Good Afternoon All,
I've been trying to get information about a possible extension for the CEBA loan repayments and there was finally information on the Federal site. Originally these loans were due this coming Dec. 31/22 in order to get the partial forgiveness. The NEW deadline is now December 31, 2023. I know this will be welcome news as so many of you have come to me with your concerns about the 2022 deadline.
You should receive a notification from your bank about this deadline extension. If you don't hear from them please reach out and confirm with your particular bank.
Below is the information on the Federal site as well as the link to the site should you need it.
Program Repayment Deadlines Have Changed
- The existing terms of CEBA loans require that the outstanding balance (other than the amount available to be forgiven) be repaid on or before December 31, 2022 in order to be eligible for partial loan forgiveness. The Government of Canada has announced the December 31, 2022 forgiveness repayment date will be extended to December 31, 2023 for eligible CEBA loan holders in good standing. If you qualify for the new extended term, you will be contacted with details regarding the new repayment date.
Canada Emergency Business Account (CEBA)