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Canada Emergency Business Account (CEBA) – Latest Update March 25, 2022


The Government of Canada recently announced that the repayment deadline for Canada Emergency Business Account (CEBA) loans in good standing to qualify for partial loan forgiveness and the interest free period end date will both be extended by one year to December 31, 2023.


The Government of Canada has stopped accepting applications for the CEBA loans as of July 1, 2021, but we are continuing to provide support to members with funded and outstanding CEBA loans.


For future information or support with you CEBA loan, please call 1-888-324-4201.

-Hours of operation are Monday to Friday, from 8am to 9pm EST

-The call center can provide a lice status of you application

-Call center employees can also answer questions about codes or specific documents

-The call center can provide callers with information about the status of their application, the CEBA program and the document upload website

-Or inquire online at https://status-statut.ceba-cuec.ca


CEBA Program Overview

The CEBA program provided a $40,000 or $60,000 loan to eligible business to help cover non-deferrable operating costs while they were affected by COVID-19.

Terms for loans repaid prior to December 31, 2023:
• Interest rate: 0%
• Principal payments are not required.
• Forgiveness:

o $40,000 loans: $10,000 may be forgiven if $30,000 is repaid by December 31, 2023.

o $60,000 loans: $20,000 may be forgiven if $40,000 of the loan balance is fully repaid by December 31, 2023.

Terms for loans repaid after January 1, 2024:
• The loan will be extended to December 31, 2025 if not repaid by December 31, 2023
• Interest rate: 5% per year



Loan Forgiveness

Borrowers who received $60,000 in CEBA funds:

For borrowers who took out the full $60,000 CEBA loan, whether as a new applicant or through the original CEBA loan plus the expansion loan, the program provides for a blended rate of forgiveness that works out to 1/3 of the loan, if 2/3 of the original balance is paid on or before December 31, 2023. To have $20,000 of your $60,000 loan forgiven, simply repay $40,000 on or before December 31, 2023.

Example 1:

Amount Borrowed:  $60,000

Amount Repaid by December 31, 2023:  $40,000

Available Forgiveness:  $20,000

Example 2:

Amount Borrowed:  $60,000

Amount Repaid by December 31, 2023:  $35,000

Available Forgiveness:  $0

Borrowers who received $40,000 in CEBA funds:

For borrowers who took the original $40,000 CEBA loan before December 2020 and did not apply for an expansion loan, $10,000 of the loan will be forgiven if $30,000 is paid on or before December 31, 2023.

Example 1:

Amount Borrowed:  $40,000

Amount Repaid by December 31, 2023:  $30,000

Available Forgiveness:  $10,000

Example 2:

Amount Borrowed:  $40,000

Amount Repaid by December 31, 2023:  $25,000

Available Forgiveness:  $0

Borrowers who repaid the original $40,000 loan before December 2020 and received the $20,000 expansion loan:

Members who received the $20,000 CEBA expansion loan after having fully repaid their original $40,000 CEBA loan will have $10,000 of their expansion loan forgiven if the additional $10,000 is paid on or before December 31, 2023.

Example 1:

Amount Borrowed:  $20,000

Amount Repaid by December 31, 2023:  $10,000

Available Forgiveness:  $10,000

Example 2:

Amount Borrowed:  $20,000

Amount Repaid by December 31, 2023:  $8,000

Available Forgiveness:  $0

For further detail on the forgiveness terms of the CEBA program, please visit the Government of Canada’s CEBA website at https://ceba-cuec.ca.