Canada Emergency Business Account (CEBA)

Sudbury Credit Union is committed to supporting our business members through this difficult time as we all strive to deal with unforeseen circumstances created by the COVID-19 pandemic situation.

We are now accepting applications for the Canada Emergency Business Account (CEBA).

Program Details:

  • The CEBA program now provides access to an additional $20,000 to eligible borrowers who already received a $40,000 loan, and $60,000 for new applicants to CEBA.
  • CEBA Applications have been extended to June 30, 2021.
  • The loan will remain interest-free until December 31, 2022.
  • Loan forgiveness of 25% of the first $40,000 if 75% is repaid on or before December 31, 2022.
  • If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year loan at 5 percent interest.

Program Eligibility Expand/Collapse

  • Applicant must have an existing, active business account at Sudbury Credit Union prior to March 1, 2020. Sudbury Credit Union must be your primary financial institution.
  • The business account must be in good standing and not in arrears on existing borrowing products as of March 1, 2020.
  • Applicant must be a Canadian operating business (not a holding company) in operation before March 1, 2020.
  • Applicant must have a federal tax registration.
  • Applicant 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).
  • The total employment income paid in the 2019 calendar year must be between $20,000 and $1,500,000, as reported in Box 14 of your 2019 T4SUM.
  • Applicant 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.
  • Applicant must not be a union, charitable, religious or fraternal organization. If it is an entity owned by such an organization, it must be a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services.
  • 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

The CEBA application is available through SCU Online Banking.

Before you begin, ensure that you have the following information available:

  • SCU Account Number. Your account number can be found in online banking once you have logged in.

  • Employer Account Number (15 digits) as found at the top of the borrower's 2019 T4 Summary of Remuneration Paid.
  • Employment Income from Box 14 of the 2019 T4 Summary of Remuneration Paid.

  • To access the CEBA Application, login to Online Banking, select Account Services then Canada Emergency Business Account (CEBA) from the menu on the left.
  • Complete all of the required form fields.
  • Should you require assistance, please contact a member of our Business Banking department listed below.

Login to Online Banking now to begin.

Sudbury Credit Union Contacts

Paul Mainville, Commercial Manager 705-522-2716 Ext 3225
Sean Spencer, Commercial Account Specialist 705-522-2716 Ext 3211
Kristy Tedford, Commercial Account Specialist 705-522-2716 Ext 3212
Bruno Fortin, Commercial Account Specialist 705-566-2931 Ext 5080