CEBA Program Update

The Government of Canada recently announced that the repayment deadline for Canada Emergency Business Account (CEBA) loans will be extended by one year to December 31st, 2023. This date extension pertains to partial loan forgiveness and the interest-free period end date on CEBA loans in good standing.

Important reminders regarding the terms of CEBA Loans:

  • 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 details about the program, please visit the Government of Canada’s CEBA website at https://ceba-cuec.ca.


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