• Français
Font Size + ↻ -
Member Log In
logo logo-fr
  • Home
  • About
  • Loans & Services
  • Programs
  • Community
  • News
  • SOFII
  • Find Us

Canada extending repayment of COVID-19 business aid loans to 2023

The federal government is extending the deadline for small businesses to pay back their Canada Emergency Business Account (CEBA) loans to the end of 2023.

The government introduced CEBA in April 2020 as an interest-free loan program, offering initially up to $40,000 to small businesses and non-profits who have experienced a loss of revenue due to COVID-19. An expansion was then offered, seeing businesses able to apply to receive up to $60,000 loans.

Prior to Wednesday’s update, if claimants repaid the balance of their loan on or before the end of 2022, the government planned to forgive up to one-third of their loan.

Related Stories

  • Business is up heading into 2022, but so too are worries about paying off COVID-19 debt

Related Links

  • Canada Emergency Business Account (CEBA)

Now, eligible businesses “in good standing,” will have until Dec. 31, 2023 to repay and be eligible for up to $20,000 of debt forgiveness.

Prime Minister Justin Trudeau and Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng made the announcement on Wednesday, noting that given new restrictions many businesses are facing due to the current Omicron surge, they may need more time to pay back their loans.

“As workers and small businesses and people across the country face renewed uncertainty and with new lockdowns, rising case counts, and the Omicron variant, we continue to know what the best thing for our economy is to support our workers and businesses through this pandemic,” said Ng.

The government is also extending the repayment deadline for the partial forgiveness for what Ng called the “CEBA-equivalent lending” provided through the Regional Relief and Recovery Fund to Dec. 21, 2023.

“We’ve heard from businesses that they’re looking for this flexibility, and that’s what today’s announcement is about. This additional year will help businesses get that flexibility to work together through this pandemic, to the end of this pandemic.”

Outstanding loans after the new deadline will be converted to two-year term loans with a five per cent interest rate, starting on Jan. 1, 2024, with the loans due in full by Dec. 31, 2025.

While applications closed for these loans in mid-2021, since its launch 898,254 businesses have been approved for these loans, totalling $49.17 billion in federal assistance.

Source:

Rachel Aiello CTVNews.ca Online Politics Producer @rachaiello  Contact

Published Wednesday, January 12, 2022 12:02PM ESTLast Updated Wednesday, January 12, 2022 12:38PM EST

« Previous Article
Next Article »

Share This Article

Choose Your Platform: Facebook Twitter Google Plus Linkedin

Related Posts

  • Prime Minister welcomes new Cabinet

    READ MORE
  • Enhanced COVID-19 Vaccine Certificate with QR Code and Verify Ontario App Available for Download Starting October 15

    READ MORE
  • North Simcoe Community Futures Development Corporation Welcomes New General Manager

    READ MORE
  • Government extends loan forgiveness repayment deadline for the Canada Emergency Business Account

    READ MORE
  • Summer Company

    READ MORE

Add a Comment Cancel reply

Your email address will not be published. Required fields are marked *

sixteen − 4 =


Find Your Local Office

CF Western Ontario/SOFIIFollow

Offering business services & financing to small and medium sized businesses in Southwestern ON through our Community Futures Development Corporation members.

CF Western Ontario/SOFII
CF Western Ontario/SOFII@CFWOntario·
12h

Il est important que les agriculteurs deviennent plus efficaces grâce à l’innovation. Développement des collectivités soutient cette innovation. Contactez-nous dès aujourd’hui et travaillons ensemble pour que l’agriculture reste prospère. https://www.cfwesternontario.ca

Reply on Twitter 1526913350109650945Retweet on Twitter 1526913350109650945Like on Twitter 1526913350109650945Twitter 1526913350109650945
CF Western Ontario/SOFII@CFWOntario·
12h

It is important for farmers to become more efficient through innovation. Community Futures supports that innovation, contact us today and let’s work together to keep agriculture thriving. https://www.cfwesternontario.ca

Reply on Twitter 1526913222426742784Retweet on Twitter 1526913222426742784Like on Twitter 15269132224267427843Twitter 1526913222426742784
Retweet on TwitterCF Western Ontario/SOFII Retweeted
EBRC@ebrc·
17 May

We are so pleased to announce 2 new staff members joining our EBRC team! Join us in welcoming:
Rebecca Byers, Business & Loans Advisor and
Chloe Walker, Community Engagement & Business Advisor. 👏

2
Reply on Twitter 1526595952336838657Retweet on Twitter 15265959523368386573Like on Twitter 15265959523368386576Twitter 1526595952336838657
CF Western Ontario/SOFII@CFWOntario·
16 May

JC Green is a privately-owned and operated licensed cannabis producer in Thorndale, Ontario, @CFMiddlesex believed in JC Green after seeing their business plan and were excited to offer up support. Click below to hear more. https://bit.ly/3whARqR

Reply on Twitter 1526197868947701760Retweet on Twitter 15261978689477017601Like on Twitter 15261978689477017602Twitter 1526197868947701760
CF Western Ontario/SOFII@CFWOntario·
16 May

Community Futures helps bridge the financial gap to help your business to become more bankable through training programs and business development planning. To find out more visit https://www.cfwesternontario.ca @FedDevOntario @ComFuturesON @HelenaJaczek

Reply on Twitter 1526187974056099843Retweet on Twitter 15261879740560998431Like on Twitter 15261879740560998433Twitter 1526187974056099843

Follow Us

Facebook Twitter Youtube

Operating as Community Futures Western Ontario (CFWO)

330 West Street, Unit 10,
Brantford, ON N3R 7V5

(519) 752-0381

Southern Ontario Fund for Investment in Innovation (SOFII)

330 West Street, Unit 10,
Brantford ON N3R 7V5

(519) 752-0381

This project is funded by the Government of Canada through the Federal Economis Development Agency for Southern Ontario.

Ce projet est financé par le gouvernement du Canada à travers l’Agence fédérale de développement économique pour le Sud de l’Ontario.

Copyright © CFWO | Website Design By Cowlick Studios

Login

three × five =

Lost Your Password?

Reset Password

2 × 1 =

Back To Login