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The forgiveness repayment date has been extended to January 18, 2024 for eligible CEBA loan holders in good standing. Applicants who qualified for the new extended term have been contacted with details regarding the new repayment date.
For a $40,000 loan, $10,000 is eligible for forgiveness if $30,000 is fully repaid on or before January 18, 2024.
For a $60,000 loan, $20,000 is eligible for forgiveness if $40,000 is fully repaid on or before January 18, 2024.
For outstanding loans that have not had their forgiveness repayment made on or before January 18, 2024, principal will automatically convert into a three-year term loan charging an interest rate of 5%, maturing December 31, 2026.
Find more details through the Government of Canada’s website or connect with the CEBA Call Centre at 1-888-324-4201,
Monday to Friday from 9 a.m. to 6 p.m.