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Conexus Credit Union is committed to assisting you with whatever you need during these unsettling times. We are making changes to how we serve our members and striving to deliver the most up-to-date information on financial relief as it is provided by the Federal Government.


CEWS

Canada Emergency Wage Subsidy

What is the Canada Emergency Wage Subsidy?

Canadian businesses, including non-profit organizations and charities, whose March revenue has decreased by at least 15% due to COVID-19 and facing employee layoffs can access a temporary wage subsidy for 3 months. Business owners can receive 75% of wages per employee to a maximum of $58,700 during the 3-month period, to a maximum of $847/week per employee. These payments will be back dated to March 15, 2020 and run to June 6, 2020.

How to apply for CEWS:

Eligible businesses can apply for the program through the My Business Account portal on the Canada Revenue Agency’s website or through your financial institution, Conexus Credit Union.

Sign up now:

Direct Deposit allows you to access your money faster. It's reliable and your payment will always be deposited on time in the account that you select when you sign up. Sign up here!

CRA Direct Deposit for CEWS form

Types of eligible employers:
  • Individuals
  • Taxable corporations
  • Persons who are exempt from corporate tax such as non-profit organizations
  • Registered charities
  • Partnerships consisting of eligible employers
More information on eligibility and how to apply can be found on the Government of Canada website and in the frequently asked questions below.

Frequently Asked Questions

What is a Direct Deposit payment? Expand/Collapse

Direct deposit is a secure electronic transfer of funds deposited directly into your bank account at a financial institution of your choice. Direct Deposit replaces the need to issue payments by paper cheque.

Who is eligible to enroll for CEWS Direct Deposit for business with the CRA? Expand/Collapse

To be eligible to enroll, your business must have:
  • 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).

Registration is only required once – if you have already registered with the CRA, there is no need to do so again.

Who is ineligible? Expand/Collapse

Trusts and non-residents are ineligible to sign up via a financial institution. They can still sign up for Direct Deposit directly with CRA through CRA My Business Account or Represent a Client.

How do I sign up for My Business Account? Expand/Collapse

To register for My Business Account, you will need to provide personal information such as your:
  • Social insurance number
  • Date of birth
  • Current postal code or zip code
  • Tax returns from the current and previous year
  • Business number
Once complete, you will gain limited access until you receive and enter your CRA security code.

How do I update the bank account information for my business that CRA currently has on file? Expand/Collapse

Log in through your online banking, mobile or visit Canada.ca/taxes and sign up through My Business Account. The screen shot below indicates where on the Government of Canada site this is located.

Question 5 screen shot

How quickly will CRA update my account selection for my business? Expand/Collapse

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.

What CRA business payments are captured in the Direct Deposit enrolment? Expand/Collapse

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.

What information is needed to sign up for Direct Deposit for businesses? Expand/Collapse

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

How do I sign up for CRA Direct Deposit? Expand/Collapse

  • 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.

Can I have the payments go into my USD account? Expand/Collapse

No, the payments are paid in CAD and must be directed to a CAD account.

What if I updated my information but haven’t received my payments? Expand/Collapse

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.

How will I know if my enrolment for Direct Deposit with CRA for my business was successful? Expand/Collapse

You can confirm that your account has been updated by visiting the CRA website and accessing CRA My Business Account. If you do not have a CRA My Business Account, you can contact the CRA at 1-800-959-5525.

In addition, with account alerts the CRA will also notify you when important changes are made to your account, such as Direct Deposit. For more information please visit the CRA website: Email Notifications from the CRA – Businesses.

What about businesses who are unable to bank online or through an app? Expand/Collapse

The CRA can still issue cheques for CRA business payments. For any questions related to your CEWS payments, please contact the CRA directly at 1-800-959-5525.

Does enrolling for Direct Deposit for my business automatically sign me up for the Canada Emergency Wage Subsidy (CEWS)? Expand/Collapse

No, this sign up is only for choosing your method of receiving your CEWS payment.

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

How will I know my information has been set up with the Canada Revenue Agency? Expand/Collapse

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.

I’m already signed up for Direct Deposit with the Canada Revenue Agency for my payroll account (RP). Do I need to enrol again? Expand/Collapse

No, you do not need to sign up again. The Canada Revenue Agency will use the account information that you have already provided for your Direct Deposit payments.

: I’ve already signed up for Direct Deposit with another bank. If I sign up again, will it update what I have on file with the Canada Revenue Agency? Expand/Collapse

The most recent enrolment you complete will become the account on file with the Canada Revenue Agency. Direct Deposits for CEWS payments will only be made into one payroll account (RP), at one financial institution.

How will the deposit show up in my account? Expand/Collapse

The deposits will show as being made by the Receiver General. The description on your statement will read Federal Payment FED.

Can I change my Direct Deposit bank account for my business? Expand/Collapse

Yes, by following the sign up process again and selecting a different account. The last account information you provide will be used for your Direct Deposit for your business. You can also update your bank account information for your business via the CRA My Business Account.

What number do I call if I have questions about the Canada Emergency Wage Subsidy? Expand/Collapse

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.

CEBA

Canadian Emergency Business Account

What is the Canada Emergency Business Account?

  • It’s a $40,000 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 $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.
  • Once your loan application has been reviewed and submitted the process for funding will take up to 5 days from completion.  

What’s the eligibility criteria?

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • You are a Canadian operating company (ie. not a holding company) registered and in operation 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 Remuneration Paid (T4SUM).  If you cannot locate your T4SUM contact Revenue Canada for reissue.
  • A 15-digit Canada Revenue Agency Number also shown on your T4SUM.
  • Conexus is your primary financial institution - meaning your everyday business banking account and cash management activities are held with Conexus, and opened on or before March 1, 2020.
    • If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account.
    • Your account must be in Good Standing as an existing member.
Please review the below information: If you have further questions, please visit www.CEBAquestions.ca  or reach out to our Member Contact Centre 1-800-667-7477, option 2 Business Banking. Continue to check back at Conexus.ca/CEBA for more information as it comes available.

With Online Banking

Online Banking

Members who have access to Business Online Banking can apply here using their desktop. Please have your employer account number and Conexus Credit Union membership number ready.

Without Online Banking

Without Online Banking

Members who do not have access to Business Online Banking can apply here using Chrome, Firefox or Safari. Please have your employer account number and Conexus Credit Union bank card (PAN) number ready.

Frequently Asked Questions

1. Can I still obtain the Canada Emergency Business Account if I don’t meet all of the eligibility criteria? Expand/Collapse

Conexus is administering the Canada Emergency Business Account loan program on behalf of the Federal Government. As this is a Government-led program, Conexus does not have the authority to grant any exceptions to ineligible requests. If your business does not meet the specific qualification criteria defined by the Government of Canada, unfortunately you will not be eligible for this program. For additional program details and clarity on eligibility criteria, please visit www.CEBA-CUEC.ca.

2. Can I apply through my Business online banking? Expand/Collapse

Yes, you can apply by selecting the “With Online Banking” option. This application needs to be completed on a desktop. Or you can find the application in Business Online Banking > Business Services > Canadian Emergency Business Account.

3. I have Advanced Business Online banking; how should I apply? Expand/Collapse

If your business uses Advanced Business Online banking, you should apply by selecting the “Without Online Banking” option. If there are errors, try using Chrome, Firefox or Safari.

4. My business doesn’t have online banking, how will I apply? Expand/Collapse

You can apply for the CEBA benefit online, by selecting the “Without Online Banking” option. If there are errors, try using Chrome, Firefox or Safari.

5. What if Conexus Credit Union doesn’t hold my daily operating account? Expand/Collapse

If you have products with Conexus Credit Union, but your daily operating account is with another financial institution, you must apply through that financial institution.

6. I just moved my daily operating account to Conexus, do I qualify? Expand/Collapse

If your daily operating account has been with Conexus since March 1, 2020, you can apply with Conexus. If you opened your account after March 1, 2020, please call your business advisor or our Member Contact Centre at 1-800-667-7477 and select “2” for Business Banking Services.

7. I’m a sole proprietor and use a Conexus personal chequing account for my daily business transactions, can I still apply? Expand/Collapse

No. The Canada Emergency Business Account is available only to business members who operate a business chequing account with Conexus and had employee payrolls between $20,000 and $1.5 million in 2019. Use of a personal chequing account is not permitted when operating in the name of a business. The federal government has announced several relief measures to support individuals as sole proprietors. Further information is available at the Government of Canada’s COVID-19 Economic Response Plan.

8. I made an error on my application, how can I fix it? Expand/Collapse

If you made an error on your application, such as using your personal bank card number vs. your business bank card number, please immediately call our Member Contact Centre at 1-800-667-7477, selecting option “2” for Business Banking Services.

9. How many days will it take me to receive the funds? Expand/Collapse

Funds will be deposited into your account within 7 business days. If the 7 business days have passed, please call our Member Contact Centre at 1-800-667-7477 and select “2” for Business Banking.

10. How will I sign the necessary loan documents while maintaining social distancing? Expand/Collapse

After your application has been approved, one of our advisors will reach out to you to complete the loan documents. Our advisors are set up to work remotely and will do everything to ensure the process remains in compliance with social distancing best practices.

11. I just found out my application wasn’t approved, what are my options? Expand/Collapse

More information on eligibility criteria can be found at www.CEBA-CUEC.ca. Otherwise, please contact your business advisor for more information on your application and what other options you may have during this time.

BDC Co-Loan Program

Business Development Bank of Canada Co-Lending Program

The BDC Co-Loan program provides eligible applicants access to up to $6.25 million CAD (max loans amount dependent on business size) in loans to cover operating expenses such as rent and payroll and working capital needs such as inventory.  The loan will be jointly funded by Conexus and BDC.

Business with less than $1 million in Annual Revenue Businesses with $1-50 million in Annual Revenue Businesses with over $50 million in Annual Revenue
Up to $312,500 Up to $3.125 million Up to $6.25 million

What is the BDC Co-Lending Program?

  • Eligible Conexus business members can apply for financing to support their operational and liquidity needs
  • Term Loan
  • First 12 months to be interest only
  • Amortization and terms based on your business needs

What’s the eligibility criteria?

  • Been a member with Conexus as of March 1, 2020
  • Been a viable business as of March 1, 2020 prior to COVID-19 impact
  • Meet the necessary requirements that will form part of the application process
  • Please contact your Business Advisor for further details on the eligibility criteria

When can I apply?

Conexus members should speak to the Business Advisor to learn more about the application process and eligibility criteria.

Frequently Asked Questions

1. What is the Business Development Bank of Canada? Expand/Collapse

The Business Development Bank of Canada (BDC) is a financial institution solely focused on the success of Canada’s Small and Medium enterprises. They focus on offering financial, advisory services and capital complimenting Canada’s private sector financial institutions. More information can be found here.

2. How much could my business receive through the BDC Co-Loan program? Expand/Collapse

Business with less than $1 million in Annual Revenue Businesses with $1-50 million in Annual Revenue Businesses with over $50 mllion in Annual Revenue
Up to $312,500 Up to $3.125 million Up to $6.25 million

3. Where can I find the eligibility criteria? Expand/Collapse

Eligibility criteria can be explained by contacting your Business Advisor. If you do not know who your advisor is, please call our Member Contact Centre at 1-800-667-7477 and select “2” for Business Banking.

4. Can I still obtain a BDC Co-Loan if I don’t meet all the eligibility criteria? Expand/Collapse

Conexus is administering the BDC Co-loan program on behalf of the Federal Government and Business Development Canada. As this is a Government-led program, Conexus does not have the authority to grant any exceptions to ineligible requests. For additional program details and clarity on eligibility criteria, please visit the BDC website.

5. I just became a Conexus member, do I qualify? Expand/Collapse

If your business has been a Conexus member since March 1, 2020, you can apply with Conexus. If you opened your account after March 1, 2020, please call your business advisor or our Member Contact Centre at 1-800-667-7477 and select “2” for Business Banking Services.

6. What is considered a viable business? Expand/Collapse

Viability is determined by Conexus in accordance to our standard lending processes and considering, for example, such items as historical cash flows or other financial information provided to us by the borrower for one or more of its credit parties relating to periods PRIOR to March 1, 2020 and the beginning of the COVID-19 pandemic.

7. How do I apply? Expand/Collapse

To apply for the BDC Co-Loan program, you must apply through your Business advisor. If you do not know who your advisor is, please call our Member Contact Centre at 1-800-667-7477 and select “2” for Business Banking.

CEWS

Canadian Emergency Wage Subside

What is the Canadian Emergency Wage Subsidy?

Canadian businesses, including non-profit organizations and charities, whose March revenue has decreased by at least 15% due to COVID-19 and facing employee layoffs can access a temporary wage subsidy for 3 months. Business owners can receive 75% of wages per employee to a maximum of $58,700 during the 3-month period, to a maximum of $847/week per employee. These payments will be back dated to March 15, 2020 and have been extended into August.

How to apply for CEWS:

Eligible businesses can apply for the program through the My Business Account portal on the Canada Revenue Agency’s website.
 
Types of eligible employers:

  • Individuals
  • Taxable corporations
  • Persons who are exempt from corporate tax such as non-profit organizations
  • Registered charities
  • Partnerships consisting of eligible employers
More information on eligibility and how to apply can be found on the Government of Canada website.


CECRA

Canada Emergency Commercial Rent Assistance

The Government of Canada has announced the CECRA program, in co-operation with Canada’s Provinces to provide much needed commercial rent relief to small businesses during this unprecedented time. This program will lower rent by 75% for small businesses that have been affected by COVID-19, in co-operation with the property owner. The program provides commercial property owners access to forgivable loans if they cover 50% of the rent payments for eligible small business tenants.

The commercial property owner must agree to reduce the tenants rent by 75% for the months of April, May and June under a Rent Forgiveness Agreement. The property owner would not be able to evict the tenant under the agreement, and the tenant would cover the remaining 25% of rent owed. Tenants must be paying less than $50,000 a month in rent, have ceased operations or experienced a 70% decline in revenues due to COVID-19. Non-profit and charitable organizations also qualify for the program.
More information is available on the CMHC website.


SSBEP

Saskatchewan Small Business Emergency Payment

The Saskatchewan Small Business Emergency Payment program provides much needed financial assistance to Saskatchewan’s small businesses that had to close or reduce operations due to the public health order during COVID-19.

The payment can be used for any purpose, including covering fixed costs or the costs associating with re-opening after the public health order has lifted restrictions. Payments are based of 15% of the businesses’ monthly revenue in April 2019 or February 2020 to a maximum of $5,000. Seasonal businesses 15% payments are based off the average monthly sales revenue for their 2019 operational months.

To be eligible, a Saskatchewan business or not-for-profit must:

  • Have been carrying on business in Saskatchewan on February 29, 2020;
  • Have been ordered to temporarily close or curtail operations through a COVID-19 public health order;
  • Have less than 500 employees:
    • Seasonal businesses:
      • In the year before the COVID-19 public health order; or
      • When averaged for the 3 years before the year in which the COVID-19 public health order;
  • Attest that they:
    • have experienced a loss in sales revenue from business activities due to a COVID-19 public health order;
    • plan to reopen operations following the cancellation of the COVID-19 public health order; and
    • have not received any payments or amounts from any other sources, including insurance, to replace or compensate for the loss of sales revenue other than amounts from other government assistance programs; and
  • Apply on or before July 31, 2020.
Applications can be completed on the Government of Saskatchewan website.


BCAP

Export Development Canada Business Credit Availability Program Guarantee

As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Conexus Credit Union and Export Development Canada (EDC) are partnering to provide small-and medium-sized Canadian businesses with financing during the COVID-19 pandemic. Access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent. Proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs). Export sales are not required to qualify for the program.

EDC fees related to this guarantee will be deferred for the first six months, giving some short-term relief to your business. EDC will provide a guarantee to Conexus Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs. Note that the guarantee is to our institution, not your business, so you remain responsible for the full value of the loan.

For more information on the loan and the eligibility criteria, contact your business advisor. Information can also be found on the EDC website.



Conexus

Conexus Credit Union Supports

Your businesses are unique, and your challenges may be complex. We can help assess your situation and determine the best options to provide some relief including working with you activate a skip-payment plan, to defer monthly payments, or to create an interest only payment plan to help your business navigate the economic downturn.  

This relief extends to members, small business members, commercial members, and agricultural members in good standing who are feeling a financial impact and are looking for a temporary relief from mortgage, line of credit, and loan payments. There are many other options that can be explored. Please reach out to us directly to talk about financial solutions for your individual situation.  

To participate in these supports and programs

Contact your advisor, call your branch, or call the Member Contact Centre 1-800-667-7477 . We ask for your patience as we work through high-call volumes, but rest assured we will get to you and help you through this uncertain time.  

Alongside financial well-being, we want to recognize the importance of taking care of your overall well-being. There are many free and confidential supports available 24/7 throughout the province to help your mental and physical well-being. Learn more.

Most importantly, in times like these, we need to look out for each other and our neighbours. We are in this together and will continue to work through these challenges together, truly defining what being a community is all about. If you have any questions, or concerns, do not hesitate to reach out.


RRRF

Regional Relief and Recovery Fund

The Government of Canada has announced additional funding for small and medium businesses who need additional relief due to the COVID-19 pandemic. The Regional Relief and Recovery Fund (RRRF) provides $962 million in relief funding delivered through regional development agencies. Specifically, $304 million is allocated to Western Economic Diversification Canada to assist Western Canadian businesses specifically in the tourism sector.

The objective of the RRRF is to assist Western Canadian businesses that do not qualify for other programs such as the Canadian Emergency Business Account (CEBA) or the Community Futures Emergency Loan Program. The RRRF will support businesses in two ways:

  • Provides up to $40,000 in repayable contributions to businesses that are not eligible to access other federal support programs. Businesses that receive funds from the RRRF and repay 75 percent of the contribution (up to $30,000) on or before December 31, 2022 will result in forgiveness of 25 percent of the contribution (up to $10,000).
  • Provide up to $1,000,000 in repayable contributions to businesses that can demonstrate a meaningful contribution to the Western Canadian economy and are experiencing liquidity issues. These companies may not have accessed other Government of Canada relief programs, or may have accessed them, but require additional funding to mitigate cash flow pressures. This contribution is fully repayable.

Further details, including eligibility criteria for each stream, and how to apply, can be found here.

Examples of business that are eligible to apply to the RRRF:

  • Pre-revenue firms (e.g. a company that has not had any sales to date)
  • Businesses that do not have salaried employees (e.g. a company with a workforce of contract employees)
  • Businesses with no payroll that do pay their owners a salary (e.g. a company that pays its owners through dividends)

Examples of businesses that are not eligible to apply to the RRRF:

Applications are being accepted through Western Economic Development Canada and can be found here.


LEEFF

Large Enterprise Emergency Fund Facility

The Large Employer Emergency Financing Facility (LEEFF) is a program to support large employers through COVID-19. The program provides short-term liquidity assistance in the form of interest-bearing term loans through the Canada Enterprise Emergency Funding Corporation, a subsidiary of the Canada Development Investment Corporation. The assistance is available to large Canadian employers who meet the following criteria:

  • Make a significant impact on Canada’s economy by:
    • Having significant operations in Canada
    • Supporting a significant workforce in Canada
  • Have annual revenues of $300 million or more
  • Require a minimum loan of $60 million
  • Have never been found guilty of tax evasion
Assistance is available to large for-profit enterprises in all industries, except those who operate in the financial sector, as well as certain not-for-profit businesses. They must commit to minimizing loss of employment by sustaining their business operations through COVID-19 and provide an overall plan to return to financial stability.

For full information on LEEFF, visit the Canada Development Investment Corporation fact sheet here.