COVID-19 Financial Relief

COVID-19 Updates

If you are interested in learning about our special measures in response to COVID-19 in regards to health and safety click here.

CEBA Application period closes on July 17, 2020

COMING SOON: Small Businesses with payroll lower than $20,000 will be eligible to apply through NPSCU for CEBA under new expansion.

On May 19, 2020, the Government of Canada announced the expansion of the Canadian Emergency Business Account (CEBA). The program will soon be available to a greater number of small businesses and sole proprietors. To learn more information about the CEBA expansion click here.

More details, including the launch date for applications under the new criteria, will follow in the days to come.


Canada Emergency Business Account (CEBA)

On March 27, 2020, the Government of Canada announced the launch of the Canadian Emergency Business Account (CEBA) to support to Canadian businesses during this unprecedented time. CEBA provides interest-free loans of up to $40,000.00 to qualifying small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.

To view eligibility requirements and learn more information about CEBA click here.

Effective April 30, NPSCU is now accepting CEBA applications.

Applications are accepted online only. To apply, login to your NPSCU MemberDirect Online Banking or MemberDirect Small Business Online Banking. Navigate to ‘Account Services’ found in the left hand side menu options and click ‘Canadian Emergency Business Account (CEBA)’

If you wish to apply for CEBA and do not have online banking, or have forgotten you password, please contact your branch. Call 1-877-787-0361 or email memberdirect@npscu.ca.

We encourage you to gather the following information as it will be required in the application:

  • 2019 Business T4 Summary of Remuneration Paid Slip.
  • Canada Revenue Agency Business Number (BN) (15 characters) as reported under the field of “Employer’s account number”
  • Business Account Member Number

 Once you have completed the online application, one of our Business Advisors will contact you to complete the process.

What is the CEBA loan?

  • $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.  

To be eligible through North Peace Savings and Credit Union, members must meet the following criteria:

  • Canadian operating company
  • Annual payroll 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
  • North Peace Savings and Credit Union is your primary financial institution - meaning everyday business banking account and cash management activities held with NPSCU, 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 and must not have any borrowing facilities that were 90 days past due as of March 1, 2020. Your business contact information including personal identification, physical address, phone number, email etc. must be up to date.



Online CRA Direct Deposit Enrolment

Have you been impacted by COVID-19 or expect you may be in the coming weeks? Ensure that you receive the payments you may be eligible for as quickly as possible by updating direct deposit information in your ‘CRA My Account’ or ‘CRA My Business Account’.

To register for the first time or to update your CRA account, follow this link and follow the appropriate E-Services path applicable to you. Government of Canada E-Services



Requesting Financial Relief

NPSCU has introduced payment deferral programs for members impacted by COVID-19 on personal loans, personal mortgages, CUDF Loans, commercial mortgages and commercial loans. If you have been impacted by COVID-19 and require a payment deferral, call 1-877-787-0361 or email members@npscu.ca to let us know and we will have and Advisor contact you.



Requesting Financial Relief for Credit Cards

Collabria has introduced financial support for members with NPSCU Collabria Credit Cards who have been impacted by COVID-19 including, but not limited to:

  • Emergency Temporary Credit Limit Increase for cardholders who are currently outside of Canada and are actively working to return to Canada
  • Minimum Payment Deferralsfor cardholders impacted by COVID-19. Payment deferrals can be requested on a month by month basis (for up to 6 months). 
  • Reduced interest Rate on select cards for up to 6 months when financial relief is requested due to COVID-19 impacts.

For more information and to request financial relief, click here or call Collabria Contact Centre: 1-855-341-4643. For a list of related FAQ’s click here.