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ARTICLE · 17 JANUARY 2022

Loan Forgiveness Deadline Extended For CEBA

Crowe
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In response to the surge of COVID-19 cases the Federal Government has extended the deadline for repayment of the Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness...

CanadaFinance and Banking
Garrett Louie
Garrett Louie
Lawrence Tam
Lawrence Tam
Stephen Zhang
Stephen Zhang
Brian Steeves
Brian Steeves
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In response to the surge of COVID-19 cases the Federal Government has extended the deadline for repayment of the Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness from December 31, 2022, to December 31, 2023, for eligible borrowers in good standing.

Crowe MacKay's tax advisors summarize these changes below.

CEBA partial loan forgiveness

The extension of the deadline is intended to support short-term economic recovery and offer greater flexibility in repayment to small businesses and not-for-profit organizations. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000).

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