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CANADA EMERGENCY BUSINESS ACCOUNT (CEBA)


THIS IS THE OFFICIAL CEBA PROGRAM SITE AND WE ARE NOT AFFILIATED WITH ANY OTHER
WEBSITE.


IMPORTANT UPDATE FOR ALL LOAN HOLDERS ON REPAYMENT

If you are unable to repay your CEBA loan when due (regardless of whether or not
you are eligible* for the loan you received), your financial institution will
contact you to request a lump sum repayment of the outstanding debt. If, at that
point, you do not fully repay your CEBA loan to your financial institution, your
financial institution will likely be required to assign your loan to the
government’s CEBA Program for collection efforts.

Starting as early as the spring of 2024, the CEBA Program will manage the
collection of assigned CEBA loans in default, in which case you will be
contacted directly. The CEBA Program recognizes that the recovery from the
pandemic has been difficult for many Canadians and businesses, and remains
committed to being compassionate, flexible, and supportive. In addition, it
remains dedicated to providing transparent and easily accessible information
about your CEBA loan repayment options.

Please be advised, if you are unable to repay by the provided deadline, the CEBA
Program will review your circumstances on a case-by-case basis and work with you
to establish a payment arrangement/repayment plan tailored to your ability to
repay.

*See repayment deadline information below.


PROGRAM REPAYMENT DEADLINES

 * The forgiveness repayment date of January 18, 2024, for eligible CEBA Loan
   Holders in good standing has now passed. Eligible CEBA Loans that remain
   outstanding are now non-amortizing term loans with full principal repayment
   due on December 31, 2026.
 * If you are an eligible Loan Holder in good standing that submitted a
   refinancing loan application to the financial institution that provided your
   CEBA Loan on or before January 18, 2024, and require a grace period in order
   to finalize the payout of your CEBA Loan, you can still qualify for partial
   loan forgiveness if the outstanding principal of your CEBA Loan, other than
   the amount of potential debt forgiveness, is repaid on or before March 28,
   2024. For instructions on how to make a payment towards your CEBA Loan,
   please contact your financial institution.
 * Loan Holders that did not qualify for the new extended term were required to
   repay the outstanding amount of their CEBA Loan(s), in full, by December 31,
   2023. This deadline has now passed, and Loan Holders with outstanding
   balances as of January 1, 2024, will be contacted by their financial
   institution to request a lump sum repayment of the outstanding debt. If, at
   that point, they do not fully repay their CEBA loan to their financial
   institution, the financial institution will likely be required to assign
   their loan to the government’s CEBA Program for collection efforts.


ALL APPLICATION OUTCOMES, FORGIVENESS AND REPAYMENT DEADLINES ARE NOW FINAL

 * All program eligibility determinations, application outcomes and repayment
   deadlines are now final and cannot be changed. No organization involved in
   administering the CEBA program has the authority to grant exceptions to the
   CEBA eligibility criteria, including your financial institution.


APPLICANTS SEEKING ADDITIONAL INFORMATION

 * If you have questions about the specific details of your loan, repayment, or
   refinancing, please contact the Financial Institution that provided your CEBA
   Loan.
 * More details about loan repayment, forgiveness, and refinancing are provided
   in the FAQs on the next tab.
   * If you continue to have general questions about your CEBA Loan, you may
     call the CEBA Call Centre at 1-888-324-4201. The CEBA Call Centre is
     available Monday to Friday from 9AM to 6PM Eastern Standard Time, excluding
     statutory holidays.
   * Before speaking to a Call Centre agent, please have your 9-digit CRA
     business number and the tax form you used in your application (T1, T2 or
     T4SUM) ready. If you do not have the tax form you used in your application
     and you applied through the Non-Deferrable Expense stream, please have the
     documents you uploaded readily available.


PROGRAM OVERVIEW

The CEBA program offered interest-free loans of up to $60,000 to small
businesses and not-for-profits. CEBA loans were available from more than 220
financial institutions across the country.

For eligible CEBA loan holders in good standing, repaying the balance of the
loan on or before January 18, 2024 will result in loan forgiveness of up to 33
percent (up to $20,000).

As of October 26, 2020, eligibility for CEBA expanded by removing the previous
March 1, 2020 condition for having an active business chequing/operating
account. With this removal, eligible businesses were able to apply after opening
a business chequing/operating account with their primary financial institution.

As of December 4, 2020 the maximum CEBA loan amount was increased to  $60,000.
CEBA loan holders who had received the $40,000 CEBA loan were able to apply for
the CEBA expansion, which offered eligible businesses an additional $20,000 of
financing.

The application period for the CEBA Program closed on June 30, 2021 and the
funding period has now ended. As a result, no applications can be submitted, and
no new funding will be provided by the CEBA Program. CEBA eligibility criteria
validations have been completed for all CEBA loan holders and the results of
these validations are final. The opportunity for further resolution has now
passed and applications will not be reconsidered by the CEBA Program.

As of September 14, 2023, the repayment deadline for eligible CEBA loan holders
to qualify for partial loan forgiveness was extended to January 18, 2024.
Additionally, CEBA loan holders that submit a refinancing loan application to
the financial institution that provided their CEBA loan by January 18, 2024 but
require a grace period in order to finalize the payout of their CEBA loan can
still qualify for partial loan forgiveness if the outstanding principal of their
CEBA loan, other than the amount of potential debt forgiveness, is repaid by
March 28, 2024.

Program Repayment Deadlines

 * The forgiveness repayment date of January 18, 2024, for eligible CEBA Loan
   Holders in good standing has now passed. Eligible CEBA Loans that remain
   outstanding are now non-amortizing term loans with full principal repayment
   due on December 31, 2026.
 * If you are an eligible Loan Holder in good standing that submitted a
   refinancing loan application to the financial institution that provided your
   CEBA Loan on or before January 18, 2024, and require a grace period in order
   to finalize the payout of your CEBA Loan, you can still qualify for partial
   loan forgiveness if the outstanding principal of your CEBA Loan, other than
   the amount of potential debt forgiveness, is repaid on or before March 28,
   2024. For instructions on how to make a payment towards your CEBA Loan,
   please contact your financial institution.
 * Loan Holders that did not qualify for the new extended term were required to
   repay the outstanding amount of their CEBA Loan(s), in full, by December 31,
   2023. This deadline has now passed, and Loan Holders with outstanding
   balances as of January 1, 2024, will be contacted by their financial
   institution to request a lump sum repayment of the outstanding debt. If, at
   that point, they do not fully repay their CEBA loan to their financial
   institution, the financial institution will likely be required to assign
   their loan to the government’s CEBA Program for collection efforts.




FINAL PROGRAM STATISTICS:

Number of businesses
approved for CEBA loans1

898,271

Number of businesses
approved for CEBA expansions2

571,851

Total funds approved for
CEBA loans1 and expansions2

$49.2 Billion

1 "CEBA loans" refer to $40,000 and $60,000 loans
2 "CEBA expansions" refer to $20,000 expansions

Click here for regional statistics
CEBA summary data as of January 26, 2022

Date modified: 2024-02-20


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