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Financial relief for members

If you've been impacted by COVID-19, we have a variety of options to help

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If you're experiencing financial hardship as a result of COVID-19, we can offer financial relief for your existing mortgage, loans and other credit products on a case-by-case basis. You should be able to focus on what’s most important while you work through this tough time.

Payment deferrals and other financial relief options are helpful short-term solutions for anyone experiencing financial hardship, but they might not be the best solution for everyone. Our advisors are here to help you determine what the right option is for you.

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Personal relief options

Early in the pandemic, Servus offered several financial relief options including payment deferrals and investment withdrawals. Although these special programs have now ended, we're still here to help. Our advisors have the tools and expertise to build a customized plan to get you and your finances back on track. Call us at 1.877.378.8728 for an appointment today.

Government of Canada supports for individuals

The Government of Canada has programs available to help individuals whose income has been affected by COVID-19. You can use this short questionnaire to find out which ones may work for you.

Business relief options

COVID-19 has had, and continues to have, a profound effect on businesses in Alberta. Although many of Servus's early financial relief programs for business members have ended, we know you're still feeling the effects of the pandemic and we're here to help. Our experts have access to a variety of financial solutions and will work with you to build a plan as unique as you and your business. Contact your advisor or call us at 1.877.378.8728 to book an appointment.

Highly Affected Sectors Credit Availability Program (HASCAP)

The HASCAP offers loans between $25,000 to $1 million for small and medium-sized businesses that have experienced a revenue decrease of 50% or more resulting from the COVID-19 pandemic.

To be eligible, your business must have already received one of the following benefits: 

  • Canadian Emergency Wage Subsidy (CEWS)
  • Canadian Emergency Rent Subsidy (CERS)
  • Canada Recovery Hiring Program (CRHP)
  • Tourism and Hospitality Recovery Program for Wage Subsidies or Rent Subsidies (THRP Wage or THRP Rent) or
  • Hardest-Hit Business Recovery Program for Wage Subsidies or Rent Subsidies (HHBRP Wage or HHBRP Rent)

Businesses must also demonstrate a 50% minimum revenue decrease within the last 8 months prior to applying for HASCAP.

If your business is eligible for but has not yet applied for the programs above, you must do so first before applying for HASCAP.

If your business doesn’t qualify for the programs above, you must provide financial statements that demonstrate your business has experience a minimum 50% revenue decrease (on a year over year basis) for at least 3 months (not necessarily consecutive) within the 8-month period prior to applying for HASCAP.

HASCAP loans are available until March 31, 2022. If Servus is your primary financial institution, you can apply by contacting your Servus business advisor.

Canadian Emergency Business Account (CEBA)

CEBA provided the option to apply for interest-free loans of up to $60,000 for small businesses and not-for-profits, to help cover operating costs where revenues had been temporarily reduced. This program ended on June 30, 2021. Servus can no longer accept new applications, and all eligible and successful CEBA applications have been funded.

CEBA eligibility was determined based on the criteria established by the Government of Canada. No organization involved in administering the CEBA program has the authority to grant exceptions, including Servus Credit Union.

If you have questions about your application, contact the dedicated CEBA call centre at 1.888.324.4201, available Monday through Friday from 6am-7pm (MST). 

Other Government of Canada financial supports for business

The Government of Canada has several financial support programs to help businesses through the COVID-19 pandemic, including the Canada Emergency Wage Subsidy, Canada Recovery Hiring Program and Hardest-Hit Business Recovery Program. Use the Government of Canada's Business Benefit Finder to find out which ones may work for your business.

The Canada Revenue Agency (CRA) is encouraging eligible businesses to sign up for direct deposit to expedite your payments from these programs.

You can sign up for CRA direct deposit within Servus Business Online Banking to receive your payments. Commercial Net Banking business members can call 1.877.378.8728 or email to get set up.

Sign into Business Online Banking >>

Canadian Small Business Financing Program (CSBFP) loans

We can extend the amortization period of loans registered with the CSBFP and, in some cases, defer interest and principal payments for up to six months.

Contact us to request relief >>

Frequently asked questions

 
Canadian Emergency Business Account (CEBA)
Who is eligible for CEBA and can I still apply?

Businesses and not-for-profits were eligible to apply for the CEBA loan through Servus Credit Union if they:

  • Were an operating company registered in Canada on March 1, 2020
  • Had an annual payroll between $20,000 and $1.5 million as evidenced by the 2019 T4 Summary of Remuneration Paid (T4SUM)
  • Use Servus Credit Union as their primary financial institution for their business account (opened on or before March 1, 2020)

Applications for CEBA closed on June 30, 2021, and all eligible and successful CEBA loans have already been funded.

My business was approved for the CEBA. Will I be charged fees or interest?

CEBA loans have a 0% interest rate with no fees and no principal repayments required until December 31, 2023.

What will my loan payments look like?

The loan is interest-free until December 31, 2023 and no principal repayments are required during this time. While no principal repayments are required before December 31, 2023, it’s good practice to make steady installment payments to match the incoming cash flows from your business operations.

How do I receive the loan forgiveness?

Repaying 75% of the balance on the loan ($30,000) on or before December 31, 2023 will result in loan forgiveness of 25% ($10,000).

What if I cannot repay the loan by the end of the term?

It will be converted into a 2-year term loan at an interest rate of 5%.

How can my business use these funds?

Following the Government of Canada’s program requirements, members must agree to use funds to pay for operating costs that cannot be deferred such as payroll, rent, utilities, insurance and property tax. Proceeds may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

Canada Emergency Wage Subsidy (CEWS) and CRA direct deposit
How do I apply for the Canada Emergency Wage Subsidy (CEWS)?

Eligible employers can apply through their CRA My Business Account or through a web-based application.

When will I receive my Canada Emergency Wage Subsidy payments?

Signing up for Canada Revenue Agency (CRA) direct deposit is the quickest way to receive CEWS and other support payments. Direct deposit payments should appear in your payroll account (RP) within 3-5 business days.

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

The CRA can still issue cheques for CEWS and other support program payments.

Does enrolling for direct deposit for my business automatically sign me up for the Canada Emergency Wage Subsidy (CEWS)

No, this sign up is only for choosing your method of receiving support program payments.

Who’s eligible to enrol for direct deposit for businesses with the CRA?

To be eligible to enrol, your business must have:

  • A valid 15-digit business number
  • Payroll account (RP)

You only need to register once – if you’ve already registered with the CRA, you don’t need to register again.

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Contact us to start the conversation

Individual members: email contact_us@servus.ca (please include your name, phone number and branch you normally bank with).

Business members: contact your relationship advisor or email contact_us@servus.ca.

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