Extension of Canada Emergency Business Account (CEBA) Repayment
The original terms of CEBA loans required that the outstanding balance (other than the amount available to be forgiven) be repaid on or before December 31, 2022 in order to be eligible for partial loan forgiveness. The Government of Canada has recently announced the December 31, 2022 forgiveness repayment date will be extended to December 31, 2023 for eligible CEBA loan holders in good standing. If you qualify for the new extended term, your financial institution should be or has been in contact you and provide details regarding the new repayment date.
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