Businesses that received the Canada Emergency Business Account (CEBA) loan of to $60,000 to small businesses and not-for-profits across the country to help them get weather the pandemic — Those loans are coming due, and deadline awareness is essential.
According to the official Government of Canada CEBA website at , all program eligibility determinations, application outcomes, and repayment deadlines are now final and cannot be changed. There are no exceptions and no institutions authorized to make exceptions.
Nearly $30,000 Saskatchewan small businesses and not-for-profits received CEBA loans, totaling about $1.6 billion.
When is the CEBA loan due?
Dec. 31, 2023 is the deadline for full loan repayment for businesses which are not eligible for loan forgiveness, which would have been confirmed with the lending body.
However, as of September 14, 2023, the repayment deadline for eligible CEBA loan holders to qualify for partial loan forgiveness was extended to January 18, 2024. For eligible CEBA loan holders in good standing, repaying the balance of the loan on or before January 18, 2024 will result in loan forgiveness of up to 33 percent (up to $20,000).
CEBA loan holders that submit a refinancing loan application to the financial institution that provided their CEBA loan by January 18, 2024, but require a grace period in order to finalize the payout of their CEBA loan, can still qualify for partial loan forgiveness if the outstanding principal of their CEBA loan, other than the amount of potential debt forgiveness, is repaid by March 28, 2024.
Full details are available on the Government of Canada’s CEBA page, with detailed answers and examples for specific questions.
Nearly 900,000 organizations across the country received the loan — total funding including subsequent expansions was $49.2 billion.
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