Canadian Emergency Business Account

Synergy small business and non-profit members may now be eligible to receive an interest-free loan of $40,000 through the federal government’s $25 billion Canada Emergency Business Account (CEBA).

This will help better position these members to quickly return to providing services to their communities and creating employment.

Repaying the balance of the loan on or before December 31, 2022, will result in loan forgiveness of 25% (up to $10,000).

How does it work?

Businesses are eligible for CEBA funding through Synergy Credit Union if:

  • They are a Canadian operating company (ie. not a holding company) registered and in operation on or before March 1, 2020.
  • Have an annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM, contact Revenue Canada for reissue.
  • In addition to your T4SUM, you will also need your business chequing account number. A blank cheque or your statement will have this information.
  • Have a 15-digit Canada Revenue Agency Number -- also shown on your T4SUM.
  • Synergy Credit Union is your primary financial institution.
  • Your account is in good standing as an existing member.
The funds from this loan can only be used by the borrower to pay non-deferrable operating expenses of your business, including:

  • Payroll
  • Rent
  • Utilities
  • Insurance
  • Property tax
  • Regularly scheduled debt service.
The funds 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.

For more information, contact Synergy Credit Union today by calling 1-866-825-3301 or check out the federal government’s CEBA information page.

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