Business

Canadian Emergency Business Account (CEBA) Information Expand/Collapse

JUNE 22nd, 2020 UPDATE:

The government previously announced that the expanded Canada Emergency Business Account (CEBA) program would launch on June 19th. Unfortunately, there will be a slight delay in the roll out of the application process for the expanded program, in order to ensure that the program’s IT infrastructure is safe and secure for the businesses it serves. The government recognizes there is a pressing need for this kind of support, and is working hard with YNCU and other Canadian financial institutions to launch the expanded CEBA.



JUNE 19th, 2020 UPDATE:

As of June 19th, the Government has announced that they will be expanding the CEBA program to include eligible sole proprietors and partnerships. The exact availability date of the expanded eligibility program is not yet known. Based on information released to date, YNCU expects to be positioned to accept applications within 3-4 business weeks.  In the meantime, please forward your information (name, email address and phone number) to ceba@yncu.com and we will email you as soon as this is available, along with instructions for application. 

While awaiting this program, we recommend you collect the following information as it will be required at the time of application

Once the expanded eligibility criteria become effective, you will need three main pieces of information to complete the application:

  • Your 9-digit business number (same number you used in your application); and

  • Electronic or paper copies of Receipts / Invoices / Agreements to be uploaded as evidence of your 2020 Eligible Non-Deferrable Expenses.

Please note if you are an incorporation applying for CEBA under the original program eligibility parameters, please apply through YNCU Online Banking (more information below).

CEBA – ORIGINAL PROGRAM ELIGIBILITY

To apply for CEBA, it’s as simple as signing in to your Online Banking, clicking Account Services, and applying from there.

In order to ensure we are able to process your application as quickly as possible, we recommend that you collect/ensure you have the following information and meet all criteria below:

  • YNCU is your primary financial institution for business banking.

  • Your business has access to Online Banking at YNCU (all applications must be done through this channel).

  • If you are applying for CEBA for more than one business, ensure the unique BN# (the unique 15 digit number containing the letters RP) is referenced where required on the application – any duplicate BN#s will be rejected.

  • Your YNCU business deposit account was open before March 1, 2020, and is active and in good standing.

  • Your organization was registered and operational on or before March 1, 2020.

  • Your organization’s 2019 T4 Summary of Remuneration payroll expenses (Box 14) was between $20,000 and $1,500,000. Please have your T4 Summary available for confirmation.

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