First introduced in 2020, the CEBA program provided eligible small businesses and not-for-profits interest-free loans to help cover their operating costs during a period where their revenues had been temporarily reduced, due to the economic impacts of COVID-19.

The repayment deadline to qualify for partial loan forgiveness of up to 33 per cent had previously been extended from December 31, 2022, to December 31, 2023¹. The government is now extending it further to January 18, 2024. The Department of Finance has announced, “For CEBA loan holders who make a refinancing application with the financial institution that provided their CEBA loan by January 18, 2024, the repayment deadline…now includes a refinancing extension until March 28, 2024.”²

For more details on this change including the interest rate and repayment terms for those granted a refinancing extension, see the announcement from the Department of Finance here.

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¹ Department of Finance Canada: Government extends loan forgiveness repayment deadline for the Canada Emergency Business Account
² Department of Finance Canada: Canada Emergency Business Account: Government extends repayment and partial loan forgiveness deadlines

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