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Sep 14, 2023 · The repayment deadline for CEBA loans to qualify for partial loan forgiveness of up to 33 per cent is being extended from December 31, 2023, to January 18, 2024, recognizing that the end of December is a busy time for many Canadian businesses.
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The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient.
January 12, 2022 - Ottawa, Ontario - Department of Finance Canada
The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.
This extension will support short-term economic recovery and offer greater repayment flexibility to small businesses and not-for-profit organizations, many of which are facing continued challenges due to the pandemic. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000).
Outstanding loans would subsequently convert to two-year term loans with interest of 5 per cent per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.
“As Omicron has reminded us, we are still living in a pandemic. Our government understood, from the outset, that we had to put in place unprecedented measures to meet this unprecedented challenge. By providing small businesses with additional time to repay their loans and still have partial loan forgiveness, affected businesses and workers will continue to have the support they need to get through the pandemic.”
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“As we fight the latest wave of the COVID-19 pandemic, we will continue to stand by Canada’s small businesses. Almost 900,000 small businesses accessed CEBA loans to help maintain operations through this difficult time. By extending the repayment deadline, we are ensuring that these hard working business owners are able to focus on their operations and building back from this pandemic stronger than ever.”
- The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
•The CEBA program was open for applications from April 9, 2020, to June 30, 2021. It has provided more than $49 billion in liquidity to over 898,000 Canadian businesses.
CEBA provides interest-free loans of up to $60,000 to small businesses to help cover their operating costs during a time where their revenues have been reduced. These loans are partially forgivable. With the extension announced today, repaying the balance of the loan on or before December 31, 2023, will result in loan forgiveness of up to 33 per cent (up to $20,000).
Adrienne Vaupshas
Press Secretary
Office of the Deputy Prime Minister and Minister of Finance
Adrienne.Vaupshas@fin.gc.ca
Media Relations
Department of Finance Canada
- Department of Finance Canada
Jan 19, 2024 · Partial loan forgiveness required businesses to pay back the loans by a specific date, and on September 30, 2023, that deadline was extended. Here are the new CEBA loan forgiveness and repayment deadlines and what you need to know now if you’re a borrower.
The CEBA loan deadline to qualify for up to $20k loan forgiveness is just 16 days away. Tips on repaying CEBA, refinancing CEBA and saving $20k.
Sep 14, 2023 · Now, small businesses that are not in a position to pay back their CEBA loan in time to benefit from the partial loan forgiveness have until Dec. 31, 2026 to pay their loan back in full.
- Rachel Aiello
What are the key dates and deadlines for CEBA loan forgiveness and refinancing? To be eligible for forgiveness on a CEBA loan, the deadline to meet the qualifications is March 28, 2024, while December 31, 2026 serves as the ultimate maturity date of the loan. What steps should I take to refinance my CEBA loan?
The government said for CEBA loan holders who file a refinancing application with the financial institution that provided their loan by Jan. 18, 2024, the repayment deadline to qualify for partial...
