Canada Emergency Business Account (CEBA) – Latest Update
The Government of Canada recently announced that the repayment deadline for Canada Emergency Business Account (CEBA) loans in good standing to qualify for partial loan forgiveness and the interest free period end date will both be extended by one year to Dec 31, 2023.
Important reminders regarding the terms of your CEBA Loan:
- Loan forgiveness will apply if the CEBA balance minus the eligible forgiveness amount is repaid by December 31, 2023;
- No interest applies before January 1, 2024;
- Commencing on January 1, 2024, interest will accrue on the balance of the loan at the rate of 5% per annum, payable monthly on the last day of each month;
- The full amount of the loan (including principal and interest) is due and payable on December 31, 2025
For further information or support with your CEBA loan, please contact our office at 306-369-2901.