As previously communicated, you are eligible for partial loan forgiveness as provided for under the terms of the CEBA program if the outstanding balance of the loan (other than the amount available to be forgiven) is repaid on or prior to December 31, 2023.
If your CEBA loan was $40,000 and you repay $30,000 on or prior to December 31, 2023, you will receive $10,000 of loan forgiveness. If your CEBA loan was $60,000 and you repay $40,000 on or prior to December 31, 2023, you will receive $20,000 of loan forgiveness.
If you have an outstanding balance (other than the amount available to be forgiven) on your loan as of January 1, 2024:
- You will no longer qualify for loan forgiveness;
- Interest on the outstanding balance will commence on January 1, 2024 at an interest rate of 5% per annum; and
- The maturity date on which your loan is due and payable in full will be December 31, 2025.
For questions regarding how loan forgiveness is calculated, please visit the CEBA program website at ceba-cuec.ca for more details and examples.
