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All applicants that meet CEBA eligibility criteria will have the following repayment terms:
The CEBA program provides interest-free loans of up to $60,000 to small businesses and not-for-profits. Repaying the balance of the loan on or before December 31, 2023 will result in loan forgiveness of 33 percent (up to $20,000). The deadline has been extended from December 31, 2022 to December 31, 2023 by the federal government.
Interest:
- 0% per annum interest until December 31, 2023. The deadline has been extended from December 31, 2022 to December 31, 2023 by the federal government.
- 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. The deadline has been extended from December 31, 2022 to December 31, 2023 by the federal government.
- If loan remains outstanding after December 31, 2023, only interest payments required until full principal is due on December 31, 2025
Debt Forgiveness:
- 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. The deadline has been extended from December 31, 2022 to December 31, 2023 by the federal government.