On January 12, 2022, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022 to December 31, 2023 for all eligible borrowers in good standing.
Repayment on or before the new deadline of December 31, 2023 will then result in loan forgiveness ranging between $10,000 and $20,000.
Finally, outstanding loans will convert to two-year term loans with interest of 5 per cent per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.
We’re Are Here to Help
If you have any questions about the extension of the repayment deadline for CEBA loans or any other COVID-19 related government support measures, please contact a member of our team.
