If you are unable to pay the required 75% of the principal balance of your CEBA loan by December 31, 2023, there are a few consequences: You will lose any eligibility to debt forgiveness. You will need to begin paying interest at 5% on any remaining amount until the loan is repaid in full. The outstanding balance converts to a 2-year loan due.. The Canadian Emergency Business Account (CEBA) loan program has been extended, and any outstanding loans not repaid before the 2023 deadline will be converted to two-year term loans with an interest rate of five percent. Beginning on January 1, 2024, these payments must then be paid in full by December 31, 2025.
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In this case, you’d be eligible for forgiveness of 25% on the first $40,000, and 50% on amounts between $40,000 and $60,000. So, for example, if you borrowed $60,000, here’s how you’d calculate your potential loan forgiveness: $40,000 x 0.25 = $10,000. $20,000 x 0.50 = $10,000. This calculation results in a total forgiveness amount of.. CEBA loans: repayment extension for some, notices of ineligibility for others. In October 2022, financial institutions began sending out notices to CEBA loan recipients confirming a new repayment deadline and advising others that they have been deemed ineligible for the loan in the first place. Many small business owners have called us to ask.
