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CEBA Loan Repayment

Program Repayment Deadlines

  • The forgiveness repayment date has been extended to January 18, 2024 for eligible CEBA loan holders in good standing.
  • Loan holders that did not qualify for the new extended term continue to be required to repay the outstanding amount of their CEBA Loan(s), in full, by December 31, 2023.
  • If you continue to have general questions about the CEBA program, timelines, or your eligibility determination, you may call the CEBA Call Centre at 1-888-324-4201. The CEBA Call Centre is available Monday to Friday from 9AM to 6PM Eastern Standard Time, excluding statutory holidays.
  • Before speaking to a Call Centre agent, please have your 9-digit CRA business number and the tax form you used in your application (T1, T2 or T4SUM) ready. If you do not have the tax form you used in your application and you applied through the Non-Deferrable Expense stream, please have the documents you uploaded readily available.

The Canada Emergency Business Account (CEBA) has been a vital lifeline for small and medium-sized businesses (SMBs) during challenging economic times, offering interest-free loans of up to $60,000. As the repayment deadline approaches, businesses are strategizing how to manage repayments, especially if they are at risk of missing the deadline and forfeiting up to $20,000 in loan forgiveness.

Understanding the CEBA Repayment Schedule

The CEBA program initially provided interest-free loans of up to $60,000, with up to $20,000 forgivable if repaid by the specified deadline. Understanding the implications of missing this deadline is crucial for businesses planning their repayments.

Options for Repayment

Early Repayment: Repaying the loan before the deadline can lead to forgiveness of up to $20,000, significantly reducing the debt.

Structured Repayment Plans: For those unable to repay in full by the deadline, setting up a structured repayment plan is crucial.

Strategies for Managing Repayment

Financial Assessment: Review business finances to free up funds for loan repayment.

Negotiate with Lenders: Discuss with financial institutions about potential flexibility in repayment terms.

Seek Professional Advice: Get insights from financial advisors, especially about cash flow optimization and tax implications.

Addressing Repayment Challenges

Prioritize Debt Repayment: CEBA loans should be a priority due to the interest-free nature and potential forgiveness.

Explore Alternative Funding Sources: Look for grants, new investors, or other loan programs.

Communicate Transparently with Stakeholders: Keep stakeholders informed about financial strategies and debt management.

Repaying the CEBA loan, especially to meet the deadline for the $20,000 forgiveness, requires strategic financial management. Understanding the loan terms, exploring all options, and implementing effective repayment strategies can help SMBs navigate this challenge.

Disclaimer: Always check for the most current information as the CEBA program details may change. Consult with financial experts for tailored advice. Refer to the Canada Emergency Business Account (CEBA) website.

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