CEBA 3.0
Date Posted: Oct 19, 2020

**DEADLINE FOR COMPLETING YOUR CEBA APPLICATION IS DECEMBER 31, 2020**

 

If you have applied for CEBA and have questions, please contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application. The CEBA call centre is open Monday to Friday from 8:00 am to 9:00 pm EST

CEBA UPDATE: 

Originally launched on April 9, 2020, CEBA is intended to support businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens.

This $55 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profit organizations.

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This allows access for more small businesses.

Applicants with $20,000 or less in payroll in 2019 will have to demonstrate having Eligible Non-Deferrable Expenses between $40,000 and $1,500,000 in 2020. Expenses are considered “Eligible Non-Deferrable Expenses” if they were already incurred in January and/or February 2020, or are due to a legal or contractual obligation as at March 1 and cannot be avoided or deferred beyond 2020 even during a period of shut down and depressed revenues as a result of COVID. CEBA is not intended to provide income support, or support for variable operating expenses to businesses.

 How to Apply for CEBA 3.0

To submit your application please click here: CEBA 3.0 APPLICATION

**Please note: you must have all available documentation ready to submit prior to completing the application.  If you have started the application and need to access it after you’ve submitted your application, please follow this link:  CEBA Document Upload Form

Please reach out to our Lending Department for further information or questions on the benefit raylending@raymorecu.com or call 1.866.612.2300

For more information on the Saskatchewan Small Business Emergency Payment Program please visit the CEBA Website  

****** PLEASE NOTE:  CEBA APPLICATIONS ARE NOT SUPPORTED BY INTERNET EXPLORER! ********

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