Good News! The government has just announced an extension for the repayment of CEBA to December 31, 2023! This means that you can repay CEBA on or before December 31, 2023, and qualify for loan forgiveness of up to $20,000.
CEBA provided interest-free loans of up to $60,000 to small businesses to help cover their operating costs during COVID.
Outstanding loans would then convert to two-year term loans with interest of 5% per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.
This extension comes in the face of the Omicron variant, which has delayed the recovery for businesses in many parts of the country
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