07/12/2023
Canada Emergency Business Account (CEBA)
Did you receive a CEBA loan? Did you know that there are conditions to meet to qualify for partial loan forgiveness?
You can only qualify for partial loan forgiveness if you pay back the unforgivable portion by January 18, 2024. Which is fast approaching. You may be able to extend the January 18th, 2024, deadline by 2 months until March 28, 2024. If you submit a refinancing loan application to the financial institution that provided your CEBA loan originally.
This means if you still owe the government CEBA loan money on January 19th,2024 without a refinance agreement you must pay back the entire loan amount. None of it will be forgivable.
If you still owe CEBA loan funds back to CRA on January 19th, 2024, the entire loan amount will convert to a term loan. The term loan will be due in full by December 31, 2026, with an interest rate of 5% per annum.
This information can be found on the government of Canada’s website at
ceba-cuec.ca