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.
  • $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

The application process provides Government of Canada program requirements through a series of attestation questions. Here are some of the main eligibility requirements and the information you need to have on hand to apply:  

If your business paid between $20,000 to $1,500,000 in total payroll: 

  • Your organization's 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM, please contact the Canada Revenue Agency or your payroll provider.
  • Your business has a 15-digit Canada Revenue Agency Number.
  • 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.
  • You are not applying for this loan at any other financial institution.

If your payroll is lower than $20,000, in addition to the above, you will need: 

  • A 2018 or 2019 tax return; and
  • Proof of eligible non-deferrable expenses of between $40,000 and $1,500,000 (these expenses are defined in the application but include expenses such as rent/lease, insurance, property taxes, utilities, scheduled debt payments)

Applications are now being accepted. To qualify, businesses will need to demonstrate that they fall within one of the these two streams:

(i) The Payroll Stream – Applicants with employment income paid in the 2019 calendar year between Cdn. $20,000 and Cdn. $1,500,000 OR 

(ii) The Non-Deferrable Expense Stream – Applicants with Cdn. $20,000 or less in total employment income paid in the 2019 calendar year. 

Applicants under the Non-Deferrable Expenses Stream are encouraged to complete the online Pre-Screen Tool which will provide a non-binding indication of eligibility to inform your decision of whether to open a business account (if needed) and apply for CEBA at your financing institution.


*COMING SOON* – CEBA support is being expanded from $40,000 to $60,000. This expansion will be available to all eligible previous and new CEBA applicants. We will provide additional details once they become available. 

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.

For additional information, please visit www.CEBA-CUEC.ca

Frequently Asked Questions

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.