January 18th CEBA Deadline Has Passed

The CEBA forgiveness deadline has passed. Outstanding CEBA loans begin accruing interest on January 19, 2024.

Forgiveness extensions are available only to members who have initiated loan refinance requests with us. Interest applies irrespective of refinancing.

For more information, please speak to your Innovation Business Advisor.

January 18th CEBA Deadline Has Passed

Smiling female business owner holding a tablet

January 18th Forgiveness Deadline has Passed

The CEBA loan program was created to provide interest-free, partially forgivable loans up to $60,000 to small businesses and not-for-profit organizations that experienced diminished revenues due to COVID-19. It was open for applications from April 9, 2020, to June 30, 2021, and provided more than $49 billion in liquidity to over 898,000 Canadian businesses.  To learn more about the program, visit the CEBA website: Canada Emergency Business Account (CEBA) (ceba-cuec.ca)

The Government of Canada extended both the repayment deadline for eligible CEBA loans to qualify for loan forgiveness and the interest-free period end date to January 18, 2024.

If you’re an eligible CEBA borrower in good standing, repaying the balance of the loan on or before January 18, 2024, resulted in loan forgiveness of up to 33 percent (up to $20,000).

Important notes:

  • Starting January 19, 2024, interest will accrue on the balance of the loan at a rate of 5% per annum, payable monthly on the last day of each month. 

  • The full amount of the loan (including principal and interest) is due and payable on December 31, 2026.

What are your next steps?

  • Repayment deadline and interest: As of January 19, 2024, a 5% interest rate applies to any remaining balances on your CEBA loan.
  • Refinancing Applications Status: If you have already given us consent to proceed with a refinance loan request before January 18, 2024, you are still eligible for partial loan forgiveness. Please ensure your loan is refinanced by March 28, 2024. Refinanced loans are no longer classified as a CEBA loan and will instead be an Innovation business loan. 
  • If you’ve repaid your loan: If you have already repaid or refinanced your CEBA loan, no action is required.
  • Extended Repayment Deadline: Considering ongoing economic challenges, the government has extended the full repayment deadline for outstanding CEBA loans to December 31, 2026. This extension is aimed at providing additional support to businesses in their recovery efforts. 
  • Further Assistance: Should you have questions or need support, please contact us. We are here to assist you.
Contact Us

If you haven’t initiated repayment or maximizing cashflow by refinancing already, your CEBA loan will be automatically converted to a repayment plan. All applicants that meet the CEBA eligibility criteria will have the following repayment terms:

  • 5% per annum interest starting on January 19, 2024.

  • No loan forgiveness, with the full amount borrowed being converted to a repayment plan. 

Contact us with any additional questions you have or visit the CEBA website: Canada Emergency Business Account (CEBA) (ceba-cuec.ca)