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, 2022 will result in loan forgiveness of 33 percent (up to $20,000).
- 0% per annum interest until December 31, 2022
- 5% per annum interest starting on January 1, 2023; interest payment frequency to be determined by your financial institution
Repayments & Maturity:
- No principal repayment required before December 31, 2022
- If loan remains outstanding after December 31, 2022, 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, 2022, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred