The CEBA was part of the Federal government’s emergency response to the Covid-19 pandemic that provided financial assistance to small business and not for profit organizations. CEBA provided partially forgivable loans of up to $60,000 from April 9, 2020, to June 30, 2021. The original repayment date was extended to December 31, 2023.
On September 14, 2023, the Federal government extended the deadline for repayment of the CEBA loans. CEBA loan holders that repay or apply to refinance the CEBA loan by January 18, 2024 will qualify for loan forgiveness of $10,000 for a $40,000 loan and $20,000 for a $60,000 loan.
On January 19, 2024 all other CEBA loans will convert to interest bearing loans at a 5% annual rate, payable monthly with a final repayment due date of December 31, 2026.
To read the official release, please click here.
In the event you wish to learn more about the CEBA repayment deadline or the partial loan repayment, please contact your Lipton advisor.
