On January 12, 2022, the Federal government announced that it is extending the repayment deadline for interest-free loans disbursed under the Canada Emergency Business Account (CEBA) program.

The repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.  Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to 33.33% of the value of the loans, up to a maximum forgivable amount of $20,000.

Outstanding loans on January 1, 2024, will be converted to two-year term loans with an interest rate of 5% per annum, with the loans fully due by December 31, 2025.

This extension also applies to the equivalent lending program through the Regional Relief and Recovery Fund.

Visit the CRA for more information: Government extends loan forgiveness repayment deadline for the Canada Emergency Business Account – Canada.ca