CEBA Loan Repayment Update

September 28, 2023

New CEBA Repayment Deadlines

On September 14, 2023, the Prime Minister announced extended deadlines for Canada Emergency Business Account (CEBA) loan repayments, and additional flexibilities for loan holders looking to benefit from partial loan forgiveness of up to 33 per cent (up to $10,000 for a $40,000 loan, and $20,000 for a $60,000 loan).

 

What does this mean for you?

 

The December 31, 2023 repayment deadline has been extended to January 18, 2024 to qualify for partial loan forgiveness.

 

You may also make a refinancing application with the financial institution that provided your CEBA loan by January 18, 2024. This refinancing extension would push the repayment deadline to qualify for partial loan forgiveness to March 28, 2024.

 

Loans not repaid by January 18, 2024 (or March 28, 2024 if a refinancing application has been made) will be converted to a three-year 5% term loan. The term loan will require interest only payments with the full principal due December 31, 2026.

 

More information on the announcement can be found here. Most other CEBA questions may be answered through the CRA's FAQ section, however if you continue to have questions, you may call the CEBA Call Centre at 1-888-324-4201. 

 

Your Ward & Uptigrove Accountant will also be happy to help guide you.

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As we near the end of Tax Season, please note our office hours below: Hours until April 29th Mon, Tues, Weds, Fri: 8:30 am - 5:30 pm Thursday: 8:30 am - 8:00 pm Saturday: 9:00 am - 12:00 pm Sunday: Closed Hours on April 30th 8:30am – 5:00pm Hours May 1st – May 2nd Closed Hours beginning May 6th Monday – Thursday: 8:30am – 5:00pm Friday: 8:30am – 4:30pm