On September 14, 2023, the Government of Canada announced that they would extend the CEBA loan repayment schedule. The loan forgiveness extension is not long, adding only a few weeks to retain the 33% (upto $20,000) forgivable amount, however, the full loan payback due date has changed from 2025 to 2026.
“ Prime Minister Justin Trudeau says the government is extending the repayment deadline for its small business pandemic loan program by one year — but businesses will still lose the forgivable portion of the loan if they don't repay in the coming months.”
The loan forgiveness portion has been extended from Dec 31, 2023 to Jan. 18, 2024. Loans will start accruing five per cent interest if not repaid by January 19, 2024.
Businesses that refinanced their loans will be given until March 28 to qualify.
https://www.cbc.ca/news/politics/government-extending-ceba-loan-deadline-1.6967071
Full details can be found on the Government of Canada’s website at:
CNLA has created a document providing examples on payments and alternative options. Click here to read more.