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

RELEASE | January 12, 2022 – Ottawa, Ontario – Department of Finance Canada

The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country.

On January 12, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of International TradeExport PromotionSmall Business and Economic Development, announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing. READ MORE.

Quick Facts:
  • The CEBA program was open for applications from April 9, 2020, to June 30, 2021. It has provided more than $49 billion in liquidity to over 898,000 Canadian businesses.
  • CEBA provides interest-free loans of up to $60,000 to small businesses to help cover their operating costs during a time where their revenues have been reduced. These loans are partially forgivable. With the extension announced today, repaying the balance of the loan on or before December 31, 2023, will result in loan forgiveness of up to 33 per cent (up to $20,000).

For all updates on CEBA, visit: https://ceba-cuec.ca/