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Canada Emergency Business Account (CEBA)

Updates: CEBA - Repayment Deadline Extension

Government of Canada Announcement Regarding CEBA Program Changes

September 25, 2023

On September 14, 2023, the Government of Canada announced a few changes to the CEBA Program.

The notable changes included:

  1. Forgiveness deadline extension: The repayment deadline to qualify for partial loan forgiveness has been extended from December 31, 2023, to January 18, 2024.
  2. Interest start date change: Interest of five per cent per annum will now commence on January 19, 2024 (previously January 1, 2024).
  3. Flexibility for refinancing applications: For CEBA loan holders who make a refinancing application with the financial institution that provided their CEBA loan by January 18, 2024, the repayment deadline to qualify for partial loan forgiveness now includes a refinancing extension until March 28, 2024.
  4. Interest-bearing period and final maturity date: The final term loan repayment date has been extended by an additional year, from December 31, 2025 to December 31, 2026.

Additional details on these changes are available in this Department of Finance backgrounder

Please note that the deadline to apply for CEBA Refinance has now passed

 

 
 
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