Program Repayment Deadlines Have Changed
The repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended to December 31, 2023, for all eligible borrowers in good standing.
Repayment Terms for those who qualified and received CEBA.
- Interest:0% per annum interest until December 31, 2023
- 5% per annum interest starting on January 1, 2024; interest payment frequency to be determined by your financial institution
Repayments & Maturity:
- No principal repayment required before December 31, 2023
- If loan remains outstanding after December 31, 2023, only interest payments required until full principal is due on December 31, 2025
- If the outstanding principal, other than the amount of potential debt forgiveness, is repaid by December 31, 2023, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred
Terms of Forgiveness
If you borrowed $40,000 or less:
Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2023 will result in loan forgiveness of 25 percent (up to $10,000).
If you borrowed more than $40,000 and up to $60,000:
If you received a $40,000 loan and subsequently received the $20,000 expansion, the terms of your forgiveness have changed and are described here.
Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before December 31, 2023 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:
- 25 percent on the first $40,000; plus
- 50 percent on amounts above $40,000 and up to $60,000.
For clarity, the portion of forgiveness based on a rate of 25% and the portion of forgiveness based on a rate of 50% are combined into a single tranche of forgiveness, which is only available if all other amounts outstanding are repaid by December 31, 2023. For example, if $60,000 is borrowed, no forgiveness is available unless $40,000 is repaid.
Note: some financial institutions may record your $40,000 loan and $20,000 expansion as two separate loans. For the purposes of loan forgiveness, borrowings and repayments on both loans will be aggregated.
Applicants Seeking Additional Information
- Applicants can check the status of their CEBA loan online at https://status-statut.ceba-cuec.ca/.
- If you continue to have questions, you may call the CEBA Call Centre at 1-888-324-4201. The CEBA Call Centre is available Monday to Friday from 9AM to 6PM Eastern Standard Time, excluding statutory holidays.