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Tax Update: Federal Government extends loan forgiveness repayment deadline for Canada Emergency Business Account

January 13, 2022

Tax Update: Federal Government extends loan forgiveness repayment deadline for Canada Emergency Business Account

Synopsis
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The Federal Government announced the repayment deadline for Canada Emergency Business Account (CEBA) loans to qualify for partial debt forgiveness is being extended from December 31, 2022 to December 31, 2023.

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Insight
Performance Insight Private Enterprise Tax Services

January 12, 2022

The Federal Government announced the repayment deadline for Canada Emergency Business Account (CEBA) loans to qualify for partial debt forgiveness is being extended from December 31, 2022 to December 31, 2023 to help support short-term economic recovery and to offer greater repayment flexibility to small business and not-for-profit organizations.

Repayment on or before the new December 31, 2023 deadline will result in loan forgiveness of up to a third of the loan value (up to $20,000). Outstanding loans would then convert to two-year term loans starting January 1, 2024 and due on December 31, 2025, with interest of five percent per annum.

The Government also announced the repayment deadline to qualify for partial forgiveness for CEBA-equivalent lending through the Regional Relief and Recovery Fund is extended to December 31, 2023.

As stated on the CEBA resource page, if you qualify for the new extended term, your financial institution will contact you and provide details regarding the new payment date.

For a more detailed view, click here.

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