CEBA – Extended Repayment Deadline

The Canada Emergency Business Account (“CEBA”) was a government subsidy program that provided interest-free, partially forgivable loans of up to $60,000 to qualifying Canadian small business and not-for-profit organizations.

The program was open to applications up until June 30, 2021 and provided economic support to nearly 900,000 Canadian organizations.

On January 12, 2022, the Ministry of Finance 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 loan (meaning up to $20,000).

This extension offers greater repayment flexibility to small businesses, many of which are facing the continued challenges of the pandemic. The government is also announcing 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.

Official government announcement: 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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