January 13, 2022
Federal government extends CEBA deadline
On January 12, 2022, the Canadian government announced 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.The Canada Emergency Business Account (CEBA) program provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000). Outstanding loans would subsequently convert to two-year term loans with interest of 5 per cent per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.
The government also announced that the repayment deadline to qualify for partial forgiveness for CEBA-equivalent lending through the Regional Relief and Recovery Fund is extended to December 31, 2023.
Read the full announcement
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- Visit Ontario’s website to learn more about how the province continues to protect the people of Ontario from COVID-19.
- Business who have questions about public health and workplace safety measures can call the Stop the Spread Business Information Line at 1-888-444-3659.
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