We're here to help through COVID-19
Government supportCEBA Expanded Program available

Government Assistance Programs

The Federal and Provincial Governments recently announced programs to support businesses through COVID-19.

For a full listing of COVID-19 Business Support Programs please visit www.canada.ca and the  Government of Saskatchewan website.

Canada Emergency Business Account (CEBA) - APPLY NOW! Expand/Collapse

CEBA is a Government of Canada program that provides credit for small businesses to pay for immediate operating costs such as payroll, rent, utilities, insurance, property tax, or debt service.

CEBA Program details:
  • $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is repaid on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with an interest rate of 5%
  • Once your loan application has been reviewed and submitted the process for funding will take up to 7 days from completion.
Credit terms:
  • The loan will be funded as a $40,000 term loan, 0% interest and no payments until December 31,2022
  • No interest will apply until January 1, 2023
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of the month
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.
To be eligible for CEBA through Innovation Credit Union, the organization must meet certain Government of Canada requirements, including (but not limited to) the following:
  • Innovation Credit Union is your primary financial institution for business banking. Your everyday business banking account and cash management activities are held with Innovation.
    • If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution where you conduct the majority of your business banking.
  • Your business deposit account was open before March 1, 2020, and is in good standing
  • Your organization was registered and operational on or before March 1, 2020
  • Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Renumeration Paid (T4SUM) OR demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020. If you cannot locate your T4SUM contact Revenue Canada for reissue.
  • A 15-digit Canada Revenue Agency Number also shown on your T4SUM
UPDATE - 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.
Applicants will have to demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020.

Eligible Non-Deferrable Expenses include:
  • 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.
Preparing to apply:
Before applying, we recommend you gather the following information:
  • 2019 T4 Summary of Remuneration Paid statement. Required information includes:
    • Your employer account number, as reported at the top of your 2019 T4 Summary
    • Your employment income reported on box 14 of your 2019 T4 Summary
    • Please note that a copy of your 2019 T4 Summary of Remuneration Paid may be requested.

  • Your Innovation Credit Union MemberCard (debit card) Number or PAN you use for online banking. If you’re using your PAN, please add two zeros at the end of your PAN to make your number 19 digits long.
Debit Card
Please have your employer account number and Innovation Credit Union MemberCard (debit card) Number or PAN ready.

Ready to apply?
1. You can apply for CEBA here using Chrome, Firefox or Safari for your internet browser. Copy and paste the URL into one of the above browser types: https://apply-innovation.judi.ai/apply-online/

Apply today

2. If you're applying using the new expanded eligibility criteria, remember to upload the relevant documents to the government website: https://application-demande.ceba-cuec.ca/

CEBA Expansion
Please feel free to contact our Innovation Credit Union Business Advisors directly should you have any questions. If you have any further questions, you can email webmail@innovationcu.ca or call 1.866.446.7001 to speak to an Innovation staff member.

You may also refer to our Frequently Asked Questions for assistance.

To learn more about the CEBA program, visit the Government of Canada’s Canada Emergency Business Account (CEBA) website.

Co-Lending Program for Small & Medium Sized Enterprises Expand/Collapse

Business Development Bank of Canada (BDC) Co-Lending Program for SMEs:
  • Up to $6.25 million
  • Differing maximum finance amounts based on business revenues
  • 80% of financed amount provided by BDC and the remaining 20% by your financial institution
  • Utilized for operational cash flow requirements
  • Available until or before September 30, 2020
Export Development Corporation (EDC) Business Guarantee for SMEs:
  • Up to $6.25 million
  • 80% guaranteed by EDC, to be repaid within one year
  • Utilized for payroll and operational costs
For assistance in completing your application, please contact your Innovation advisor or visit the Government of Canada website.

Canada Emergency Commercial Rent Assistance (CECRA) Expand/Collapse

The Government of Canada reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75 per cent for small businesses that have been affected by COVID-19.

The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.

The loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.

Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations.

Complete your application by visiting the CMHC website.

Business Credit Availability Program (BCAP) Expand/Collapse

As part of the Federal Government’s new $65 billion Business Credit Availability program (BCAP), Innovation and EDC are partnering to provide small and medium-sized Canadian businesses with financing during the COVID-19 pandemic.

Get up to $6.25 million to cover:
  • Payroll
  • Rent
  • Other operating expenses

  • Proceeds from this loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs).
  • Exports sales are not required to qualify for the program.
For more information, please visit the EDC website and speak to your Innovation business advisor.

Program close date is June 30, 2021 extended from Sept 30, 2020.

Canada’s Emergency Wage Subsidy Expand/Collapse

The Government of Canada has recently announced a 75% wage subsidy for qualifying businesses. The subsidy is available to both large and small businesses, for up to three months, and is retroactive to March 15, 2020.

The subsidy will apply to the first $58,700 of normal salary with a total benefit up to $847/week per employee. An individual can only receive the benefit of one program - the Canada Emergency Response Benefit (CERB) or the Canada’s Emergency Wage Subsidy (CEWS).

Additional details on eligibility criteria will be made available by the Government of Canada before the end of the month.

For general information on COVID-19 Business Support programs, visit the Government of Canada website.

Provincial Government Assistance Programs Expand/Collapse

The Government of Saskatchewan is also offering programs to assist businesses through COVID-19. Our Business Advisors are here to help you with guidance and advice.

Saskatchewan Small Business Emergency Payment Program (SSBEP)
The Saskatchewan Small Business Emergency Payment program provides financial assistance to small businesses in Saskatchewan that have been ordered to temporarily close or significantly curtail operations during the public emergency period due to a public health order to help control transmission of COVID-19. 
  • Payments are based on 15% of a business's monthly sales revenue in either April 2019 or February 2020. Businesses may select either of these months to calculate their payment. 
  • The maximum payment is $5,000 per business. 
  • Payments can be used for any purpose, including paying fixed costs or expenditures related to re-opening the business following the pandemic.
To apply for this support and view full eligibility criteria, please visit the Government of Saskatchewan website.

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