We've merged effective January 1, 2020 and while this website may still bear the name and logo of Westminster Savings Credit Union, we are in the process of revising all print and digital materials to bear the name of the new legal entity - Prospera Credit Union. We appreciate your patience during this transitional period.

Canadian Emergency Business Account


Applications for the CEBA program end on March 31, 2021.

Canada Emergency Business Account (CEBA)

December 4, 2020 Update: The Government of Canada has expanded the Canada Emergency Business Account (CEBA) program in order to provide additional support to Canadian businesses impacted by the pandemic.

As of December 4, 2020, new applicants may apply for a $60,000 loan, while previously approved applicants may apply for the $20,000 expansion.

The deadline to apply for CEBA is March 31, 2021 and applicants must meet the Government of Canada’s eligibility criteria, as outlined online. If you have already applied for a CEBA loan and have questions, please contact the CEBA Call Centre at 1.888.324.4201 for a status of your application. The Call Centre is open Monday to Friday from 5:00 am to 6:00 pm Pacific Time.




Prospera Credit Union is committed to supporting our business members through this difficult time. We are pleased to announce that we are now accepting applications for the federal government’s Canada Emergency Business Account (CEBA).

CEBA is a government-guaranteed loan of up to $60,000, interest-free until December 31, 2022, for qualifying businesses and non-profits that have been affected by COVID-19 to help them cover non-deferrable operating costs.

Program criteria:

  • The loan will remain interest-free until December 31, 2022.
  • Loan forgiveness will be as follows:
    • If you borrowed $40,000 or less, if at least 75% of the loan is repaid by December 31, 2022, the remaining 25 per cent (up to $10,000) may be forgiven.
    • If you borrowed more than $40,000 and up to $60,000 and repay the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:
      • 25 percent on the first $40,000; plus
      • 50 percent on amounts above $40,000 and up to $60,000.For clarity, the portion of forgiveness based on a rate of 25% and the portion of forgiveness based on a rate of 50% are combined into a single tranche of forgiveness, which is only available if all other amounts outstanding are repaid by December 31, 2022. For example, if $60,000 is borrowed, no forgiveness is available unless $40,000 is repaid. For more examples, please refer to the FAQs under “What are the terms of forgiveness?”.
  • If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year term loan at 5 per cent interest.

Program eligibility:

  • As of October 26, 2020, businesses eligible for CEBA now include:
    • Owner-operated small businesses that do not have a payroll;
    • Sole proprietors receiving business income directly;
    • Family-owned corporations remunerating in the form of dividends rather than payroll.
    • Must have an existing business account in good standing at Prospera Credit Union at time of application.
  • Must be a Canadian business in operation as of March 1, 2020.
    • 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;
    • 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.
  • Must have a federal tax registration and a CRA Business Number (BN).
  • Must have filed tax return(s) with CRA for 2019 and/or 2018
  • The eligibility criteria has expanded and there will be two CEBA qualification routes:
    • Via Payroll:
      Total employment income paid in the 2019 calendar year must be between Cdn. $20,000 and Cdn.$1,500,000, as being the sum of all employment income paid reported in box 14 of its 2019 T4SUM statement and all employment income reported in box 71 of T4 statements issued to all of its employees for 2019.
      • For additional clarity, where a Qualifying Borrower has more than one CRA Payroll Program Account, and therefore more than one T4SUM statement, it is the sum of the employment income paid reported in box 14 of all of the Qualifying Borrower’s 2019 T4SUM statements that is compared against the range of between Cdn.$20,000 and Cdn.$1,500,000.
    • Via Non-Deferrable Expenses:
      If your 2019 total employment income paid is less than $20,000, you must have eligible non-deferrable expenses for 2020 between $40,000 and $1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities and insurance. You will need to provide supporting documentation of bills / invoices / agreements that prove greater than $40,000 in 2020 Eligible Non-Deferrable Expenses by uploading to the EDC portal during the application.
  • To qualify and apply for CEBA you will need one of two Business Numbers (BN):
    • Via Payroll: Must have a 15-digit Canada Revenue Agency Business Number (BN), as reported at the top of your 2019 T4 summary of Remuneration Paid (T4SUM).
    • Via Non-Deferrable Expenses: Must have a 9-digit Canada Revenue Agency Business Number (BN) normally used to identify your business.
  • You must not have applied for CEBA at another financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.
  • Per requirements of the program, as set out by the federal government, funds from the loan must be used to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, property tax and regularly scheduled debt service.
  • Any person applying for the CEBA loan on behalf of an organization must have the authority to attest on behalf of that organization and bind the organization to the terms of the CEBA loan agreement.

How to apply (Desktop Only)

We are accepting applications through Business Online Banking. Click here to apply for a new CEBA loan. If you are looking to apply for the $20,000 expansion, click here. A Prospera business account is required to submit your application.

  1. Login to Business Online Banking
  2. Click on account services (left side navigation)
  3. Click on Apply for the Canada Emergency Business Account
  4. Fill out the form and Submit

What to expect after submitting application

  1. An employee will contact you regarding your application once submitted
  2. Qualifying applications will be required to electronically sign loan documentation and attestation
  3. The entire process from application to processing to funding can take between 10 to 15 business days

Frequently Asked Questions

Are there rules around what the CEBA funds can be used for? Expand/Collapse

As set out by the Government of Canada, the loan proceeds can only be used to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service. It may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

Can I enrol for CEBA at more than one financial institution? Expand/Collapse

No. Business members must only apply at their primary financial institution where they have an existing business chequing account. Applying at more than one financial institution may result in ineligibility under the program.

I have applied for the CEBA online. What now? Expand/Collapse

Submitted applications can take approximately 24 to 48 hours to process. Business accounts that meet the eligibility criteria can expect to have the funds deposited to their business chequing within 5 to 10 business days.

What if I own multiple businesses? Expand/Collapse

Each business must meet the Government eligibility requirements and must have an active business operating account with Prospera Credit Union.

What if I haven’t submitted/received a T4 summary? Expand/Collapse

At this time, you would not be eligible for this program. If you have not received it or have lost it, please contact the Canada Revenue Agency to have them reissue your 2019 T4 summary of remuneration paid (T4SUM)

What if I have accounts at multiple financial institutions. How do I determine where to apply? Expand/Collapse

You should be submitting your application at your primary financial institutions. This generally means the account where you conduct the majority of your day-to-day banking, including employee payroll, supplier payments and collection of receivables.

What if I don’t have a business account? Expand/Collapse

Businesses that choose to operate through a personal bank account are permitted to apply for CEBA, provided that they meet other eligibility criteria. You will need to open a business account to submit the application.

What if am not set up with Business Online Banking? Expand/Collapse

Contact the Member Service Centre at 604-517-0100 or your Business Relationship Manager for assistance.

What if I don’t see the CEBA application in online banking? Expand/Collapse

Contact the Member Service Centre at 604-517-0100 or your Business Relationship Manager for assistance.

What if am not set up with Business Online Banking? Expand/Collapse

If you don’t have Business Online Banking, please call our Member Service Centre 604-517-0100.

What if I don’t see the CEBA application in online banking? Expand/Collapse

The CEBA application form is only available on Business Online Banking and Online Banking for Small Business. It is not available through Business Express Internet banking (BEI). If you do not have Business Online Banking, please call our Member Service Centre 604-517-0100.

I've heard that the government allocation has been used up and that it is now too late to apply through Prospera/WSCU. Is this true? Expand/Collapse

No, this is not true. Each financial institution has received their own allocation of funds to loan out under this program

If I am not approved through WSCU, should I contact EDC or WSCU to seek an exception? Expand/Collapse

No, neither EDC or Westminster Savings are able to facilitate exceptions. Eligibility requirements for CEBA have been established by the Government of Canada, and they apply to all applicants regardless of which financial institution is the government’s partner for the loan.

I already repaid my original CEBA loan. May I apply for the $20,000 expansion? Expand/Collapse

Yes, you may apply for the $20,000 expansion at the financial institution that provided you with your original CEBA loan.

Do I need to submit a new application for the $20,000 expansion? Expand/Collapse

Yes, you will need to submit a new application and attestation to the financial institution that provided you with your original CEBA loan. You will not need to resubmit your original application, or re-upload expense documents.

What are the terms of forgiveness? Expand/Collapse

  • If you borrowed $40,000 or less:
    Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

    Example 1:
    Maximum Amount Borrowed: $40,000
    Amount Repaid By December 31, 2022: $30,000
    Available Forgiveness: $10,000

    Example 2:
    Maximum Amount Borrowed: $20,000
    Amount Repaid By December 31, 2022: $15,000
    Available Forgiveness: $5,000

    Example 3: Maximum Amount Borrowed: $40,000
    Amount Repaid By December 31, 2022: $25,000
    Available Forgiveness: $0

    If you borrowed more than $40,000 and up to $60,000:
    If you received a $40,000 loan and subsequently received the $20,000 expansion, the terms of your forgiveness have changed and are described here.
    Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:

    • 25 percent on the first $40,000; plus
    • 50 percent on amounts above $40,000 and up to $60,000.

    For clarity, the portion of forgiveness based on a rate of 25% and the portion of forgiveness based on a rate of 50% are combined into a single tranche of forgiveness, which is only available if all other amounts outstanding are repaid by December 31, 2022. For example, if $60,000 is borrowed, no forgiveness is available unless $40,000 is repaid.

    Example 4:
    Maximum Amount Borrowed: $60,000
    Amount Repaid By December 31, 2022: $40,000
    Available Forgiveness: $20,000 ($40,000 x 25% + $20,000 x 50%)

    Example 5:
    Maximum Amount Borrowed: $50,000
    Amount Repaid By December 31, 2022: $35,000
    Available Forgiveness: $15,000 ($40,000 x 25% + $10,000 x 50%)

    Example 6:
    Maximum Amount Borrowed: $60,000
    Amount Repaid By December 31, 2022: $35,000
    Available Forgiveness: $0

    If you fully repaid your original $40,000 loan, claimed forgiveness, and thereafter received the $20,000 expansion:

    Repaying the outstanding balance of the $20,000 expansion (other than the amount available to be forgiven) on or before December 31, 2022 will result in loan forgiveness of 50 percent (up to $10,000).

    Example 7:
    Maximum amount Borrowed: $20,000
    Amount Repaid By December 31, 2022: $10,000
    Available Forgiveness: $10,000

    Example 8:
    Maximum amount Borrowed: $20,000
    Amount Repaid By December 31, 2022: $8,000
    Available Forgiveness: $0


Contact Us

Please contact us directly for any questions or concerns:

Contact us online

Call 604-517-0100 or toll-free at 1-877-506-0100.

Visit a branch near you.