CEBA Updates/COVID-19 Information


Latest Updates:
Update (October 29, 2020): The Government of Canada have expanded the Canada Emergency Business Account (CEBA) Program to support small businesses who open a business chequing/operating account after March 1, 2020. These businesses may now be eligible, should they pass other pre-funding validation checks in place in previous versions of CEBA.

The application deadline has been extended to December 31, 2020.

Determine if you may meet the CEBA eligibility requirements using the EDC CEBA pre-screen tool https://verify-verifier.ceba-cuec.ca
*PC's best browser for use is Google Chrome. MAC's best browser for use is Safari*

If you may be eligible, contact us at 902-562-5593 or sydney@sydneycreditunion.com to open a business chequing/operating account.


To apply for the CEBA Program click here.

A future expansion of the program will enable businesses eligible for CEBA loans—and that continue to be seriously impacted by the pandemic—to access an interest-free loan of $20,000, in addition to the original CEBA loan of $40,000. This expansion will also be available to new CEBA applicants. We will share more details as they are announced by the government.



The Government of Canada has launched the Canada Emergency Business Account (CEBA) to support businesses and non-profits that have been adversely affected by COVID-19. Eligible businesses will receive a $40,000 loan for immediate financial support to cover short term operating expenses, payroll, and other non-deferrable expenses which are critical to sustain business continuity.

We are accepting applications for the CEBA loan program on behalf of the Government of Canada program and Export Development Canada (EDC) until December 31, 2020. To apply, please complete the following:

1.) Complete a government pre-screening to confirm your eligibility for CEBA. If you’re eligible, you’ll get a 10-digit pre-screen number.

2.) Open a business account. A business account is required to qualify for the CEBA program. Contact us at 902-562-5593 or sydney@sydneycreditunion.com to open your business banking account.

3.) Submit your application by clicking here.

Frequently Asked Questions:

What is the CEBA program?
  • Up to $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19.

  • 25% (up to $10,000) of the loan proceeds is eligible for complete forgiveness if loan is repaid on or before December 31, 2022.
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with a fixed interest rate of 5% per annum.
How does the CEBA loan work?
  • The loan will be funded as a term loan (up to $40,000), 0% interest and no payments until December 31, 2022.
  • No interest will apply until January 1, 2023.
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at a fixed rate of 5% per annum, payable monthly on the last day of the month.
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven.  For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

What is the eligibility criteria?
The CEBA application process follows one of 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)
  • (ii) the Non-Deferrable Expense Stream (Applicants with Cdn.$20,000 or less in total employment income paid in the 2019 calendar year).

Regardless of your stream, every applicant must meet the following criteria:
  • Has an active CRA Business Number (BN) with an effective date of registration on or prior to March 1, 2020.
  • Filed an income tax return with the CRA with a tax year ending in 2019 or, if its tax return for 2019 has not yet been submitted, 2018.
  • Has an active business chequing/operating account with the Lender at the time of applying for CEBA. Note: If Borrower currently does not have a business chequing/operating account the Borrower must create one at their primary financial institution before applying for CEBA. 
  • Has not previously used the Canada Emergency Business Account Program and will not apply for support under the Program at any other financial institution.
  • Intends to continue to operate its business or to resume operations.
Note: a non-profit organization, registered charity, union, or a fraternal benefit society or order, or an entity owned by such an organization, is excluded from CEBA unless the entity is actively carrying on a business in Canada (including a related business in the case of a registered charity) that earns revenue from the regular supply of property/goods or services;
If you fall into the Non-Deferrable Expenses Stream you must also meet the following criteria:
  • Have eligible non-deferrable expenses between Cdn. $40,000 and Cdn. $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada.

For more information on the CEBA Program, visit the Government of Canada website.
If you have further questions, please connect with your Commercial Lending Representative directly at 902-567-6521 or fmacdonald@sydneycreditunion.com.

Note: Please be advised that by clicking on the link below you will be taken to an external site.
Online Application – Apply Now [https://ceba.concentra.ca/?institutionNumber=83928]

Please note, due to the high volume of applications it may take us a little longer to contact you once your form has been submitted. Our commitment is to get back to you within 2 business days.

Communication from Sydney Credit Union re Covid-19

Your Credit Union is Here to Serve You
The spread of Coronavirus (COVID-19) in our region, across the country and around the world is undoubtedly causing concern for you, your family and your community.  I want you to know that at Sydney Credit Union, the well-being of our members, staff and community is our priority.  

Bank When, Where and How You Want
Members have several convenient ways to access their banking services when, where and how they want:
•Online through MemberDirect (https://www.sydneycreditunion.com)
•Through your Smartphone using our mobile app (Download the iOS app here ; Download the Android app here)
•Telephone banking (1-800-963-4848)
•In-branch
•Call our Reception (902-562-5593, 902-539-1684 or 902-564-6478)

If you aren’t set up for online banking, call Reception for help with that.  

What if I don’t have a computer or smartphone?
Telephone banking is an easy and convenient option.  You can check account balances, pay bills and transfer money.  If you haven’t used it before, call Reception for help with that.

How will I get cash or make deposits?
You can withdraw/deposit money through our ATM or get cash back when doing your grocery shopping.

Keeping You Safe: In-Branch Banking
Sydney Credit Union is taking extra steps to keep you and our employees safe at your branch.  We are deep cleaning the branch(es) daily including sanitizing door handles, ATMs, and reception areas.  Hand sanitizers are also available for member and employee use.

Protect Yourself from Fraud
Unfortunately, scammers will try to take advantage of situations like this.  Please remember that we will never send you unsolicited emails asking for personal identification such as passwords, PINs, social insurance number, credit card or account information.  Sydney Credit Union wants you to know that we take the safety and security of your information seriously.  If you ever receive an email that appears to be from someone at our branch, please call us at 902-562-5593 or send us an email to sydney@sydneycreditunion.com to confirm whether the email is legitimate before responding. 

COVID-19: Official Source
Health Canada Website
https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/prevention-risks.html

Click one of the following for more information:

- Request Form for Financial Relief

- Temporary Branch Closure





As you probably already know, we’ve implemented several changes to our in-branch services in response to the ongoing COVID-19 situation.  While in-branch services have changed, rest assured, we’ll be with you every step of the way to ensure you can complete your financial needs through our other service channels.

Our staff is available from 9:00 am - 5:00 pm to address questions and complete transactions over the phone.  Please reach out to us at 902-562-5593 for this support.

If you are not currently signed up for online or telephone banking, please call our office at 902-562-5593 or submit a form here.

Channels Available

Telephone Banking:
Our telephone banking services enables you to complete transactions such as checking account balances, paying bills, transferring funds and making payments which can easily be done through our Telephone Banking service.  

To access telephone banking, call 1-800-963-4848.

Online Banking:
You can check your account balances, pay bills, send e-transfers conveniently through our desktop or mobile version of online banking.  

Mobile Banking:
Download our mobile app to check account balance, pay bills, send e-transfers and deposit cheques.

We offer a full range of online banking options to allow you to complete what you need from the comfort and safety of your home.  We realize this channel may be new to some of our members, so we’ve captured an overview of the options and some How To Videos below.

How to Videos

Depositing Cheques:
You can deposit cheques quickly and securely from your phone using our Mobile App. 

Deposit Anywhere How To Video:
View Now

Sending and Receiving Money:
You can easily send and receive money with our lineup of Interac® e-transfer features including Autodeposit and Request Money.

Autodeposit How to Video:
View Now

Request Money How to Video:
View Now


Our commitment to you and the communities we serve drives every decision we make at Sydney Credit Union, no matter the issue at hand.  For more information on our response to COVID-19 go to our website at https://www.sydneycreditunion.com 
 

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