The Canada Emergency Business Account (CEBA) program provided interest-free, partially forgivable loans. As of January 12, 2022, the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.
You may submit repayment requests for your CEBA loan via email at firstname.lastname@example.org, call 1-877-847-2828 or reach out to your local branch. We are currently offering: recurring payments, lump sum payments and full repayment options.
Correspondence has been sent to CEBA borrowers with their amended terms reflecting the date change.
The CEBA program provided a $40,000 or $60,000 loan to eligible businesses affected by COVID-19 to help cover non-deferrable operating costs.
For borrowers who took out the full $60,000 CEBA loan, whether as a new applicant or through the original CEBA loan plus the expansion loan, the program provides for a blended amount of forgiveness. The blended forgiveness works out to 1/3 of the loan, if 2/3 of the original balance is paid on or before December 31, 2023. To have $20,000 of your $60,000 loan forgiven, simply repay $40,000 on or before the forgiveness deadline.
For further detail on the forgiveness terms of the CEBA program, please visit the Government of Canada’s CEBA website.
Let your fingers do the walking or come in to see us.
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