The Government of Canada has announced an extension for the repayment and partial loan forgiveness deadlines for the Canada Emergency Business Account (CEBA). This is welcome news for businesses still navigating the financial challenges of COVID-19. The deadline for repayment to qualify for partial loan forgiveness has been extended further, giving businesses additional breathing room.

Repayment on or before the new deadline of January 18, 2024 (or March 28, 2024, if a refinancing application is submitted prior to January 18, 2024, at the financial institution that provided their CEBA loan), will result in loan forgiveness of $10,000 for a $40,000 loan and $20,000 for a $60,000 loan.

To learn more, please read the official press release on the Government of Canada website.