COVID-19 Resources

Face masks are no longer required when entering our branches, however we ask that you do not enter our facilities if you are experiencing any of the following symptoms:

            Adults over 18:                              Children under 18:

  • Cough
  • Fever
  • Shortness of breath
  • Runny nose
  • Sore throat
  • Loss of taste or smell
  • Cough
  • Fever
  • Shortness of breath
  • Loss of sense of taste or smell

Please do not hesitate to let us know if you would feel more comfortable meeting with a staff member wearing a mask for your appointment.


Government Funding Programs

Highly Affected Sectors Credit Availability Program(HASCAP)
Lakeland Credit Union is now an approved lender to facilitate applications for the Highly Affected Sectors Credit Availability Program(HASCAP).

What is the HASCAP?

A program to help businesses that have been highly affected by the COVID-19 pandemic has been extended to December 31st, 2021. ​These loans low-interest loans of $25,000 to $1 million are for small and medium-sized businesses that have seen their revenues decrease by 50% or more as a result of COVID-19.

Up to $1 million

The guarantee covers amounts ranging from $25,000 to $1 million to ensure a degree of continuity for your business through the pandemic.

Guaranteed loans

The Government of Canada has mandated BDC to provide a guarantee to your financial institution for 100% of the value of a new term loan, to increase your company’s ability to access new credit.

Flexible and competitive terms

Benefit from a 4% interest rate and a repayment term of up to 10 years.
Up to a 12-month postponement of principal payments at the start of the loan.

How to apply

Contact your Relationship Manager for details on how to get your application started.

Deadline: The HASCAP Guarantee is available until December 31, 2021

Eligibility Requirements

Your primary financial institution will determine whether you qualify for this program, based on the eligibility criteria established by the Government of Canada.
Neither BDC nor your financial institution has the authority to grant exceptions to eligibility criteria.
  • Your business is Canadian based.
  • Your business must have been financially stable and viable prior to the current economic situation.
  • You must have received payments either from the Canada Emergency Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of the HASCAP Guarantee application.
    If your business does not qualify for CEWS and CERS, but otherwise meets all HASCAP eligibility criteria, you must provide financial statements that reflect at least three months (not necessarily consecutive) in which monthly year-over-year revenue decreased by at least 50% within the eight-month period prior to the date of the HASCAP Guarantee application.
  • The loan will be used to continue or resume operations.
  • The loan cannot be used to pay or refinance existing debts.
  • Minimum risk ratings will apply, varying by size of new loan.
  • You can apply for a loan under the HASCAP Guarantee for each legal entity you own, up to a maximum combined amount of $6.25 million (all legal entities combined).
  • Other conditions may also apply.

If you have any further questions regarding your HASCAP​ loan or any other products Lakeland has to offer please contact your Relationship Manager.

Canada Emergency Business Account(CEBA)
Lakeland Credit Union is now an approved lender to facilitate applications for the Canadian Emergency Business Account (CEBA).

What is the Canada Emergency Business Account?

Lakeland Credit Union is now accepting applications for the expansion of the Canada Emergency Business Account program. 

  • For members who did not receive the original $40,000 CEBA loan, applications for the full $60,000 CEBA loans are also being taken at this time;
  • Existing CEBA loan recipients will be contacted by email from Lakeland Credit Union with next steps to apply for the increased loan amount;

For further information on the CEBA go to

For all other questions regarding your Business Account with Lakeland Credit Union please contact your Relationship Manager.

New CEBA Loans Applications

Members interested in applying for a CEBA loan for the first time can now apply for the full $60,000 loan. Members are first asked to check their eligibility with the CEBA Pre-Screen Tool.

Members who pay $40,000 of the $60,000 full expanded CEBA loan by December 31, 2022 will receive a $20,000 loan forgiveness from the Government of Canada.

If the loan is not repaid before December 31, 2022 the remaining balance will transition into a 3-year term loan with a 5% interest rate.

Businesses are to use this loan to cover their operational costs which cannot be deferred, such as payroll, rent, utilities, insurance premiums, property taxes and regularly scheduled debt payments.

The CEBA application process follows one of two streams: (i) the Payroll Stream (Applicants with employment income paid in the 2019 calendar year between Cdn.$20,000 and Cdn.$1,500,000) or (ii) the Non-Deferrable Expense Stream (Applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year).

Funds may be used for:

  • Payroll costs
  • Rent
  • Utilities
  • Insurance
  • Property tax
  • Regular scheduled debt payments

Funds may not be used for:

  • To fund any payments or expenses such as prepayment/refinancing of existing indebtedness

  • Payment of Dividends

  • Distributions and increases in management compensation

Repaying your Canadian Emergency Business Account Loans

The Export Development Corporation (EDC) is now accepting repayments of the CEBA loans. If you applied and received your emergency loan through Lakeland Credit Union payments can be made by first contacting your Relationship Manager.

While the payments will be accepted there are a few things to remember when deciding to re-pay your loan:

  • In order to receive your $10,000 loan forgiveness borrowers have until December 31, 2022 to pay back the first $30,000 of their CEBA loan;

  • No interest will be charged on the loan until January 1, 2023.

  • If unpaid, interest will be charged on the unpaid amount and borrowers will have two years to pay the total amount – including interest of 5 per cent per annum.

  • Borrowers may consider putting payment amounts into a deposit account with Lakeland. Thereby insuring:

    • The money is available to pay out the loan by December 31, 2022;

    • Borrowers still have access to the money.

If you have any further questions regarding your CEBA loan or any other products Lakeland has to offer please contact your Relationship Manager.

Government Financial Relief Programs
List all government programs and what they mean for credit union members.
Federal Programs:
  • Canada Recovery Benefit (CRB) CRB gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. The CRB is administered by the Canada Revenue Agency.
  • Canada Recovery Sickness Benefit (CRSB) CRSB gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by CRA.
  • Canada Emergency Rent Subsidy (CERS) Businesses, eligible charities, and non-profits that experience a revenue drop would be eligible to claim a subsidy on eligible expenses.
  • Canada Emergency Wage Subsidy (CEWS) Business employers of all sizes who have seen a drop in revenue due to the COVID-19 pandemic, may be eligible for a subsidy to cover part of their employee wages, retroactive to March 15. Subsidy can be used to re-hire workers, help prevent further job losses, and ease businesses back into normal operations. 
  • Business Credit Availability Program (BCAP) BCAP allows the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $65B of additional support to businesses.
Provincial Programs:
  • Small and Medium Enterprise Relaunch Grant Opportunity to apply for a second payment from this grant (first phase of grant launched in June), for small and medium-sized businesses, cooperatives, non-profit organizations, with fewer than 500 employees.
  • Education Property Tax Freeze/ Deferral Education property taxes for businesses and individuals have been frozen at last year’s level.
    Businesses are able to defer payment on their education property tax for 6 months, to be repaid in future tax years.
  • Workers’ Compensation Board (WCB) Premium Deferrals Private sector employers can defer WCB premiums until early 2021 and those who have already paid for 2020 are eligible for rebate/ credit. Government will also cover 50% of premium for small and medium businesses when it is due. 
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