Canada Emergency Business Account (CEBA)

The health and well-being of our members and employees is our top priority
Applications for the CEBA program end on October 31, 2020.


Prospera Credit Union is committed to supporting our business members through this difficult time.
We are pleased to announce that we are now accepting applications for the federal government’s Canada Emergency Business Account (CEBA).

CEBA is a government-guaranteed loan of up to $40,000, interest-free until December 31, 2022, for qualifying businesses and non-profits that have been affected by COVID-19 to help them cover non-deferrable operating costs.

Program criteria:
  • The loan will remain interest-free until December 31, 2022.
  • If at least 75% of the loan is repaid by December 31, 2022, the remaining 25 per cent (up to $10,000) may be forgiven.
  • If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year term loan at 5 per cent interest.
Program eligibility:
  • As of June 26, 2020, businesses eligible for CEBA now include:
    • Owner-operated small businesses that do not have a payroll;
    • Sole proprietors receiving business income directly;
    • Family-owned corporations remunerating in the form of dividends rather than payroll.
  • Must have an existing, active business account at Prospera Credit Union prior to March 1, 2020. Prospera Credit Union must be your primary financial institution.
  • Business account must be in good standing and not in arrears on existing borrowing products as of March 1, 2020.
  • Must be a Canadian business in operation before March 1, 2020.
    • is not a union, charitable, religious or fraternal organization or entity owned by such an organization or if it is, it is a registered organization that has filed its T2 return or T3010 return and that generates a portion of its revenue from the sales of goods or services;
    • is not an entity owned by any Federal Member of Parliament or Senator; and
    • it does not promote violence, incite hatred or discriminate on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age or mental or physical disability, contrary to applicable laws.
  • Must have a federal tax registration.
  • The eligibility criteria has expanded and there will be two CEBA qualification routes:
    • Via Payroll:
      Total employment income paid in the 2019 calendar year must be between Cdn. $20,000 and Cdn.$1,500,000, as being the sum of all employment income paid reported in box 14 of its 2019 T4SUM statement and all employment income reported in box 71 of T4 statements issued to all of its employees for 2019.
      • For additional clarity, where a Qualifying Borrower has more than one CRA Payroll Program Account, and therefore more than one T4SUM statement, it is the sum of the employment income paid reported in box 14 of all of the Qualifying Borrower’s 2019 T4SUM statements that is compared against the range of between Cdn.$20,000 and Cdn.$1,500,000.
    • Via Non-Deferrable Expenses:
      If your 2019 total employment income paid is less than $20,000, you must have eligible non-deferrable expenses for 2020 between $40,000 and $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities and insurance. You will need to provide supporting documentation of bills / invoices / agreements that prove greater than $40,000 in 2020 Eligible Non-Deferrable Expenses by uploading to the EDC portal during the application.
  • To qualify and apply for CEBA you will need one of two Business Numbers (BN):
    • Via Payroll: Must have a 15-digit Canada Revenue Agency Business Number (BN), as reported at the top of your 2019 T4 summary of Remuneration Paid (T4SUM).
    • Via Non-Deferrable Expenses: Must have a 9-digit Canada Revenue Agency Business Number (BN) normally used to identify your business.
  • You must not have applied for CEBA at another financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.
  • Per requirements of the program, as set out by the federal government, funds from the loan must be used to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service.
  • Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.
How to apply (Desktop Only)
We are accepting applications through Business Online Banking. Click here and apply now.

  1. Login to Business Online Banking
  2. Click on account services (left side navigation)
  3. Click on Apply for the Canada Emergency Business Account
  4. Fill out the form and Submit
What to expect after submitting application
  1. An employee will contact you regarding your application once submitted
  2. Qualifying applications will be required to electronically sign loan documentation and attestation
  3. The entire process from application to processing to funding can take between 10 to 15 business days


Are there rules around what the CEBA funds can be used for?
  • As set out by the Government of Canada, the loan proceeds can only be used to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. It 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.
Can I enroll for CEBA at more than one financial institution?
  • No. Business members must only apply at their primary financial institution where they have an existing business chequing account. Applying at more than one financial institution may result in ineligibility under the program.
I have applied for the CEBA online. What now?
  • Submitted applications can take approximately 24 to 48 hours to process. Business accounts that meet the eligibility criteria can expect to have the funds deposited to their business chequing within 5 to 10 business days.
What if I own multiple businesses?
  • Each business must meet the Government eligibility requirements and must have an active business operating account with Prospera Credit Union.
What if I haven’t submitted/received a T4 summary?
  • At this time, you would not be eligible for this program. If you have not received it or have lost it, please contact the Canada Revenue Agency to have them reissue your 2019 T4 summary of remuneration paid (T4SUM)
What if I have accounts at multiple financial institutions. How do I determine where to apply?
  • You should be submitting your application at your primary financial institutions. This generally means the account where you conduct the majority of your day-to-day banking, including employee payroll, supplier payments and collection of receivables.
What if I don’t have a business account?
  • Unfortunately, you are not eligible for this program at Prospera Credit Union. If you have an operating business account at another financial institution, please visit their website to see how to apply.
What if I run a sole proprietor business, am I eligible to apply?
  • The CEBA is available to business clients with employee payrolls between $20,000 and $1,500,000 in 2019.
What if am not set up with Business Online Banking?
  • If you don’t have Business Online Banking, please call our Contact Centre at 1-888-440-4480.  
  What if I don’t see the CEBA application in online banking?
  • The CEBA application form is only available on Business Online Banking. It is not available through Advanced Business Online or regular Online Banking. If you do not have Business Online Banking, please call our Contact Centre at 1-888-440-4480.
I've heard that the government allocation has been used up and that it is now too late to apply through Prospera. Is this true?
  • No, this is not true. Each financial institution has received their own allocation of funds to loan out under this program
If I am not approved through Prospera, should I contact EDC or Prospera to seek an exception? 
  • No, neither EDC nor Prospera are able to facilitate exceptions. Eligibility requirements for CEBA have been established by the Government of Canada, and they apply to all applicants regardless of which program partner they use.

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