COVID-19 Business Resources

Canada Emergency Business Account (CEBA)

The CEBA Expansion is now available, for details on how to apply see below.

If you're a Kootenay Savings member who has operated a business through the COVID-19 pandemic and needs emergency support, we can help.

The CEBA program now provides a loan of up to $60,000 to eligible small businesses, including many owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly and not-for-profit members. This federal program is designed to help cover operating costs for businesses during a period where their revenues have been temporarily reduced due to the pandemic.

  • 0% interest until December 31, 2022
  • No monthly payment required until December 31, 2022
  • Repayments can be made any time between November 1, 2022 and December 31, 2022
  • Up to $20,000 loan forgiveness provided the outstanding balance is paid on or before December 31, 2022
    1. Please check the FAQ titled "What are the rules around loan forgiveness?"
Kootenay Savings members apply through Online Banking using the links below.

Not set up for Online Banking? Call our Member Service Centre at 1.800.665.5728 to get started.

If you have already received a CEBA loan and are applying for the additional $20,000:

If you have not applied for CEBA before:

  • Check to see if you should apply by completing the CEBA Prescreen Tool.
  • If you pass the Pre-screen, keep a copy of your confirmation number and apply online (see link below)
  • If your business paid $20,000 or less in total employment income in the 2019 calendar year; remember to upload electronic copies of your receipts, invoices, expenses, and agreements showing the total incurred and projected Eligible Non-Deferrable Expenses legally or contractually obligated to pay in the 2020 calendar year.  These documents can be uploaded through the online CEBA application.
  • See CEBA Document Upload Instructions Guide here

Questions?  Check out our FAQs below or call the government CEBA Call Centre at 1.888.324.4201, Monday to Friday from 5AM to 6PM PST.

For program updates and more information visit

Note: It may take up to 15 business days to process your application.

CEBA Qualifying Criteria

What is the CEBA program?

Originally launched on April 9, 2020, CEBA is intended to support businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens.

This multi billion dollar program provides interest-free loans of up to $60,000 to small businesses.

Business owners can apply for support from the Canada Emergency Business Account through their primary financial institution.


CEBA Qualifying Criteria

Please NOTE:  Accuracy of the member’s signed attestation will be subject to verification and audit by the Government of Canada.

CEBA Qualifying Criteria for First-time Applicants 

There are 2 possible streams to apply through:

1. Payroll Stream
2. Non-deferrable Expense Stream

Qualifying criteria specific to each are:

  1. Payroll Stream: 2019 taxes filed and T4 slips showing that total employment income was greater than $20,000 and less than $1,500,000
  2. Non-deferrable Expense Stream: 2018 or 2019 taxes filed, and proof of eligible non-deferrable expenses between $40,000 and $1,500,000 incurred or to be incurred in 2020 that can be electronically uploaded to an online portal. Eligible non-deferrable expenses are listed in a FAQ below.

In addition, the following criteria applies to both streams:

  1. The business was in operation, in Canada, on March 1, 2020
  2. The business had an active CRA Business Number on March 1, 2020
  3. An active business chequing (operating) account is held with Kootenay Savings prior to applying for the CEBA loan
  4. Other loans at Kootenay Savings are not in arrears by 90 days or more, or you are not currently under legal action with Kootenay Savings when applying for the CEBA loan
  5. The business has not previously used the CEBA program and will not apply for support under the program at any other financial institution
  6. The business acknowledges its intention to continue to operate its business or to resume operations
  7. The borrower agrees that the loan funds will be used to pay for operating expenses that cannot be deferred, such as payroll, rent, utilities, insurance, debt payments and property tax

Qualifying Criteria for the CEBA expansion loan (additional $20,000) 

  1. You must already have applied for and received a CEBA loan
  2. You can attest to the following in your expansion application:
  • Your business is facing ongoing hardship, such as a continuing decline in revenue or cash reserves, or an increase in operating costs, as a result of the COVID-19 pandemic.
  • You intend to continue to operate your business or to resume operations.
  • In response to the COVID-19 pandemic, you have made all reasonable efforts to reduce your costs and otherwise adapt your business in order to improve its viability.


Who is EDC? Expand/Collapse

Export Development Canada is a Crown Corporation that is facilitating the CEBA program development and implementation between the Government of Canada and financial institutions all across the country.

What can I use the funds for? Expand/Collapse

Funds must be used to fund working capital needs and may not be held in a savings account or term deposit.

The loan is to be used to fund non-deferrable expenses.  A separate FAQ below lists all Eligible Non-Deferrable Expenses.

What documentation do you require from me to prove my business paid between $20,000 and $1.5 million in payroll in 2019? Expand/Collapse

A copy of your T4 summary is required. The T4 summary form indicates your payroll expense for the 2019 calendar year and your employer account number with Canada Revenue Agency.

What are the Eligible Non-Deferrable Expense categories? Expand/Collapse

The Eligible Non-Deferrable Expense categories are:

  • Wages and other employment expenses to independent (arm's length) third parties
  • Rent or lease payments for real estate used for business purposes
  • Rent or lease payments for capital equipment used for business purposes
  • Payments incurred for insurance related costs
  • Payments incurred for property taxes
  • Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet
  • Payments for regularly scheduled debt service
  • Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business by the Borrower
  • Payments incurred for materials consumed to produce a product ordinarily offered for sale by the Borrower

Note that the following examples are NOT Eligible Non-Deferrable Expenses and you may not use the CEBA loan to pay such expenses (examples are not exhaustive but are provided to help guide you):

  • Any other payments or expenses such as prepayment/refinancing of existing indebtedness
  • Payments of dividends, distrubutions, increases in management compensation
  • Increases of the compensation of related parties

My business is closed due to COVID-19. Can I still apply? Expand/Collapse

Yes, provided that you have an active business operating account at KSCU. If your business is currently closed, you must plan to re-open as soon as possible with the help of the funds from the CEBA program.

What are the payment terms? Expand/Collapse

There is no prescribed minimum payment amount (principal or interest) or payment schedule from the Date of Loan Advance to December 31, 2022 (the “Initial Term”).   

If you repay a specified Principal Amount on or prior to the end of the Initial Term, a forgiveness amount will be applied to your loan (see FAQ regarding loan forgiveness below). The earliest date that you can being repaying principal at KSCU is November 1, 2022.

If you do not repay the specified Principal Amount on or before December 31, 2022, your loan will be extended and you will be obligated to repay your full balance by December 31, 2025. During this time you are obligated to make monthly minimum interest payments, on the outstanding Principal Amount, at the Extension Fixed Rate of 5%.  Your first minimum interest payment is due January 31, 2023.  Your payment frequency is monthly. There is no prescribed minimum Principal Amount payment during the Extension Period.  You may make Principal Amount payments at the time of your discretion.  You must fully repay the Loan Amount plus any accrued interest on or before the Balance Due Date.

What are the rules around loan forgiveness? Expand/Collapse

Repaying the outstanding balance of the loan (other than the amount available to be forgiven) between November 1, 2022 and December 31, 2022 will result in loan forgiveness up to $20,000. The loan forgiveness amount is dependent on how much you borrowed in total.

Please note: If you received both an original loan and an expansion loan, the terms of forgiveness have changed.

The forgiveness calculation is now applied to the total loan amount. If at least 75% is repaid on the first $40,000 AND at least 50% is repaid on the next $20,000, a portion of the loan will be forgiven as follows:

  • 25% on the first $40,000; plus:
  • 50% on the next $20,000.
For clarity please see the following examples:

Example 1:
Initial Amount Borrowed: $40,000 + $20,000 expansion = $60,000.
Required Repayment by December 31, 2022 (in order to qualify for forgiveness: $40,000.
Forgiveness Calculation: = ($40,000 x 25%) + ($20,000 x 50%)

Example 2:       
Initial Amount Borrowed: $35,000 + $20,000 expansion = $55,000
Required Repayment by December 31, 2022 (in order to qualify for forgiveness): $37,500.
Forgiveness Calculation: =($40,000 x 25% + ($15,000 x 50%)

Example 3:       
Initial Amount Borrowed: $30,000 + $20,000 = $50,000
Required Repayment by December 31, 2022 (in order to qualify for forgiveness): $35,000.
Forgiveness Calcuation: =($40,000 x 25%) + ($10,000 x  50%)

Example 4:       
Initial Amount Borrowed: $20,000 + $20,000 expansion = $40,000
Required Repayment by December 31, 2022 (in order to qualify for forgiveness: $30,000.
Forgiveness Calculation: =($40,000 x 25%)

Example 5
Initial Amount Borrowed: $15,000 + $20,000 expansion = $35,000
Required Repayment by December 31, 2000 (in order to qualify for forgiveness): $26,250.
Forgiveness Calculation: =($35,000 x 25%)

Example 6
Amount borrowed: $60,000
Required Repayment by December 31, 2022 (in order to qualify for forgiveness): $40,000
Forgiveness Calculation: =($40,000 x 25%) + ($20,000 x 50%)

Example 7
Amount borrowed: $60,000
Required Repayment by December 31, 2022 (in order to qualify for forgiveness): $26,250
Forgiveness Calculation: =($35,000 x 25%)
                                    = $8750

How is the loan distributed? Expand/Collapse

The loan will be deposited into your account after is approved by the federal government.

How long will it take for the funds to be deposited to my account? Expand/Collapse

Your application will be reviewed for eligibility and submitted to the Federal Government for approval and funding. Once the loan application docs have been signed with your KS Commercial Lender, we expect it to take approximately 10-15 business days for the loan to be funded.

I am a Non-Deferrable Expense applicant and my application hasn't been approved because of document upload issues. What can I do? Expand/Collapse

In order to determine which document(s) are causing the issue, you have the following options:

  1. Online Self Serve – use the website
  2. Call the CEBA Contact Center (Monday to Friday: 5am-6pm PST): 1-888-324-4201

Can I make payments on the loan or pay it off earlier than required? Expand/Collapse

Payments to the loan (in whole or in part) cannot be made until November 1, 2022.

The 0.00% interest period on loans under the CEBA program lasts until December 31, 2022 and there are no costs to the member in order to hold the funds until that date.

Can I apply a second time if I decide at a later date that I need more money from the CEBA program? Expand/Collapse

If you applied for your initial CEBA loan prior to December 11 at KSCU you would have received a loan worth a maximum of $40,000.  In this case, on December 11 you could submit a second application for an expansion loan worth $20,000 at KSCU.

If you applied for your initial CEBA loan on or after December 11 at KSCU you would have received a loan worth $60,000.  This is the only application you are currently eligible for under the CEBA program.

I would like to close out my Kootenay Savings account and pay out my CEBA Loan. Expand/Collapse

Unfortunately we cannot pay out a CEBA loan until November 1, 2022. We must leave your share account, chequing account and CEBA loan active until that time.

I am a sole proprietor and only have a personal chequing account. Can I still apply? Expand/Collapse

Yes. Application for the Canada Emergency Business Account can be done by any member with an active business operating account

This means that members who have been operating under a personal account can transition to a business account and apply for the CEBA loan.

I already have a line of credit through Kootenay Savings, can I apply for the CEBA program? Expand/Collapse

Yes. Whether or not you have an existing operating Line of Credit is immaterial to your eligibility for the CEBA loan program.

I received other financial relief offerings through Kootenay Savings. Can I also apply for the CEBA program through Kootenay Savings? Expand/Collapse

Yes, provided your business meets the eligibity requirements set out in the CEBA program.

I have multiple businesses. Can I enroll each business for a CEBA loan? Expand/Collapse

Yes, each business entity may enroll for a CEBA loan provided that:

  • They are separate entities and Kootenay Savings (KS) is their primary financial institution.
  • Each business must have an active business account at the time of their attestation.
  • Each business must meet the eligibility criteria.
  • The businesses must be independent from one another and have their own CRA Payroll or Business Number. They must have separate operations, separate sources of revenue and cannot be economically dependent on one another.

I applied for a $40,000 CEBA loan before the $60,000 CEBA loan availabilty was announced. Can I cancel my existing $40,000 loan application and reapply for a $60,000 loan instead? Expand/Collapse

We recommend you not doing this and instead continue to follow through with your existing application.

Choosing to cancel the $40,000 CEBA loan application will reset expense document adjudication timelines at the EDC, adding additional processing time. Once your first application receives an approved status, you can apply for the expansion loan

Can I apply for less than $20,000 for my expansion loan? Expand/Collapse

No. The $20,000 CEBA expansion loan is only available as a single $20,000 advance

Will I automatically get approved for the $20,000 expansion if I have successfully received a previous CEBA loan, or is there a chance I will get declined? Expand/Collapse

Members who previously received a CEBA loan of $40,000 or less must apply separately for the $20,000 CEBA expansion. In instances where additional information is needed from the member or KSCU relating to the member’s original loan application, or if post-funding validations identified a discrepancy between the member’s original loan application and CRA records, their expansion loan application may be declined. Depending on the reason for decline, the member may or may not be able to remedy their application.

What are the pre-funding validations and post-funding validations? Expand/Collapse

In the effort to get CEBA funds out to small businesses as quickly as possible the first set of checks, called pre-funding validations, were completed by the Government and CRA. After loans were funded, further checks were completed, and are called post-funding validations. Any post-funding validation issues will be addressed in 2021.

What happens if my original loan received a post funding validation causing my expansion loan to be declined? Expand/Collapse

Rest assured there are only a small number of loans with post-funding validation anomalies, and EDC is currently working on a remediation process that will help address most of these issues. The remediation process is expected to be developed and ready for implementation by the end of January 2021. If you received a decline on your expansion loan, we will get in touch with you at that time, when the process has been fully developed.

Will my loan be audited? Expand/Collapse

CEBA applicants agree that the government may conduct audits to confirm the nature of the expenses applicants use to establish their eligibility for CEBA, and acknowledge that inaccuracies may lead to legal consequences.

We're Here to Help

If you don't qualify for CEBA, we can help.

We're dedicated to working with members to provide flexible solutions through hardships caused by these unusual circumstances.

Business members, please call 1.800.665.5728, select option 5 and follow the prompts to speak with a commercial lender. All other members please select option 4 to speak with a Kootenay Savings representative.

Our goal is to provide peace of mind knowing you can continue to support yourself and your family through these difficult times.

Other Support Programs

In addition to the Government’s Canada Emergency Business Account program there are many other relief programs available to support businesses impacted by COVID-19. 

To view available resources and up-to-date information, please click the links below:

  • COVID-19 Supports for Businesses – BC Government site - for resources and an extensive list of available support programs
  • Support for Business - Government of Canada site - to learn more about available Government support programs and apply (if applicable)