Eligible Canadian businesses can start applying for a HASCAP Loan on February 1, 2021 until June 30, 2021.

This program is available to Canadian businesses from all sectors that meet the HASCAP Guarantee eligibility criteria.

No, you cannot use your HASCAP loan to pay off existing debt or refinance existing obligations. HASCAP Loans should be used to continue or resume operations.

Yes, you may. Contact your Conexus Business Advisor to confirm that you are eligible and to start the loan request process.

If you have questions about your application, please contact your Conexus Business Advisor or call us at 1-800-667-7477 (Select '2' for Business Banking). Your only contact should be with your primary financial institution as it is responsible for managing this program, only it can provide a status on your application.

All declined applicants will be notified directly by Conexus Credit Union. You may re-apply only if you need to provide additional information or make a correction. The eligibility validation is based on the criteria established by the Government of Canada. Conexus does not have the authority to grant exceptions to eligibility criteria.

BDC is Canada’s bank for entrepreneurs. Given this unique purpose, the Government of Canada has mandated BDC to offer the HASCAP Guarantee to qualifying businesses impacted by the current pandemic through financial institutions.

If you have questions about the program or your application, please contact your Conexus Business Advisor or call us at 1-800-667-7477 (Select '2' for Business Banking).

• It’s a $60,000 loan to help eligible businesses pay for operating expenses, payroll and other non-deferrable expenses which are important for business continuity.
• Until December 31, 2022, the Canada Emergency Business Account will be funded as a term loan with no interest and no payments.
• 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 $60,000 on January 1, 2021 and you repay $40,000 on or before December 31, 2022, the remaining $20,000 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.
• Once your loan application has been reviewed and submitted the process for funding will take up to 10-15 days from completion.  

There are 2 ways to apply based on your organization’s circumstances:

• Simplified payroll-based
  • Businesses with annual payroll between $20,000 and $1.5 million based on the sum of all employment income reported on all employee T4s for 2019.
• Non-deferrable expense-based
  • Businesses with annual payroll less than $20,000 during 2019 and eligible non-deferrable expenses for 2020 projected to be between $40,000 and $1.5 million.
  • Click here for a list of eligible non-deferrable expenses.

• 0% per annum interest until December 31, 2022
• 5% per annum interest starting on January 1, 2023; interest payment frequency to be determined by your financial institution

• No principal repayment required before December 31, 2022
• If loan remains outstanding after December 31, 2022, only interest payments required until full principal is due on December 31, 2025

• If the outstanding principal, other than the amount of potential debt forgiveness, is repaid by December 31, 2022, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred
  • All applicants that meet CEBA eligibility criteria will have the following terms of forgiveness:
  • If you borrowed $40,000 or less:
    Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
  • If you borrowed more than $40,000 and up to $60,000:
    If you received a $40,000 loan and subsequently received the $20,000 expansion, the terms of your forgiveness have changed to:
    • Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2022 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:
      • 25 percent on the first $40,000; plus
      • 50 percent on amounts above $40,000 and up to $60,000.

• a business account that was opened before March 1, 2020
• A valid 15 digit business number
• Payroll account (RP)

You must be a signor to access the forms, they are not available for non-signors (delegates).

• Social insurance number
• Date of birth
• Current postal code or zip code
• Tax returns from the current and previous year
• Business number

It can take between 24-48 hours for the changes to be reflected in CRA My Business Account, but processing times may vary. CRA will also notify you when you important changes are made to your account, such as Direct Deposit. If you don’t see the updated bank account information after 48 hours you can contact the CRA at 1-800-959-5525.

For more information, please visit the CRA website: Email notifications from the CRA – Businesses.

You can receive business payments such as your corporation income tax refund, goods and services tax/harmonized sales tax refund and refund of payroll deductions.

If you are eligible to receive it, you will also receive your Canada Emergency Wage Subsidy (CEWS) through the Government of Canada as a Direct Deposit payment to your payroll account (RP).

For a complete list, please visit CRA Direct Deposit Enrolment.

You will need to enter your 15-digit Business Number and identify the payroll account for the funds to be deposited into.

• Log into online banking conexus.ca*
• In the left hand menu, select Account Services
• In the submenu, select CRA Direct Deposit for businesses (CEWS)
• Read the Payment Information and click Next
• Verify Company Name
• Insert the CRA Business Number and Payroll Account Number and Select the account you would like the funds to be deposited into
• Complete the Corporate Officer Information and click Next
• Enter Your Information.
• Check off your authorization to let Conexus to share your banking information with the CRA for the purpose of establishing or changing direct deposit
• Read Privacy statement (optional)
• Click Next
• Review the information
• Click Submit

*The CRA Direct Deposit Form is only available through our Full Website to our Business Online members. This form is not available through Mobile Web or the Mobile app.

If you are expecting to receive your CEWS payment through Direct Deposit and have not received a payment within 10 days of submitting your application, you can contact the CRA at 1-800-959-5525.

Please note that if you have CRA My Business Account, you can monitor your account to check for your CEWS payment.

For questions and information on how to apply for the CEWS, please visit the Government of Canada’s website.

At the end of the enrolment process, you’ll be given a reference number to confirm that your information has been shared with the Canada Revenue Agency.

You can also verify that your profile was updated by visiting the CRA My Business Account two business days after enrolling.

If you are calling for Canada Emergency Wage Subsidy (CEWS) information or to speak with an agent about CEWS eligibility requirements, calculating the CEWS, or how to apply, call the dedicated CEWS number: 1-833-966-2099.

If you are calling for account-specific information such as My Business Account access, payment requirements, or GST and corporate income tax filing information, call the CRA’s Business Enquiries line: 1-800-959-5525.

• Social insurance number
• Date of birth
• Current postal code or zip code
• Tax returns from the current and previous year
• Business number

1. Meet at least one of these conditions:
   1. You had a CRA business number on September 27, 2020
   2. You had a payroll account on March 15, 2020 or another person or partnership made payroll remittances on your behalf
   3. You purchased business assets of another person or partnership who meets the above condition, and have made an election under the special asset acquisition rules (which are the same as for the Canada Emergency Wage Subsidy).
2. Are an eligible business, charity or non-profit.
3. Experienced a drop in revenue. There is no minimum drop required to qualify.
4. Have eligible expenses - you must have a qualifying property.

• $75,000 per business location (base and top-up)
• $300,000 in total for all locations (including any amounts claimed by affiliated entities)
• Applies to the base subsidy only
• There is no maximum for the top-up subsidy

• Only amounts paid or payable to an arm's-length party can be included
• The expense must be in respect of the claim period
• The expense must be paid or payable under a written agreement in place before October 9, 2020 (or a renewal on substantially similar terms or assignment of such an agreement).

• To non-arm's-length entities
• For a timeframe that falls outside of the claim period you are applying for