CEBA Loan Forgiveness

Repay your Canada Emergency Business Account (CEBA) loan balance on or before January 18, 2024, for loan forgiveness up to $20,000! 

CEBA Loan Forgiveness

Smiling female business owner holding a tablet

The Forgiveness Deadline is Extended

The CEBA loan program was created to provide interest-free, partially forgivable loans up to $60,000 to small businesses and not-for-profit organizations that experienced diminished revenues due to COVID-19. It was open for applications from April 9, 2020, to June 30, 2021, and provided more than $49 billion in liquidity to over 898,000 Canadian businesses.  To learn more about the program, visit the CEBA website: Canada Emergency Business Account (CEBA) (

The Government of Canada has extended both the repayment deadline for eligible CEBA loans to qualify for loan forgiveness and the interest-free period end date to January 18, 2024.

If you’re an eligible CEBA borrower in good standing, repaying the balance of the loan on or before January 18, 2024, will result in loan forgiveness of up to 33 percent (up to $20,000)!

Important notes:

  • Starting January 19, 2024, interest will accrue on the balance of the loan at a rate of 5% per annum, payable monthly on the last day of each month. 

  • The full amount of the loan (including principal and interest) is due and payable on December 31, 2026.

What are your next steps?

To take advantage of the maximum loan forgiveness, you have two options:

  • Repay the CEBA loan from your own resources. 

  • Maximize cash flow by refinancing the CEBA loan to an Innovation term loan. 

If you make a refinancing application with us by January 18, 2024, the repayment deadline to qualify for partial loan forgiveness is March 28, 2024. Please note, interest begins accruing on January 19, 2024, irrespective of refinancing. 

If you wish to proceed with one of these options, please contact us for help.

If you don’t initiate one of the two options, your CEBA loan will be automatically converted to a repayment plan. All applicants that meet the CEBA eligibility criteria will have the following repayment terms:

  • 0% per annum interest until January 18, 2024

  • 5% per annum interest starting on January 19, 2024.

  • No loan forgiveness, with the full amount borrowed being converted to a repayment plan. 

Contact us with any additional questions you have or visit the CEBA website: Canada Emergency Business Account (CEBA) (