Government Extends Loan Forgiveness Repayment Deadline for the Canada Emergency Business AccountPosted on
Government Extends Loan Forgiveness Repayment Deadline for the Canada Emergency Business Account
This Pandemic has taken a toll on business, especially as the wage subsidy and rent subsidy programs become more difficult to qualify. Navigating your cash flow during this time can be very difficult. To alleviate the cash crunch businesses may experience as subsidies come to an end, the Government of Canada has announced the Canada Emergency Business Account (CEBA) repayment deadline has been extended From December 31, 2022 to December 31, 2023.
This extensions allows you to still access the debt forgiveness on the CEBA loan as long as you have paid it back by December 31, 2023. In addition, the loan will remain interest free during this time. This extension will help support small businesses and not-for-profit organizations economically and offer excellent repayment flexibility.
“As we fight the latest wave of the COVID-19 pandemic, we will continue to stand by Canada’s small businesses. Almost 900,000 small businesses accessed CEBA loans to help maintain operations through this difficult time. By extending the repayment deadline, we are ensuring that these hard-working business owners are able to focus on their operations and building back from this pandemic stronger than ever.”
- The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
Please click the link for more information regarding the new deadline for the CEBA loan.