COVID19 Update to Business Members

If you are a NLCU business member in need of emergency support due to the impact of COVID-19, we are here to support you.

If you have any concerns, contact our Member Solutions Centre at 1-800-563-3300 from Monday to Friday, 9:00 a.m. to 8:30 p.m. NST (8:30 a.m. to 8:00 p.m. in most of Labrador) so we can arrange for you to speak with one of our Commercial Advisors.

NLCU is committed to work with members individually to provide flexible solutions suitable to their needs.

For NLCU's general COVID-19 update to members, visit here

You can visit the Government of Canada’s COVID-19 Economic Response Plan to view all federal programs.

Frequently Asked Questions 

*Please note, the updates included in this FAQ are subject to change as new information becomes available.

What is the Canada Emergency Business Account (CEBA) Loan? Expand/Collapse

The Canada Emergency Business Account (CEBA) provides a $40,000 loan for eligible small businesses and T2 or T3010 registered not-for-profit members. This federal program is designed to help cover operating costs for organizations experiencing temporary revenue reductions. Applications for this loan will be available as of Tuesday, April 14, 2020.

Features of the CEBA loan include:
  • Loan value up to $40,000;
  • 0% interest until December 31, 2022 at which time the interest rate switches to 5%;
  • No minimum monthly principal payments required until December 31, 2025;
  • Principal repayments can be made at any time;
  • 25% of the amount they select will be forgiven if the full amount of the loan is repaid by December 31, 2022.
Please note: business owners are only permitted to apply for the CEBA from their primary financial institution. Applying for this benefit at more than one financial institution may result in prosecution by the federal government.

Expenses will be subject to verification and audit by the Government of Canada.

Visit the Government of Canada's website for full CEBA loan program details.

Who is eligible for the CEBA loan? Expand/Collapse

You must be a current NLCU business member with an active business operating account. NLCU must be the primary financial institution and the business operating account must have been opened prior to March 1, 2020.

Your business (i.e., not a holding company) must have been in operation of March 1, 2020.

There have been updates made to CEBA on June 26, 2020, to accomodate more businesses. This resulted in two streams of CEBA program: a payroll-based system and a new non-deferral expense (NDE) program.

Read more on CEBA loan eligibity and criteria. Contact your NLCU Commerical Advisor for details.

How can I apply? Expand/Collapse

Please call our Member Solutions Centre, Monday to Friday, from 9 a.m. to 5 p.m. NST, reach out to your Commercial Advisor, or for information on how to apply.

Who do I contact if I do not qualify for the loan, or if I am declined? Expand/Collapse

If you do not qualify for the CEBA Program, your branch manager or one of our commercial advisors will be happy to discuss other possible solutions NLCU may have to assist you.

Contact the new CEBA Call Centre at 1-888-324-4201 to receive a status update on your CEBA application.

How long will it take for the funds to show up in my account? Expand/Collapse

Your application will be reviewed for eligibility and submitted to the Federal Government for funding.

This entire process will take up to 5 business days from the date of your submission. Upon approval, you’ll receive a confirmation email from NLCU with loan documentation for you to sign and return to NLCU. The $40,000 loan will be deposited into your existing NLCU business account once you have returned the loan documents to NLCU.

How can I get my 2019 T4SUM Summary of Remuneration Paid? Expand/Collapse

Contact CRA for your 2019 T4SUM Summary of Remuneration Paid.

I am a sole proprietor who uses a personal account for their business. Can I still apply? Expand/Collapse

No, you do not meet CEBA criteria. Please refer to CEBA criteria above for more information.

What if I have multiple businesses? Can I apply for CEBA for each business? Expand/Collapse

Yes, each business that meets the eligibility criteria may apply for CEBA.

I have other loans with NLCU. Can I still apply for the Canada Emergency Business Account? Expand/Collapse

Yes, you can still apply if you have other loans with NLCU that are in good standing and if your business meets the eligibility requirements for CEBA.

My business requires the consent of more than one signatory to commit to an action. Can I still apply? Expand/Collapse

Yes, but both signatures will have to sign the loan documents. Please ensure that only the authorized signer(s) of your NLCU business account applies. Only one application from the same business account will be acceptable.

What will my loan payments be? Expand/Collapse

The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you are seeking to repay $30,000, or 75% of the loan, to qualify for the $10,000 forgiveness feature.

If you choose to extend the loan beyond this date, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once you are approved for the program.

What resources are available for business members impacted by COVID-19? Expand/Collapse

The Government of Canada’s Resources for Canadian Businesses has a detailed list of ways in which Canadian businesses impacted by the COVID-19 outbreak can receive support, as well as a page outlining risk-informed decision-making guidelines for workplaces and businesses during the COVID-19 pandemic.

The Canadian Federation of Independent Business has a COVID-19 Small Business Help Centre answering FAQs and providing other resources.

For detailed information regarding COVID-19 and Emergency Resources, visit the St. John’s Board of Trade website.

Hospitality NL has put together a What You Need To Know page with information and resources for tourism and hospitality businesses impacted by this ongoing COVID-19 situation.

What is the Canada Emergency Commercial Rent Assistance (CECRA), and am I eligible? Expand/Collapse

The federal government has made 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% for small businesses that have been affected by COVID-19. It is expected that CECRA will be operational by mid-May, and further details will be announced soon.

For the most update information on the CECRA program click here

What is the Canada Emergency Wage Subsidy (CEWS)? Expand/Collapse

As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 24 weeks, retroactive from March 15, 2020, to August 29, 2020.

This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis. Learn more

What is the Regional Relief and Recovery Fund (RRRF)? Expand/Collapse

The Regional Relief and Recovery Fund (RRRF) was created to assist businesses and organizations who could not avail of the other programs previously announced.

The Government of Canada is taking action to make sure everyone gets the support needed. It recognizes that some business owners and support organizations have not been able to access other federal emergency support measures. That is why it created the $962 million Regional Relief and Recovery Fund: to address gaps left by other support measures.

The RRRF is complementary to existing federal programs. The Atlantic Canada Opportunities Agency (ACOA) and the Atlantic Association of Community Business Development Corporations (CBDCs) are distributing the RRRF in Atlantic Canada.

Just over $110 million will be allocated in Atlantic Canada
  • $66.75 million through ACOA to support
    • Small and medium-sized businesses that provide products and services to other businesses; and
    • Organizations that provide support services to businesses.
    • $43.3 million through the Atlantic Association of CBDCs to support main street businesses such as restaurants and retailers in small, rural and remote communities across the region.
You must first apply for other federal support measures such as the Canada Emergency Business Account benefit, the Wage Subsidy benefit and the Commercial Rent assistance for small businesses, among others.

Who can apply to the RRRF?

Businesses and organizations that have either:
  • Applied for other federal relief measures and have not been able to secure funds; or
  • Accessed COVID-19 relief measures and continue to experience hardship.
Businesses in sectors that are critical to the resilience and survival of Atlantic Canada’s economy, such as advanced manufacturing, ocean industries, clean growth technology, and tourism, may be given priority.

How to apply
  • Speak to an ACOA program officer to ensure the RRRF meets your needs;
  • Fill out the RRRF application form online;
  • Submit your completed application form electronically or by mail.
Existing ACOA clients can contact your program officer directly; all other businesses and organizations: call 1-800-561-7862 or send an email to

If your business is located outside of Atlantic Canada, please contact the regional development agency in your region to see whether the RRRF might be able to help you.

Find more details on these measures and others on the support for business page of the Government of Canada’s COVID-19 Economic Response Plan website.

What support is the Government of Canada providing Canada’s Fish Harvesters affected by the COVID-19 pandemic? Expand/Collapse

The Fish Harvester Benefit

The Fish Harvester Benefit offers income support to self-employed fish harvesters and sharepersons. The benefit covers up to 75% of income losses beyond a 25% threshold for the 2020 tax year when compared to 2018 or 2019. The maximum benefit is $10,164.

Fish Harvester Grant

The Fish Harvester Grant is a non-repayable grant to self-employed fish harvesters with a valid commercial fishing licence in 2020 (issued by DFO or their Province or Territory for freshwater commercial harvesters). The Grant provides a maximum non-repayable support of up to $10,000, dependent on the level of the fish harvesters’ historic fishing revenue in 2018 or 2019.

  • A lesser Grant amount may be provided on a sliding scale relative to revenue or actual expenses, with payments under the Grant not to exceed actual expenses.

Please refer to the COVID-19: Information for industry, Indigenous peoples, and other partners to learn about other supports that may apply to you.

For more information on the Grant and Benefit program, and to see if you are eligible, visit:

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