CEBA Loan Deadline Extension
The government announced a long-awaited deadline extension for the Canada Emergency Business Account (CEBA) loan repayments.
Deadline Extension
The repayment deadline has been extended to January 18, 2024 (from the previous December 31, 2023) due to December being a busy time of year for many businesses.
Refinance to pay off the loan
For those who are obtaining bank refinancing to pay off the CEBA loan (i.e. obtaining a $40,000 line of credit to pay off the $60,000 CEBA loan) the government will extend the loan forgiveness deadline even further until March 28, 2024 as long as the financing application has been submitted to the bank prior to January 19, 2024.
Still unable to pay?
For those unable to meet the deadline above, there will no longer be any debt forgiveness. The full CEBA loan will convert on January 19, 2024 into a 3-year term loan at 5% interest. Interest-only payments are required. The principal repayment deadline has been extended to December 31, 2026 (previously December 31, 2025).
