Canada Emergency Business Account (CEBA)

NOW AVAILABLE TO WFCU BUSINESS MEMBERS – INCLUDING SOLE-PROPRIETORSHIP!

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Canada Emergency Wage Subsidy (CEWS)

In light of the COVID-19 crisis and the introduction of the Canada Emergency Wage Subsidy (CEWS). the Canada Revenue Agency (CRA) wants to make it easier for Canadian business owners to sign up for its direct deposit service or change their existing account information by creating an enrollment process that can be accessed through financial institutions.

This enrollment service in now available to WFCU Credit Union members, giving you the ability to simply and securely transmit your direct deposit enrollment information to the CRA when you log onto our online banking.

We encourage you to use direct deposit to avoid any delays in receiving your Canada Emergency Wage Subsidy (CEWS).  and receive all your CRA payments faster.

CEWS CRA Direct Deposit Questions & Answers

When can I access the CRA direct deposit for businesses service through WFCU Credit Union?

We will be offering the CRA direct deposit for businesses enrollment effective June 23, 2020.  Through this service, your business can simply and securely submit your direct deposit enrolment information to the CRA.

Please note: Applications for the CEWS benefit must be made directly through the CRA​. Once you are approved for the CEWS benefit, registering for the CRA direct deposit for businesses service helps ensure your CEWS payment from CRA is quickly and securely deposited into your business payroll account .

Who is eligible to enroll for CRA direct deposit for businesses?

To be eligible to enroll in CRA direct deposit for businesses, you must have a business account with WFCU Credit Union that was opened on or before March 1, 2020. You must have a valid 15-digit business number and a Payroll account (RP). In addition, the legal name of the business on file with us and your business owner details must match what the CRA has on file, or the direct deposit enrolment may not be successfully processed by CRA. To avoid any discrepancies which could result in rejection by the CRA, the owner of the business can complete the direct deposit registration and can fill in the optional fields for SIN # and DOB as these fields give CRA other criteria to do matching against.

The following links provide further detail on eligibility:

What information will I have to provide when I sign up for CRA direct deposit for businesses through WFCU Credit Union?

Enrolment is completed using (where available) existing customer information on-file at WFCU Credit Union including: business name, owner name, 15-digit business number, SIN, and bank account info. Customer identity is verified without the customer having to log into the MyCRA website or contact the CRA directly.

What happens if the enrollment fails?

You can attempt to enroll again in direct deposit with WFCU Credit Union or via the CRA My Business Account.

What happens if the Business Number is not correctly formatted?

Our enrollment form will not allow for invalid characters to be inputted into the filed. The format will be required only to allow 9 numbers, the letters Rr or Pp, and then 4 subsequent numbers. Ex. 123456789RP0001.

If an invalid character is entered, an error message will be displayed.

To avoid any discrepancies, which could result in rejection by the CRA, the owner of the business can complete the direct deposit registration and can fill in the optional fields for SIN # and DOB as these fields give CRA other criteria to do matching against.

What if I don’t see the updated bank account information for my business after 48 hours?

Contact the CRA at 1-800-959-5525.

How will the deposit show up in my accounts?

The deposits will show as being made by the Receiver General. The description on your statement will read Federal Payment FED.

What CRA business payments are captured in the direct deposit enrollment through WFCU Credit Union?

Our CRA direct deposit for businesses enrollment feature will currently enable direct deposits in support of CEWS which will be paid into your business payroll account. It will not apply to direct deposit requests for the corporation income tax refund and GST sales tax refund at this time.

Can I have the payments go into my USD account?

No, the payments are paid in CAD and must be directed to a CAD account.

When can I apply for the Canada Emergency Wage Subsidy (CEWS)?

Beginning April 27, 2020 eligible clients were able to apply for CEWS through the Government of Canada.

What about businesses who are unable to bank online or through an app?

The CRA can still issue cheques for CRA business payments. For any questions related to your CEWS payments, please contact the CRA directly at 1-800-959-5525.

Does enrolling for direct deposit for my business automatically sign me up for the Canada Emergency Wage Subsidy (CEWS)?

No, this sign up is only for choosing your method of receiving your CEWS payment.

I’m already signed up for direct deposit with the Canada Revenue Agency for my payroll account (RP). Do I need to enroll again?

No, you do not need to sign up again. The Canada Revenue Agency will use the account information that you have already provided for your direct deposit payments. You will however need to apply separately for the CEWS payment.

I’ve already signed up for CRA direct deposit with another bank/financial institution. If I sign up again, will it update what I have on file with the CRA?

Yes. The most recent enrolment you complete will become the account on file with the Canada Revenue Agency. Direct deposits for CEWS payments will only be made into one payroll account (RP), at one financial institution.

How will I receive my payment if it is $25 million or more?

If you are expecting a payment of $25 million or more, you will have to get your payment through the large value transfer system (LVTS). To do this, you have to be enrolled in direct deposit on your payroll account and be registered for the LVTS.


The federal government has introduced the Business Credit Availability Program (BCAP) to help Canadian businesses financially during the COVID-19 crisis.

Through this program, Export Development Canada (EDC) and Business Development Bank of Canada (BDC) will provide $65 billion in direct lending and financial support to Canadian business across all sectors.

BCAP encompasses the following programs in support of Canadian business:

EDC Business Credit Availability Program (BCAP) Guarantee

EDC BCAP Guarantee Questions & Answers

What is the EDC Business Credit Availability Program (BCAP) Guarantee?

The EDC BCAP Guarantee is a business loan to help small and medium-sized Canadian businesses impacted by COVID-19. Eligible applicants can access operating loans or term loans of up to $6.25 million CAD to cover operational expenses such as rent and payroll. It cannot be used for dividend payouts, shareholder loans, bonuses, stock buyback, option issuance, increases to executive compensation or repayment/refinancing of other debt.

The EDC BCAP Guarantee features:

  • Fixed 80% EDC guarantee for up to 5 years;
  • EDC guarantee fee of 1.8% calculated on loan amount;
  • 6-month EDC guarantee fee payment deferral; and
  • Applicant deals directly with their financial institution and not EDC.

I have an existing EDC loan facility. Can I use the EDC BCAP Guarantee to top up my existing facility?

No. The EDC BCAP Guarantee can only be used to support new facilities to provide incremental emergency liquidity. It cannot be used to support an existing facility.

Is the EDC BCAP Guarantee only available to export-oriented businesses?

No. The EDC BCAP Guarantee is available to all small and medium-sized Canadian businesses in all sectors that were financially viable and revenue generating prior to the COVID-19 outbreak.

How do I apply?

To apply for the EDC BCAP Guarantee please contact your Business or Commercial Account Manager directly. Alternatively, you can contact commercialmanagers@wfcu.ca.

 

BDC Co-Lending Program

BDC Co-Lending Program Questions & Answers

What is the BDC Co-Lending Program?

The Government of Canada announced the availability of the Business Development of Canada (BDC) Co-Lending program supporting Canadian businesses of all sizes that have been negatively impacted by COVID-19. Eligible applicants can access up to $6.25 million CAD (max. loan amounts dependent on business size) in loans to cover operating expenses such as rent and payroll, and working capital needs such as inventory. The loan will be jointly funded by WFCU Credit Union and BDC. The Co-Lending Program is separate and distinct from the Canada Emergency Business Account, a $40,000 interest-free loan.

Businesses with the following 2019 revenue thresholds can apply for the following loan amounts:

  • Loans of up to $312,500 to businesses with revenues of less than $1 million.
  • Up to $3.125 million for businesses with revenues between $1 million and $50 million.
  • Up to $6.25 million for businesses with revenues in excess of $50 million.

Who can apply for the loan?

WFCU Credit Union business members of all sizes that have been impacted by COVID-19 and meet the eligibility criteria can apply for the BDC Co-Lending Program.

What are the eligibility criteria?

Businesses are eligible to apply if:

  • they are a Canadian-based commercial entity with the intent to generate revenue from the sale of goods or services and that has business operations in Canada;
  • WFCU Credit Union is their primary financial institution and has been a member of WFCU Credit Union as of March 1, 2020
  • they have not benefited from, or are in the process of benefiting from, this Co-Lending program at another bank or financial institution
  • they have been negatively impacted by COVID-19.
  • been a viable business as of March 1, 2020 prior to COVID-19 impact
  • met the necessary requirements that will form part of the application process

For more details on the program, eligibility and application process, contact the WFCU Commercial team at commercialmanagers@wfcu.ca.

Businesses are not eligible to apply for this program if they:

  • are a government organization or body (other than an Indigenous entity or body) that owns 25% or more of the equity interests;
  • are a union or charitable, religious or fraternal organization or an entity in which any such organization owns 25% or more of the equity interests;
  • are an entity in which 25% or more of the equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada, other than a publicly traded company; or
  • promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability.

As part of the application process, you will be asked to provide:

  • information for co-signatories and guarantors;
  • personal income and business income;
  • other financial details, including your mortgage or monthly rent amount;
  • financial statements for the business for 2018 and 2019;
  • T1 General (4-page jacket) and Notice of Assessment for the last two (2) years available for the co-signatories, guarantors and spouses, as applicable;
  • personal net worth documents, including investment statements, savings and account holdings at other financial institutions, and mortgage statements; and
  • personal and business contact information, including phone number and email address.

Additional information may be requested in the application process. For more details on the program, eligibility and application process, contact the WFCU Commercial team at commercialmanagers@wfcu.ca.

What are the terms of the BDC Co-Lending Program?

  • Term loan
  • Interest-only payments for the first 12 months
  • Amortization and terms based on your business needs

For more details on the program, eligibility and application process, contact the WFCU Commercial team at commercialmanagers@wfcu.ca.

How do I apply?

WFCU Credit Union members contact their Commercial Manager to learn more about the application process and eligibility criteria. For more details on the program, eligibility and application process, contact the WFCU Commercial team at commercialmanagers@wfcu.ca.

Can I apply for this loan if I am currently receiving CEBA and/or the EDC BCAP Guarantee?

Members that have applied for the CEBA program and/or the EDC BCAP Program may also apply for the BDC Co-Lending Program.  WFCU Commercial Services team can help you determine which solutions are suited for your financial needs.

How will I find out if I am approved for the BDC Co-Lending Program?

Your WFCU Credit Union Commercial Manager will work with you to complete the application process and will keep you apprised of your loan approval status.

Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account is an interest-free loan of $40,000 for qualifying businesses (including sole-proprietorship), and organizational members that is designed to help cover operational costs for businesses experiencing temporary revenue reductions as a result of COVID-19.

The business loan features:

  • 0% interest until December 31, 2022
  • No minimum monthly interest payments required until January 1, 2023
  • No penalty for early repayments.
  • Up to 25%, or $10,000, loan forgiveness if 75%, or $30,000, of principal loan is paid in full on or before December 31, 2022.

APPLY NOW!

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CEBA Questions & Answers

Financial Relief For Businesses

What is the Canada Emergency Business Account?

On March 27, the federal government announced additional measures to support small businesses. The Canada Emergency Business Account is an interest-free loan of $40,000 for qualifying businesses and organizational members that is designed to help cover operational costs for businesses experiencing temporary revenue reductions as a result of COVID-19.
The business loan features:

  • 0% interest until December 31, 2022
  • No minimum monthly interest payments required until January 1, 2023
  • No penalty for early repayments.
  • Up to 25%, or $10,000, loan forgiveness if 75%, or $30,000, of principal loan is paid in full on or before December 31, 2022.

When will the applications for the Canada Emergency Business Account be available?

Applications for the Canada Emergency Business Account are available now to WFCU Business Members.  You can apply for the CEBA benefit through our online application. If there are errors, try using Chrome, Firefox or Safari; application may not open in Internet Explorer or Edge.

How can I apply for CEBA?

  • Businesses with total employment income paid to employees in 2019 greater than $20,000 and less than $1.5MM can apply directly through WFCU Credit Union where you hold your primary business chequing/operating account.
  • Businesses with total employment income paid to employees in 2019 of $20,000 or less, or with no employment income paid in 2019 can apply through WFCU Credit Union where you hold your primary business chequing/operating account and you will also be required to upload documents to EDC at https://application-demande.ceba-cuec.ca/ 
  • You must have a business chequing/operating account to apply for CEBA.

Eligibility

Who is eligible for the Canada Emergency Business Account?

We have listed some of the eligibility criteria below, per the Government of Canada’s requirements. The Borrower is a sole proprietorship, partnership or Canadian-controlled private corporation that was in operation in Canada as of March 1, 2020.

  1. The Borrower has a 9-digit CRA Business Number.
  2. The Borrower’s total employment income paid in 2019 was greater than $20,000 and less than $1,500,000 OR the Borrower’s total employment income paid in 2019 was $20,000 or less or the Borrower paid no employment income in 2019. For a full list of eligibility criteria applicable to Borrower’s with employment income greater than $20,000 and Borrower’s with employment income of $20,000 or less, please refer to the CEBA application. The funds from the loan under the CEBA program shall only be used by the Borrower to pay eligible non-deferrable expenses. For a full list of eligible non-deferrable expenses, please refer to the CEBA application. To apply through WFCU Credit Union, the Borrower must have an active business chequing/operating account with WFCU 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 WFCU Credit Union by 90 days or more as at March 1, 2020.
  3. The Borrower has not previously used the CEBA program or the COVID Indigenous SMEs Initiative and will not apply for support under the CEBA program at more than one financial institution or for support under the COVID Indigenous SMEs Initiative.
  4. The Borrower:
    • is not a government organization or body, or an entity owned by a government organization or body;
    • is not a non-profit organization, registered charity, union, or a fraternal benefit society or order, or an entity owned by such an organization, 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;
    • is not an entity owned by any Federal Member of the Parliament of Canada or Senator of the Parliament of Canada; and
    • 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.
  5. 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.

My business requires the consent of more than 1 Director or Officer to bind my organization. Can I still apply?

Your application requires that your organization can enter into the Canada Emergency Business Account loan agreement with the consent and authorization of only 1 signing officer. We can’t accept multiple signatures. We recommend in this case that your organization prepare and approve a resolution that allows the signing officer applying for this loan to be given the special authority to attest on behalf of, and individually, bind the organization to the terms of the loan agreement.

I run my sole proprietor business using my WFCU Credit Union personal chequing account. Can I still apply?

No. Use of a personal chequing account isn’t permitted when operating in the name of a business. The federal government has announced a number of relief measures to support individuals as sole proprietors. More information please visit the Government of Canada’s COVID-19 Economic Response Plan site.

I have an existing WFCU operating line of credit, can I enroll in the Canada Emergency Business Account?

Yes, you can still participate in the enrollment process if you are current borrower of other WFCU lending solutions.

I am currently benefiting from other WFCU COVID-19 relief offering for my business. Am I still able to participate in the Canada Emergency Business Account?

Yes. You are still able to participate in the Canada Emergency Business Account if you are receiving financial relief in response to COVID-19 through WFCU.

If I have multiple businesses can I enroll each business for the Canada Emergency Business Account?

Yes, you are able to enroll each separate business entity for the Canada Emergency Business Account. Each business must individually meet the eligibility requirements.

What if I run more than one business or have multiple 9-digit business numbers under the same legal entity?

Qualifying Legal Businesses entities are only eligible for one CEBA loan.

Enrollment Process

What information will be required when applying for the loan?

For businesses with total employment income greater than $20,000 and less than $1,500,000, you will need:

  • Your 2019 T4 Summary of Remuneration Paid statement. You can also contact the Canada Revenue Agency to have them re-issue your 2019 statement.
  • Your CRA Business Payroll Number (BN) (15 digits), which has the format XXXXXXXXXRPXXXX.

For businesses with total employment income of $20,000 or less, or with no employment income paid in 2019 you will need:

  • Your CRA Business Number (BN) (9 digits)
  • For incorporated businesses, a copy of your 2018 or 2019 T2.
  • For all other unincorporated businesses, a copy of your 2018 or 2019 T1.
  • Proof of eligible non-deferrable expenses that you were or are contractually obligated to pay in 2020 (e.g. a copy of the lease with the Borrower’s landlord for the year 2020, copies of material contracts, etc.).

In addition, you:

  • 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.
  • Must be a current WFCU Credit Union business member with an active business operating account. WFCU Credit Union must be your primary financial institution and your account must have been opened prior to March 1, 2020.
  • Must apply for the Canada Emergency Business Account only from your primary financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.

How do I apply?

You can apply for the CEBA benefit through our online application. If there are errors, try using Chrome, Firefox or Safari; application may not open in Internet Explorer or Edge.

If you have any questions or require additional information please contact your WFCU Credit Union Commercial Account Manager or our Member Contact Centre at 519.974.WFCU (9328).

I haven’t received or can’t locate my 2019 T4SUM Summary of Remuneration Paid. How do I apply?

Contact the Canada Revenue Agency to have them reissue your 2019 T4SUM Summary of Remuneration Paid.

I’m not registered for WFCU’s online banking. How do I sign up?

We recommend that our members sign up for online banking to facilitate quicker transfer of fund between accounts. To register for online banking please contact our Member Contact Centre at 519.974.3100 and a representative would be happy to assist in getting you signed up today.

I have accounts at multiple financial institutions. How do I determine where to apply?

Your business’s primary financial institution is the one where your business does its day-to-day banking, including employee payroll, supplier payments and collection of receivables. If WFCU Credit Union is not where your business conducts its day-to-day banking, apply through the financial institution that holds your primary business operating account. Only businesses with an active business chequing / operating account with WFCU Credit Union which is its primary financial institution and was opened on or prior to March 1, 2020 are eligible to apply for CEBA through WFCU Credit Union.

Personal accounts are not eligible for the CEBA program.

What if I run my business out of a Business Savings account?

Only active business chequing accounts opened and in good standing as of March 1,2020 are eligible for the CEBA program.  Busines savings and Personal Savings accounts are not eligible for the CEBA program.

What if WFCU Credit Union doesn't hold my daily operating account?

If you have products with WFCU Credit Union, but your daily operating account is with another financial institution, you must apply through that financial institution.

I just moved my daily operating account to WFCU Credit Union, do I qualify?

If your daily operating account has been with WFCU Credit Union since March 1, 2020, you can apply with WFCU Credit Union.

Loan Terms

I have applied for CEBA online. How many days until I will see the funds?

Review of your application may take up to 20 business days. If deemed eligible, you will receive no further communication, and the funds will be deposited directly into the account that you provided on the application, subject to the ongoing availability of government funding under the CEBA program.

For businesses with total employment income of $20,000 or less, in order for your application to be reviewed you must also complete the EDC document upload process at https://application-demande.ceba-cuec.ca/

If the 20 business days have passed, please email commercialmanagers@wfcu.ca to find out the status of your loan request.

What types of fees or interest will be charged?

If deemed eligible, you will receive a $40,000 non-revolving term loan with the proceeds being deposited within approximately five business days directly into your business’s primary operating account.

No interest applies until January 1, 2023.

Commencing on January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

If you pay 75% of the balance of the term loan (as at December 31, 2020), 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 December 31, 2020 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

If you do not repay 75% of the balance of the term loan (as at December 31, 2020) 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.

When am I required to start repaying the loan?

You can begin repaying your loan in part or in full at any time.

However, repayment is not required until December 31, 2025 at which time the entire loan and all accrued and unpaid interest is due.

WFCU Credit Union Business Member Support

Why was my application declined?

This may have occurred for several reasons, including but not limited to the below:

  1. Invalid Business Information, such as Branch Number or Business Account Number
  2. Ineligible T4 Summary Information
  3. Invalid or duplicate 9 Digit Business Number
  4. Ineligible account type (e.g. personal accounts, savings accounts, or accounts opened after March 1, 2020)
  5. Duplicate applications for the same Legal Business Entity
  6. Failed document upload validation
  7. Invalid tax filing information
  8. Invalid operating income
  • If you believe that you are eligible for CEBA, please consider reapplying and confirm that the information you previously provided is valid and accurate.
  • All decisions are based on the eligibility criteria for the CEBA program, which is defined by the Government of Canada, WFCU Credit Union and EDC do not have the authority to grant exceptions.
  • For requests requiring document upload on the EDC web application, decisions are made directly by the Government of Canada and WFCU Credit Union does not have information regarding specific information or uploaded documents provided in the EDC application.

I believe my application should have been eligible. What should I do?

If your application was declined and you would like to discuss alternative options for your business please email our Small Business and Commercial team at commercialmanagers@wfcu.ca  More information on eligibility criteria can be found at www.CEBA-CUEC.ca.

What other types of expenses are considered to calculate Eligible Non-Deferrable Expenses?

  • Eligible Non-Deferrable Expenses include the following:
    • Wages / Employment to Third Parties,
    • Rent / Lease – Real Estate,
    • Rent / Lease – Capital Equipment,
    • Insurance,
    • Property Taxes,
    • Telephone,
    • Utility – Gas, Oil, Electricity, Water, and Internet
    • Loans, Mortgages, Lines of Credit,
    • Independent Contractor Fees,
    • License Fees, and
    • Authorization / Permission Fees
  • Please refer to government resources for additional information on Eligible Non-Deferrable Expenses:

My business requires more financial assistance than is provided through the Canada Emergency Business Account loan. Can you help?

We are committed to helping our business members navigate financially through COVID-19.

Members who are experiencing financial difficulties due to COVID-19 may be eligible for financial relief, including up to six-months payment deferral for residential mortgages and loans as well as the opportunity for relief on other credit products.

This relief is reviewed on a case by case basis. Members are encouraged to call our Member Contact Centre at 519. 974.WFCU (9328).

How can I complete my business banking remotely?

WFCU Credit Union business members can access their accounts and complete their business banking using any of our live drive-thru banking, digital or telephone banking, or ATM network services.

If you have any questions please reach out to our Member Contact Centre
at 519.974.WFCU (9328) or toll-free at 1.866.500.WFCU (9328).