Act Now.  March 28 is the last day for $10k to $20k of government loan  forgiveness

The Canada Emergency Business Account (CEBA) is an initiative of the Government of Canada.  The official Government website is ceba-cuec.ca

Restaurant Owner CEBA Refinancing

CEBA Refinancing

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Compare the best lenders in Canada to get up to $20,000 of free government forgiveness.  Find the best rates, service and speed to match the lender with your needs.

Refinance CEBA

Apply for refinancing with one or many lenders to refinance your CEBA loan.  Funds are deposited in your account in as little as 24 hours.

CEBA Loan Forgiveness

If you repay your CEBA loan by March 28, 2024 you may be eligible for $10k to $20k of loan forgiveness

$60,000 CEBA Loan

Repay $40,000 by March 28, 2024

$20,000 Forgiveness

Repayment will result in loan forgiveness of 25% of the first $40,000 and 50% of the remaining $20,000.
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$40,000 CEBA Loan

Repay $30,000 by March 28, 2024

$10,000 Forgiveness

Repayment of your outstanding balance will result in loan forgiveness of 25%.
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Take advance of loan forgiveness

Repay your loan by January 18, 2024 and receive $10,000 to $20,000 loan forgiveness to help grow your company

Extend your repayment timeline

Rather than paying the entire CEBA loan by January 18, pay monthly installments to improve cash flow and invest in your business

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CEBA Refinancing FAQ's

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The Canadian Emergency Business Account (CEBA) is a government relief program aimed at providing interest-free loans to Canadian small businesses to help cover operating costs during periods of reduced revenues due to the COVID-19 pandemic.

Repayment of your Canadian Emergency Business Account (CEBA) loan can usually be done through your financial institution where you initially received the loan. The process typically involves the following steps:

  1. Contact your financial institution: Reach out to your bank or credit union where you got the CEBA loan. Each institution may have its own repayment procedures, so it’s important to confirm the details with them.
  2. Request a loan repayment: Let your financial institution know that you want to repay your CEBA loan. They will guide you through their specific repayment process.
  3. Repay the loan: Once you understand the repayment process, you can proceed with repayment. This usually involves transferring funds from your business account to pay off the loan balance.
  4. Confirm repayment: After you’ve repaid the loan, it’s a good idea to confirm that your financial institution has received the payment and applied it to your loan balance.

Remember, if your loan is fully repaid by the forgiveness date up to $20,000 of the loan will be forgiven.

Always consult with your financial institution or check the most recent guidelines provided by official government sources for the most accurate and current information.

If the Canadian Emergency Business Account (CEBA) loan isn’t repaid by the deadline, the following might occur:

Loss of Forgiveness Benefit: Initially, CEBA loans have up to a $20,000 forgiveness benefit if repaid by January 18, 2024.  If you applied to the financial institution that has your CEBA loan for refinancing, this date is automatically extended to March 28, 2024.  If you don’t meet this deadline, you will lose this forgiveness benefit.

Interest Accrual: The CEBA loans are interest-free until January 18, 2024. If the loan isn’t repaid by the deadline, interest starts accruing at 5% per year on the outstanding balance. The loan principal is payable by December 31, 2026.

Collections Process: If you can’t repay your CEBA loan, the government has announced that the Canada Revenue Agency (CRA) will be responsible for managing delinquent loans. This could involve entering a collections process and could potentially impact your credit score.

If you’re unable to repay your CEBA loan by the deadline, it’s best to reach out to your financial institution as soon as possible. They might be able to provide advice or options tailored to your situation.

You should contact your primary financial institution or visit the official CEBA website for the most current information.

Typically, you can only apply for one CEBA loan for each business number (BN) you have.

The loan itself is not taxable, but if a portion of the loan is forgiven, that amount is considered taxable income.

The CEBA loan is interest-free until January 18, 2024.  If not repaid by January 18, 2024 and a loan application with your financial institution has not been submitted, an interest rate of 5% per year is payable monthly through to December 31, 2026.

Under the terms of the Canadian Emergency Business Account (CEBA) program, you are expected to repay the full amount of the loan. However, if the loan is repaid by March 28, 2024 if you have applied for a loan from your bank, a portion of it is forgiven.

For a $40,000 CEBA loan, if $30,000 is repaid by the deadline, $10,000 (or 25% of the loan) will be forgiven.

For a $60,000 CEBA loan, if $40,000 is repaid by the deadline, $20,000 (or 33% of the loan) will be forgiven.

If you do not meet the repayment deadline, you will be required to repay the full amount of the loan plus any accrued interest.

The non-forgivable portion of the loan must be repaid by January 18, 2024 to qualify for the forgiveness benefit.

However, if a loan application is made with the financial institution holding the CEBA loan, an extension to March 28, 2024 will be granted.

The original maturity date was December 31, 2022 to qualify for the forgiveness and the loan maturity date was December 31, 2025. However, now the maturity date to qualify for the forgiveness is January 18, 2024 and the loan maturity date has changed to December 31, 2026.

If your business is closing, you are typically still responsible for repaying your Canadian Emergency Business Account (CEBA) loan. The loan is not forgiven upon the closure of a business.

However, in the event of a business closure or bankruptcy, the conditions for the repayment of the loan, including the timing and interest, may be subject to specific legal provisions, bankruptcy laws, and the terms of the CEBA loan agreement.

This is a complex situation, and it’s important to consult with a financial advisor or legal professional who is familiar with these matters.

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