Canada Emergency Business Account (CEBA) loan repayment

The Canada Emergency Business Account (CEBA) loan repayment deadline was extended from December 31, 2023 to January 18, 2024. 

If the balance of the loan is repaid on or before January 18, 2024, this will result in 25% (up to $10,000) of the $40,000 loan being forgiven, and 50% (up to $10,000) of the $20,000 loan expansion being forgiven.  

The deadline can be extended to March 28, 2024 if a refinancing application is submitted prior to January 18, 2024 at the financial institution that provided the CEBA loan. However, interest will be applied at a rate of 5% per annum beginning January 19, 2024. All interest and principal balances must be paid by March 28, 2024 to qualify for the partial debt forgiveness.  

If you have a CEBA loan outstanding, please contact your business bank manager to ensure the loan is repaid by the January 18, 2024 deadline.