For All Momentum Credit Union Business Members
The Canadian Government has just launched an interest free loan program for businesses impacted by COVID-19. The Canada Emergency Business Account (CEBA) is intended to help small businesses who have been completely or partially closed due to the Pandemic. The CEBA is 100% funded by the Canadian government.
What is CEBA?
CEBA is a loan for qualifying small/medium businesses of up to $40,000 with the following conditions:
- 0% Interest until December 31st, 2022.
- No minimum monthly principal payments required until December 31st, 2022.
- Principal payments can be made at any time.
- Up to $10,000 is eligible for loan forgiveness provided that the outstanding balance is re-paid on or before December 31st, 2022.
- If the business is unable to pay the loan back by the deadline, it may be converted into a 3-year term loan with an interest rate of 5% per annum.
Is Your Business Eligible?
To qualify your Business or Not-for-profit for CEBA through Momentum Credit Union, the following requirements must be met:
- Must have contributed between $20,000 to $1.5 million to payroll in 2019.
- Must have been in good financial health prior to the COVID-19 outbreak.
- Must have been operating as of March 1st, 2020.
- Your business has identified Momentum Credit Union as its primary bank on or before March 1st 2020.
We’re Here to Help. Applying is Easy!
Download and fill out the CEBA Application and Loan agreement here.
Note: you will need your 2019 T4SUM to complete the application.
Once the application has been completed, call our Solution Centre Toll-Free at 1-888-956-6636 and we’ll take care of the rest.