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CEBA Loan Extension

 

The federal government has extended the deadline for the repayment of the Canada Emergency Business Account.

 

The interest-free loan was set to expire on December 31st of this year has now been extended until December 31st, 2023.

 

Small businesses and not-for-profits could apply for the CEBA program from April 9th, 2020, to June 30th, 2021, to get an interest-free loan of up to $60,000.

 

The government has also announced that if the balance on the loan is paid on or before December 31st, 2023, that it would result in loan forgiveness of up to $20,000 or 33%. Also announced was the interest rate of 5% per year for all outstanding loan balances. The outstanding loans would become two-year loans starting on January 1st, 2024 and ending on December 31st, 2025.

 

Those who qualified for partial forgiveness for CEBA-equivalent lending through the recovery fund and regional relief have also been extended until December 31st, 2023.

 

The CEBA loan has helped over 898,000 businesses during the COVID-19 pandemic with over $49 billion spent.

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