CEBA repayment extension

Politicians are expert at deception. So, the CEBA deadline is Dec.31, 2026. In actual fact, this is talking about the 5% term loan that your CEBA loan becomes if not repaid within the interest-free period. Prior to last week, this date was 12/31/25.
The deadline for repaying the CEBA loan interest-free, and receiving the forgivable portion ($10,000 or $20,000) was 12/31/23, up until last week. If you missed the mark, you would not have part of it forgiven, and it became a term loan at 5% repayable in full by 12/31/25.
As of last week, the interest-free repayment date is now 01/18/24, and, for those who can’t do that, the full loan is repayable by 12/31/26.
So, for all the rhetoric from J. Trudeau, borrowers have an additional 18 days to pay the loan less the forgivable amount. WOW!! Thanks so much!
I can imagine some of my clients only heard the “one year extension”, and now assume they have until 12/31/24 with no payments or interest, and still qualify for the forgivable amount.


One tweak to that (sounds like “one week” LOL…) is that if application has been made to their bank by 18/1/24 they have until 31/3/24 to get the loan in place and still receive forgiveness. (Assume that if the loan app fails, they can’t just use personal resources at that point to pay off the loan and get the forgiveness anyway.)

And yes, I’ve already answered a few new people who wondered about the timing.

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