Canadian Emergency Business Account

September 1, 2020 update:


Applications deadlines for both the Canada Emergency Business Account (CEBA) and the Business Credit Application program have been extended.

The deadline to apply for CEBA is now October 31, 2020. The BCAP deadline has been extended to June 2021.

Our application process includes the newly expanded Canada Emergency Business Account (CEBA).  The expanded CEBA has broadened to include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll.

The CEBA verification process is being updated and this is causing a delay in processing time for some applications. The processing time commences once your application form and all required supporting documentation are received by the Government of Canada. Once your application has been processed, you will hear from us per normal CEBA process. For more information on processing times visit the Government of Canada CEBA webpage.

If you have applied for the Canada Emergency Business Account (CEBA) and have questions, such as the status or your application, please contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your application. The CEBA call centre is open Monday to Friday from 6 a.m. to 7 p.m. MST.

Canada Emergency Business Account (CEBA)


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 less than $1.5 million. For applicants with $20,000 or less in total employment income paid in the 2019 calendar year:
    • You must have a Canada Revenue Agency business number and has filed a 2018 or 2019 tax return.
    • You have eligible non-deferrable expenses between $40,000 and $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.
  • Your annual payroll expense is 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.
  • Additionally:
    • You have not previously used the Program and will not apply for support under the Program at any other financial institution.
    • You acknowledge its intention to continue to operate its business or to resume operations.
    • You agree to participate in post-funding surveys conducted by the Government of Canada or any of its agents.
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.

CEBA Application

Business Credit Availability Program (BCAP)

As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Synergy Credit Union and Export Development Canada (EDC) are partnering to provide small- and medium-sized Canadian businesses with financing during the COVID-19 pandemic.

This program helps businesses access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent.

How does it work?


If your business needs a new loan to cover operational costs during the COVID-19 pandemic, you may be eligible for the EDC BCAP Guarantee. Proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs). Export sales are not required to qualify for the program.

EDC fees related to this guarantee will be deferred for the first six months, giving some short-term relief to your business.

EDC will provide a guarantee to Synergy Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs.

Please note: the guarantee on the loan is to your financial institution, not your business, so you remain responsible for the full value of the loan.

Next steps

  • Learn more information about the program.
  • Reach out to your Synergy representative to help decide if the BCAP program is a good fit for your cash flow needs.
  • Fill out the form on the EDC website.
  • Your Synergy representative will follow up with the next steps with you.

 

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