CEBA Loans due on January 18, 2024

IMPORTANT UPDATE FOR ALL LOAN HOLDERS ON REPAYMENT

If you are unable to repay your CEBA loan when due (regardless of whether or not you are eligible* for the loan you received), your financial institution will contact you to request a lump sum repayment of the outstanding debt. If, at that point, you do not fully repay your CEBA loan to your financial institution, your financial institution will likely be required to assign your loan to the government’s CEBA Program for collection efforts.

Starting as early as the spring of 2024, the CEBA Program will manage the collection of assigned CEBA loans in default, in which case you will be contacted directly. The CEBA Program recognizes that the recovery from the pandemic has been difficult for many Canadians and businesses, and remains committed to being compassionate, flexible, and supportive. In addition, it remains dedicated to providing transparent and easily accessible information about your CEBA loan repayment options.

Please be advised, if you are unable to repay by the provided deadline, the CEBA Program will review your circumstances on a case-by-case basis and work with you to establish a payment arrangement/repayment plan tailored to your ability to repay.

Program Repayment Deadlines

• The forgiveness repayment date has been extended to January 18, 2024, for eligible CEBA Loan Holders in good standing. If the loan remains outstanding on January 19, 2024, it will convert to a non-amortizing term loan with full principal repayment due on December 31, 2026.
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• Loan Holders that did not qualify for the new extended term were required to repay the outstanding amount of their CEBA Loan(s), in full, by December 31, 2023. This deadline has now passed, Loan Holders with outstanding balances as of January 1, 2024, will be contacted by their financial institution to request a lump sum repayment of the outstanding debt. If, at that point, they do not fully repay their CEBA loan to their financial institution, the financial institution will likely be required to assign their loan to the government’s CEBA Program for collection efforts.