The federal government announced that the repayment deadline for the Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness has been extended.

Previously the deadline to repay the CEBA loan for partial loan forgiveness was December 31, 2022, the federal government has now extended the deadline to December 31, 2023.

If the outstanding loan, other than the amount of potential loan forgiveness, is repaid by December 31, 2023, the remaining loan amount up to $20,000 will be forgiven, provided that no default under the loan has occurred.

Any outstanding loan after December 31, 2023 will subsequently be converted to a two-year term loan with interest of 5% per annum commencing on January 1, 2024, with the loans fully due by December 31, 2025.

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