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3990 Highway 3,
Rock Creek, BC
V0H 1Y0

  Tues – Fri: 10am – 4pm
Sat: 10am – 2pm
Sun – Mon: Closed

  Ph. 250.495.6522
Fax. 250.495.3363
Email. [email protected]

Canada Emergency Business Account (CEBA)

Eligibility Requirements

To be eligible, you must have been an existing, active business member of Osoyoos Credit Union on March 01, 2020, who meets all of the criteria for the program set by the Government of Canada, as follows:

    • The Borrower is a Canadian operating business in operation as of March 1, 2020.
    • The Borrower has a federal tax registration.
    • The Borrower’s total employment income paid in the 2019 calendar year was between $20,000 and $1,500,000 CAD
    • The Borrower has an active business chequing/operating account with Osoyoos Credit Union, which is its primary financial institution. This account was opened on or prior to March 1, 2020 and was not in arrears on existing borrowing facilities, if applicable, with the Lender by 90 days or more as at March 1, 2020.
    • The Borrower has not previously used the Program and will not apply for support under the Program at any other financial institution.
    • The Borrower acknowledges its intention to continue to operate its business or to resume operations.
    • The Borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.
Download CEBA Loan Application
Frequently Asked Questions

Can my business apply for CEBA if I am currently benefiting from other Osoyoos Credit Union Covid-19 relief offerings?

Yes. These programs are independent of each other and you can still enrol in CEBA.

I am a sole proprietor and use an Osoyoos Credit Union personal account. Can I still apply?

No, CEBA is only available to business members who meet the eligibility requirements as set out by the federal government. One of the criteria for the program is that the borrower must have a business account with its financial institution. The government has announced additional relief measures to support sole proprietors. For further information, please visit the Government of Canada’s COVID-19 Economic Response Plan site.

There are multiple owners in my business. Who can apply for the CEBA program on behalf of my business?

The individual applying for and enrolling your organization in CEBA will need to have the authority to sign on behalf of and bind the organization to the terms of the CEBA loan agreement. If your organization currently requires consent of more than 1 director or officer to bind the organization, the organization is responsible for preparing and approving a resolution that allows the individual applying for the loan to be given this authority prior to submitting the application. We cannot accept multiple signatures.

If I have multiple businesses, can I enrol for CEBA for more than one business?

Yes. Each business entity is able to enrol in CEBA, subject to each business individual meetings the eligibility requirements.

Can I enrol for CEBA at more than one Financial Institution?

No. You can only enroll in CEBA once for your business, at your primary financial institution. Applying at more than one financial institution may result in legal prosecution by the federal government and you may be required to immediately repay any loans.

Are there any borrowers excluded from CEBA?

Per the requirements of the Program, as set out by the Government of Canada, the Borrower confirms that: It is not a government organization or body, or an entity owned by a government organization or body; It is not a union, charitable, religious or fraternal organization or entity owned by such an organization or if it is, it is a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services; It is not an entity owned by individual(s) holding political office; and It does not promote violence, incite hatred or discriminate on the basis of sex, gender, sexual orientation, race, ethnicity, religion, culture, region, education, age or mental or physical disability.

Are there any conditions for the CEBA loan?

You are required to meet all eligibility criteria for the loan, as detailed in the application, including an acknowledgment that the funds from this loan will only be used to pay for non-deferrable operating expenses. In the application, you will be required to make an attestation that you meet these criteria, which is subject to verification and audit. All applications are subject to approval and funding availability through the CEBA program.

Where do I get more information on the government’s eligibility criteria for the program?

The CEBA eligibility criteria have been set by the federal government. For questions related to the government’s eligibility criteria, please visit www.CEBAquestions.ca, a website set up by Export Development Canada, the program’s administrator, for this purpose.

How do I repay my CEBA loan?

Given the unpredictability of the COVID-19 pandemic, it may make sense for you to hold on to your CEBA funds as a contingency, especially as the loan is interest-free until December 31, 2022. More details on the repayment process will be coming soon.