Important Deadlines: CEBA Announcement

NOTO, CFIB & other industry partners continue to advocate for a change to the Government’s recent announcement surrounding the CEBA loan repayment options. While we continue our efforts, it’s important for operators to keep the following dates in mind:

  • Jan. 18, 2024: Deadline to keep the forgivable portion by repaying the full balance.
  • Mar. 28, 2024: Deadline to keep the forgivable portion if you have an application in process before Jan. 18, 2024, for a bank loan to repay CEBA.
  • Dec. 31, 2026: Deadline to repay the full CEBA loan if you lose the forgivable portion.

The deadline to repay the CEBA loan in order to keep the forgivable portion was changed, but only by 18 days. This is not what any of us have asked for. Instead of the original Dec. 31, 2023 deadline, a business owner has until Jan. 18, 2024 to pay to keep the forgivable portion.

The government also announced a provision to give businesses an extra 3 months to convert their CEBA loan into a bank loan. If you apply for a bank loan before Jan. 18, 2024, you will be given until Mar 28, 2024 to repay the loan and keep the forgivable portion.

Beyond March 28, 2024, successfully refinanced loans will have a new payback deadline of December 31, 2026 but the forgivable portion of the original loan will be lost.

These same refinancing dates will apply to the RRRF (Regional Relief and Recovery Fund) loans that were administered through FedNor and the Community Futures Development Corporations (CFDCs). The challenge for those loans will be the policies of the CFDCs on refinancing loans. We know that the CFDC’s will do everything they can to work with their clients.