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COVID-19 Resources

Government Financial Relief Programs

List all government programs and what they mean for credit union members.

Federal Programs

Canada Emergency Business Account (CEBA) The CEBA program offered interest-free loans of up to $60,000 to small businesses and not-for-profits. Launched on April 9, 2020, (CEBA) was one of the Government of Canada’s financial relief measures to support Canadian businesses that have been adversely affected by COVID-19. The deadline to apply was June 30, 2021.

IMPORTANT INFORMATION

The Government of Canada announced that the repayment deadline for CEBA loans in good standing to qualify for loan forgiveness and the interest free period end date will both be extended to December 31, 2023.

Important reminders regarding the terms of your CEBA Loan:

  • Loan forgiveness will apply if the CEBA balance minus the eligible forgiveness amount is repaid by December 31, 2023.
  • No interest applies before January 1, 2024.
  • Commencing on January 1, 2024, interest will accrue on the balance of the loan at the rate of 5% per annum, payable monthly on the last day of each month.
  • The full amount of the loan (including principal and interest) is due and payable on December 31, 2025.



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