Qualifying Mainstreet Credit Union business members can get an interest-free, government-guaranteed loan of up to $40,000 to help ease the financial strain resulting from COVID-19.  

Before applying, please read through to ensure your business qualifies. 



What is the Canada Emergency Business Account (CEBA)? 

  • Provides qualifying business members with access to an interest-free (0%) loan of up to $40,000 , until December 21, 2022, to help you pay for operating costs that you’re not able to defer as a result of COVID-19.
  • Requires no minimum monthly principal payments until December 31, 2022
  • $10,000 (25%) of the $40,000 loan is eligible for forgiveness provided $30,000 is fully paid on or before December 31, 2022
  • If the loan is not repaid by December 31, 2022, it will be converted into a 3-year term bearing an interest rate of 5% per annum.
  • Outstanding principal of the loan must be fully repaid by December 31, 2025
  • If a default occurs in any scheduled payment under this agreement, at its option the lender, may demand payment of all unpaid amounts due, including without limitation all principal and interest. Events of default include:
    • default in paying any amount due hereunder.
    • default in paying any other loan outstanding.
    • you fail to comply with any of the provisions of this agreement.
    • you make any false or misleading representation, including without limitation, in your application for the Loan or the information you have certified.
    • you commit an act of bankruptcy or become insolvent, or
    • a receiver is appointed for your business or any part of your property.


Eligibility Requirements

  • Must have paid between $20,000 to $1.5 million in total 2019 payroll (salaries and wages), the sum of all employment income reported in box 14 of its 2019 T4SUM and all employment income reported in box 71 of T4 statements issued to all of its employees in 2019. If you cannot locate your T4SUM, please contact the Canada Revenue Agency or your payroll provider. 
  •  Must be able to present your 2019 T4 Summary of Remuneration Paid (T4SUM) when requested upon audit by the Government of Canada or any of its agents.
  • Must have a Canadian-registered business (not a holding company) in operation on March 1, 2020 and your business must have a 15-digit Canada Revenue Agency Number as reported at the top of your 2019 T4 Summary of Remuneration Paid (T4SUM).
  • You agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax as per the requirements of the program set out by the Government of Canada.
  • Must be a current Mainstreet Credit Union business member with an active business operating account. Mainstreet must be your primary financial institution and your account must have been opened and in good standing on or prior to March 1, 2020. You must be only applying for this loan at Mainstreet (not at any other financial institution). Applying for this benefit at more than one financial institution may result in prosecution by the federal government.
  • Must have the ability and authority to bind the organization.
  • Per the requirements of the CEBA program as set out by the Government of Canada, you confirm that your business:
    • 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 organization that has filed its T2 return or T3010 return and that generates a portion of its revenue from the sales of goods or services;
    • it is not an entity owned by any federal Member of Parliament or Senator; and
    • it does not promote violence, incite hatred or discriminate on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age or mental or physical disability, contrary to applicable laws.

Ready to Apply?

  • Login to your Mainstreet Credit Union account through online banking on your desktop or laptop (not available on the mobile app) 
  • Once logged in, in the left hand column locate “Account Services” and select Canada Emergency Business Account (CEBA)
  • Follow the questions/instructions on the form and submit

If you have any questions, please refer to our CEBA Frequently Asked Questions below or contact your Mainstreet Commercial & Agricultural Account Manager.


Frequently Asked Questions

If the total of payroll paid in 2019 by my business is under $20,000 or just slightly above $1.5 million, can my business still enroll in this program?

No, as stipulated by the federal government, the total salaries paid in 2019 must be no less than $20,000 and equal no more than $1.5 million.

I am a sole proprietor and I only have a personal chequing account with Mainstreet. Can I still enroll? 

No. The CEBA is available only to business members who have been a registered operation on or before March 1, 2020 with a business chequing account with Mainstreet. However, the government has announced additional relief measures to support sole proprietors. Further information is available on the Government of Canada’s COVID-19 Economic Response Plan website.

If I have an existing business operating line or credit can I enroll in the CEBA? 

Yes, you can still enroll if you are a current borrower.

I am currently receiving other COVID-19 relief support for my business. Can I still enroll for the CEBA?  

Yes, you can still enroll in the CEBA if you meet the criteria. However, it’s important to note that you are only entitled to one Canada Emergency Business Account; applying for this benefit at more than one financial institution may result in prosecution by the federal government. 

If I have multiple businesses, can I enroll each business in the CEBA?

Yes. Each business entity that you have may enroll for the CEBA, however, each business must individually meet the eligibility criteria and operate as a separate active business. Holding companies are not eligible.

How do I apply for the Canada Emergency Business Account?

Our application process is simple and easy. We will walk you through several attestation questions required through the program by the Government of Canada.

How can my business use these funds?

Must agree to use the funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance and property tax, as per the requirements of the program set out by the Government of Canada.

Can I still enroll for the CEBA if my business is closed due to COVID-19? 

Yes. To enroll, the business must have been active and open on March 1, 2020 and meet all necessary criteria including confirmation that the loan proceeds will be used to pay for operating expenses that cannot be deferred such as payroll, rent, utilities, insurance, debt payments or property tax.

Who do I contact if I do not qualify?

Export Development Canada will be the administrator of the government’s eligibility criteria. For additional information, please visit www.CEBA-CUEC.ca

My business requires the consent of more than one signatory to commit to an action. Can I still apply?

Yes, please ensure that only the authorized signer of your business account applies. We cannot accept multiple applications from the same business account

What happens if I don’t qualify for CEBA or I need more than $40,000? 

Please speak with your Mainstreet Account Manager to explore additional solutions. There may be other government initiatives to support your business, including the Business Development Bank of Canada (BDC) Co-Lending Facility and the Export Development Canada (EDC) Business Credit Availability Program.

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