Canada Emergency Business Account

COVID-19 Business Relief Funding

While a number of financial supports have been developed for businesses impacted by the COVID-19 pandemic, a primary program of interest is the Federal Government’s “Canada Emergency Business Account”.

Up to $40,000 Interest Free

This program offers business owners to chance to borrow $40,000 interest free, with the potential to have $10,000 of the debt forgiven – both subject to the amount being repaid in full by the end of 2022.


Applications are now open, and can be done through your online business banking account >

If you do not have access to online banking, please contact us by email info@gfcu.com to start your application.

CEBA Eligibility Criteria: (subject to change) Expand/Collapse


  • Both Businesses and Not-for-profits will be able to apply to this program.

  • Organization must have been operating and registered in Canada on or before March 1, 2020.

  • Organization’s annual payroll must fall between $20,000 and $1.5 million. (Valid T4SUM required for proof)

  • Organization must conduct their primary business banking with gfcu. (Business banking relationship established on or before March 1, 2020)

  • Organization must be in good standing.

  • We must have all requested contact information on file.

CEBA Loan Terms Expand/Collapse

If you have already received funding from, or are planning to apply to, the Canada Emergency Business Account, the following terms will universally apply to your application. For further information, please visit the Government of Canada's resource page for more information.

  • The borrower must remain able to present a valid “T4SUM” if requested through audit by the Government of Canada or any of its agents.
  • The borrower shall use the funds provided for non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service,
  • The borrower shall not and will not use any of the CEBA funds to pay for expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.
  • The Borrower must maintain the active business operating account with gfcu, from which the funding was received.
  • The Borrow must not apply for this more CEBA funding from a different financial institution.
  • The Borrower agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents.
  • The Borrower intends to continue to operate or to resume its operations.
  • Application processing and funding may take up to five business days from the date of submission. Upon approval, you will be contacted by gfcu with further detail.
  • The loan is interest-free for its initial term. If $30,000 is repaid on or before Dec 31, 2022, no interest will be charged on the CEBA funds, and 25% ($10,000) of the loan is eligible for complete forgiveness.
  • If the loan is not paid off by Dec 31, 2022, it may be converted into a 3-year term loan at an interest rate of 5%. Your account manager at gfcu will contact you before this occurs to ensure a plan is made.
  • There are no scheduled payments for this loan, but the deadline for payment to receive the debt forgiveness, of $10,000, is Dec 31, 2022.
  • This loan does not qualify as taxable income, though the debt forgiveness portion may become taxable after 2022. Further information is required from the Government of Canada regarding this.