COVID-19 Small Business

COVID 19 Small Business

CEWS

The Canada Emergency Wage Subsidy is now available to qualifying businesses. To qualify, you must:

  • Be an eligible employer
  • Have experienced an eligible reduction in revenue
  • Have had a CRA payroll account on March 15, 2020

Before you apply, make sure your business details and direct deposit information are all up to date, and please read up on who is eligible/what you can claim for. The link below will provide businesses with all pertinent information regarding how to apply, who qualifies, and what needs to be done prior to applying. Stride Credit Union is available to help navigate the website if you need assistance.

CEWS - How to Apply

The New Canada Emergency Business Account:
The new Canada Emergency Business Account will help eligible small businesses with capital to see them through the current challenges. It will provide interest-free loans of up to $40,000 (guaranteed by the government) to small businesses and not-for-profits, to help with operating costs. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

To qualify, organizations will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019. This program will be implemented via financial institutions. This is money entrepreneurs and employers can use to cover operational costs and help with other immediate need. [Please note that, prior to April 16, these payroll criteria were narrower. This expanded set of criteria was announced by the Government of Canada on April 16.]

Stride Credit Union offers support with the Canada Emergency Business Account (CEBA). Find out if your business is eligible and what you will need for your application by clicking on the link below. Reach out to us for any assistance or to let us know that you plan to apply.

If you have questions, or need assistance, please contact us at 877-228-2636.

CEBA Information for Members

CEBA Term Loan Agreement