Canada Emergency Business Account (CEBA)

Now accepting CEBA Program applications

Kindred Credit Union is committed to supporting our business members through this difficult time. We are pleased to announce that we are now accepting applications for the federal government’s Canada Emergency Business Account (CEBA).

CEBA is a government-guaranteed loan of up to $40,000, interest-free until December 31, 2022, for qualifying businesses and non-profits that have been affected by COVID-19 to help them cover non-deferrable operating costs.

How to apply

We are accepting applications through Online Banking (desktop only). 
  1. Click the Apply Now button below to log into Online Banking
  2. Click on Account Services in the left side navigation
  3. Click on Apply for the Canada Emergency Business Account
  4. Fill out the form and click Submit
What to expect after submitting your application
  • Kindred will contact you regarding your application once it has been submitted
  • Once approved, loan documentation and attestation will require electronic signatures
  • The entire process from application to processing to funding can take between five and ten business days

Apply Now             Frequently Asked Questions


Eligibilty requirements:

To be considered for the CEBA program you must meet all of the following criteria:

  • Must be a Canadian operating business (not a holding company) in operation before March 1, 2020;
  • Must intend to continue to operate the business or to resume operations;
  • Must have a federal tax registration;
  • Must not have previously used the CEBA Program and will not apply for support under the program at any other financial institution;
  • Must have an existing, active business account at Kindred Credit Union prior to March 1, 2020. Kindred Credit Union must be your primary financial institution;
  • Existing Kindred borrowing facilities (if applicable) must not be in arrears by 90 days or more as at March 1, 2020;
  • Must have a 15-digit Canada Revenue Agency Business Number (BN), as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM).
  • Total employment income paid in the 2019 calendar year must be between Cdn.$20,000 and Cdn.$1,500,000, as reported in Box 14 of your 2019 T4SUM.
  • Must not be a union, charitable, religious or fraternal organization. If the business is an entity owned, it must be a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services.
  • Per requirements of the program, as set out by the federal government, funds from the loan must be used to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service.
  • Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.

CEBA Terms:

  • The CEBA is a lump sum loan with 0% interest, due in full no later than December 31, 2022
  • Repayment of the loan in full on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000)
  • If the loan is not repaid in full by the December 31, 2022 maturity, the outstanding balance will be converted to a 3 year term loan with principal and interest payments, at a fixed rate of 5.00%
 
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