IMPORTANT INFORMATION:

Updated February 2022

The Government of Canada recently announced the loan forgiveness qualification and the interest free period have both be extended to December 31, 2023 for loans in good standing.

Members with funded and outstanding CEBA loans please note the following important information on repayment terms:

Repayment terms if made by December 31, 2023:

• 0% interest will apply before January 1, 2024.
• Loan forgiveness will apply if the CEBA loan balance is less the eligible forgiveness amount. For example:
• If you are the recipient of a $40,000 loan: $10,000 will be forgiven if $30,000 of the loan balance is fully repaid by December 31, 2023.
• If you are the recipient of a $60,000 loan: $20,000 will be forgiven if $40,000 of the loan balance is fully repaid by December 31, 2023.
• If your CEBA loan is less than $40,000: 25% will be forgiven if 75% of the loan balance is fully repaid by December 31, 2023.

Repayment terms after January 1, 2024:

• A rate of 5% interest per annum will accrue on the balance of the loan.
• Full repayment (including principal and interest) is due and payable on December 31, 2025.

More general information about the program as well as frequently asked questions are available on Government of Canada CEBA page here.