Deadline for CEBA Loan Repayment: December 31, 2023
To retain eligibility for loan forgiveness, it is crucial to repay the CEBA balance minus the eligible forgiveness amount by the end of this year.
What Happens if you miss the Deadline?
Failure to meet the deadline will result in an interest-bearing arrangement effective January 1, 2024. Interest will accrue at a rate of 5% annually, payable monthly.
If you anticipate difficulty in repaying the balance and wish to retain the forgiveable portion of the loan, we encourage you to explore potential refinancing options through your Financial Institution.