You may remember that the repayment dates have been pushed back a couple of times (does December 31 ,2022 and December 31, 2023 sound familiar? We talked about this in a previous blog) and these new dates seems to be firm and final.
Let's gather the information:
CEBA repayment on or before these two key dates will result in loan forgiveness of $10,000 for a $40,000 CEBA loan and $20,000 for a $60,000 CEBA loan. If you have been able to manage your business cash flow and you are ready to repay do it on or before January 18 2024!
How do I pay you asked? All you need to do is log in to online banking and transfer the funds into the Credit card account number that is recording the CEBA loan amount (either 60K or 40K). Remember that you only need to transfer 30k or 40K, respectively. Certainly, you don't need to wait until the last minute to do it. Many of you have started transferring partial payments, which may be easier for you to manage depending on your business cash flow.
You have been falling behind planning and budgeting for your CEBA Loan repayment in which case you may be in luck still. In this case, you still may be able to pull off the loan forgiveness ONLY IF you apply for refinancing with the banking institution that issued you the CEBA loan by January 18, 2024.
The government is giving financial institutions until March 28th, 2024 to allow time for you to secure new financing and still access the partial loan forgiveness. TIP:" Don't wait to take action. If you don't think you'll be unable to pay by January 18th visit your banking institution (the one that lent your business the CEBA loan) and apply for refinancing.
Still have questions? Contact us