If you're struggling to repay your CEBA loan before the repayment period begins, you're in the right place! Don't miss out on your chance to save thousands by repaying your CEBA loan on time.

The Government of Canada-issued CEBA loans are entering a repayment period soon. As of January 19, 2024 borrowers who took these loans will be required to start making interest-only monthly payments at an interest rate of 5% for a term of 3 years.

The CEBA program offered interest-free loans of up to $60,000 to small businesses and not-for-profits. For eligible CEBA borrowers in good standing, repaying the balance of the loan on or before January 18, 2024 will result in loan forgiveness of up to up to $20,000.

What are the repayment terms for the $40,000 and $60,000 loan and the $20,000 expansion? All applicants that meet CEBA eligibility criteria will have the following repayment terms:

Interest: 0% per annum interest until January 18, 2024, 5% per annum interest starting on January 19, 2024; interest payment frequency to be determined by your financial institution.

Repayments & Maturity: No principal repayment required before January 18, 2024. If the loan remains outstanding after January 18, 2024, only interest payments required until full principal is due on December 31, 2026.

Debt Forgiveness: If the outstanding principal, other than the amount of potential debt forgiveness, is repaid by January 18, 2024, the remaining principal amount will be forgiven, provided that no default under the loan has occurred.

There were two loans: one for $40,000 and one for $60,000

• The borrower only has to pay $30,000 of the $40,000 loan if it is paid back before the end of the year

and

• The borrower only has to pay $40,000 of the $60,000 loan if it is paid back before the end of the year

By making your CEBA repayment on time, you immediately receive a forgiveness of 33% of your loan. Borrowers can save anywhere between $7,000 and $15,000 by repaying the CEBA loan on time when compared to paying the full loan amount two years from now. If you are unable to make this payment by January 18, 2024, reach out to us today to learn more about your options.

By financing with us, you're getting access to the lowest rates to ensure the highest savings possible. We will guide you through the process and ensure a smooth transaction. No stress, no hassle, just fast and simple loans.

Find out how much you could save! For more information and a free quote, fill out the form above.