As of September 14, 2023, the CEBA partial forgiveness repayment date has been extended to January 18, 2024, or until March 28, 2024, if the CEBA loan holder has submitted a refinancing application.
The Canada Emergency Business Account (CEBA) was a COVID support measure which offered interest-free, partially forgivable loans of up to $60,000 for small businesses and not-for-profit organizations. As the partial loan forgiveness repayment date, December 31, 2023, approaches, the Federal Government has introduced certain adjustments, including a minor extension to the partial loan forgiveness repayment date.
Prior to September 14, 2023, the repayment terms, irrespective of the loan amount or the date of disbursement were:
Following the Federal Government announcement, the repayment terms that now apply, irrespective of the loan amount or the date of disbursement are:
Further details, including some examples highlighting the changes, can be found on this Government of Canada website. For inquiries regarding your CEBA loan balance and repayment details, contact the financial institution that provided the loan. For questions related to tax implications of the CEBA loan forgiveness or other business advisory, tax and accounting matters, reach out to a Bateman MacKay Business Advisor.
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