version of revcu.com, not the mobile version.  Click 'full site' if using phone or tablet
  • ♦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
  • Upon receipt of your completed online application RCU will be sending you, in a separate email, a Canada Emergency Business Account Application document, which is the Loan Agreement.

    With the loan agreement there are a few options to get it back to us:

    1. You can reply back to the email we send you with the attached loan agreement with the following attestation: “ I (name of company and signatories name) hereby attest that I understand and accept all terms and conditions contained within the Canada Emergency Business Account Application.”
    2. Print it off, have an authorized signatory of the business sign it and scan it back
    3. Print it off, have an authorized signatory of the business sign it and drop it in our night deposit box.  Please note that the night deposit box is checked twice daily.

    Once you have submitted the online application AND returned the loan agreement to us, we will submit your application to EDC for final approval.  Once RCU receives the funds from EDC we will then open up the CEBA loan for your business and deposit the funds into your main operating account.  Due to the high volume of expected applicants, we will be prioritizing them in the order that they come into RCU.  You can expect to have the funds within 7 business days is our hope. 

    Important: Please note that 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.

  • Should you have further questions or require assistance, please do not hesitate to email with subject CEBA Application and someone will get back to you as soon as we can, or phone 250-837-6291 extension 250 for assistance.  Please note our office hours are Tuesday to Thursday 9:30am till 5:00pm, Friday 9:30am till 6:00pm and Saturday 9:30am till 1:00pm

CEBA FAQs

Check the RCA website, https://ceba-cuec.ca/