COVID-19 – Support for Businesses

Dodsland and District Credit Union’s small business and non-profit members may now be eligible to receive an interest-free loan of $60,000 through the federal government’s Canada Emergency Business Account (CEBA).

This will help better position these members to quickly return to providing services to their communities and creating employment.

What is it?

The Canada Emergency Business Account provides an interest-free, government-guaranteed loan of $60,000 to help you pay for operating costs that you are not able to defer as a result of COVID-19.

Repaying the loan on or before December 31, 2022 will result in loan forgiveness of up to $20,000. For example, if you borrow $60,000, pay back $40,000 prior to December 31, 2022, the Gov’t will forgive you from repaying the final $20,000. If you do not pay back the $40,000 in full by December 31, 2022, the full balance will be converted into a 3-year term with an interest rate of 5% and the $20,000 will not be forgiven.

How does it work?

Businesses are eligible for CEBA funding through Dodsland and District Credit Union if:

  • They are a Canadian operating company (ie. not a holding company) registered and in operation on or before March 1, 2020.
  • Have an annual payroll expense between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Remuneration Paid (T4SUM). If you cannot locate your T4SUM, contact Revenue Canada for reissue.
  • Have a 15-digit Canada Revenue Agency Number — also shown on your T4SUM.
  • In addition to your T4SUM, you will also need your business chequing account number. A blank cheque or your statement will have this information.
  • Dodsland and District Credit Union is your primary financial institution.
  • Your account is in good standing as an existing member.
  • You acknowledge your intention to continue to operate your business or to resume operations.

The funds from this loan can only be used by the borrower to pay non-deferrable operating expenses of your business, including:

  • Payroll
  • Rent
  • Utilities
  • Insurance
  • Property Tax
  • Regularly scheduled debt service

The funds 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.



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