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

CEBA Loan in Lakeshore

CEBA Loan in Lakeshore

CEBA loan in Lakeshore is a government program designed to support small businesses during the COVID-19 pandemic. Lakeshore was heavily impacted by the economic downturn caused by the pandemic. Many small businesses in Lakeshore were struggling to stay and needed financial assistance to survive.

To help these businesses, introducing CEBA loan in Lakeshore was a much-needed relief. So, let’s look at what this program offers and how it has helped small businesses in Lakeshore.

CEBA Loan in Lakeshore

The Canada Emergency Business Account, or CEBA was launched on April 9, 2020. Since then, it has been a financial lifeline for many businesses in Lakeshore. The aim was to help businesses in Lakeshore struggling due to the COVID-19 pandemic. 

This program has contributed an impressive $49 billion to the economy. Approximately 900,000 businesses in Lakeshore benefitted from this initiative to cope with the pandemic fallout.

The CEBA loan was designed to help businesses in Lakeshore manage their non-deferrable costs. These costs continue to accumulate regardless of economic slowdown and include expenses like rent, utilities, insurance, taxes, and employment costs. 

Initially, the scheme offered a zero-interest loan of $40,000 to eligible businesses in Lakeshore. Later, this amount was increased up to $60,000, with a portion forgivable if specific conditions were met. For countless businesses, CEBA served as a financial cushion.

Changes in CEBA Loan in Lakeshore

On September 14, 2023, the Prime Minister came up with updated deadlines for repaying CEBA loans. This extension provided an additional year for loan holders in Lakeshore to repay while also offering increased flexibilities for those wishing to qualify for partial loan forgiveness of up to 33%.

Partial Loan Forgiveness New Deadline

Businesses in Lakeshore now have until January 18, 2024, to repay their CEBA loans. This deadline is an extension from the original date of December 31, 2023. Those businesses in Lakeshore looking to refinance their loans must apply to their financial institution by January 18, 2024. Successful refinancing applications secure an extension until March 28, 2024, to qualify for loan forgiveness.

The government has introduced incentives for timely repayment. If businesses in Lakeshore repay their loan by January 18, 2024, or before the refinancing extension deadline of March 28, 2024 (providing a refinancing application was submitted before January 18, 2024). In this way, they will qualify for partial loan forgiveness. This is equal to $10,000 discounted from a $40,000 loan and $20,000 from a $60,000 loan.

However, Lakeshore businesses that don’t repay by the loan forgiveness deadline will face repercussions. Starting January 19, 2024, any outstanding CEBA loan balance will be converted into a three-year term loan, forfeiting the zero-interest benefit. Instead, a 5% annual interest rate will be levied on the remaining balance.

CEBA Loan Repayment Extended Deadline

The final cutoff for repaying all outstanding CEBA loans, along with applicable interest, is December 31, 2026. This deadline applies to all businesses in Canada, including Lakeshore. The previous deadline was December 31, 2025. All Lakeshore businesses have an additional year to complete repayment without any penalties.

The term loans are subject to an annual interest rate of 5 percent. This interest rate applies to the remaining balance of the CEBA loans.

Missing Repayment Deadline of CEBA Loan in Lakeshore

If business owners in Lakeshore do not repay their CEBA loans by the deadline, they will face a loan default. The Canada Revenue Agency (CRA) would then initiate collections. How assertively the CRA will act during collections remains uncertain. 

Businesses that have stayed up to date with monthly interest payments but have struggled to repay the principal could negotiate a favourable repayment scheme. However, it would be advisable for these businesses to secure an alternative lender before the final date, December 31, 2026.


The recent changes in the CEBA loan in Lakeshore, including the extended deadlines for repayment and partial loan forgiveness, have offered increased flexibility and relief to businesses in the area. However, it remains imperative for businesses to meet these deadlines to avoid negative repercussions and maintain the benefits of the CEBA loan in Lakeshore.

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