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Canada Emergency Business Account (CEBA) loan forgiveness repayment deadline extension

Thursday, January 13, 2022

Today, the government 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.

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 (up to $20,000).

Outstanding loans would subsequently convert to two-year term loans with interest of five per cent per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.

The government also announced that the repayment deadline to qualify for partial forgiveness for CEBA-equivalent lending through the Regional Relief and Recovery Fund is extended to December 31, 2023.

The full press release can be viewed at this link.

                https://www.canada.ca/en/department-finance/news/2022/01/government-extends-loan-forgiveness-repayment-deadline-for-the-canada-emergency-business-account.html

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