The Government of Canada has confirmed the following changes with respect to existing loan(s) your business received under the CEBA program:

  • The repayment deadline for partial loan forgiveness has been extended from December 31, 2022 to December 31, 2023. You will now be eligible for partial loan forgiveness as provided for under the terms of the CEBA program if the outstanding balance of the loan(s), except the amount available to be forgiven, is repaid on or prior to December 31, 2023.
  • The interest-free period has been extended by one year. If your loan(s) remain outstanding on January 1, 2024, they will convert to a two year fixed interest loan at a rate of 5% per annum.

You should have these funds accumulating in a separate bank account such as a debt reduction account. If you do not, now is the time to start allocating funds a couple times a month so you can repay the loan on or before Dec 31, 2023. If you have questions on getting started contact us and we will help you get this in place.

Stay healthy,
Greg Libbrecht and the team at Platinum Business Services