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Canada Emergency Business Account (CEBA) Repayment Due January 18, 2024

Canada Emergency Business Account (CEBA) Repayment Due January 18, 2024

The Canada Emergency Business Account (CEBA) was introduced to support Canadian businesses during the challenging times brought on by the COVID-19 pandemic.

It provided financial assistance in the form of interest-free loans to help businesses cover their operating costs and navigate the economic uncertainties.

Key Features of CEBA:

1. Loan Amount: CEBA offered eligible businesses a loan of up to $60,000.

2. Interest-Free: The loan comes with zero percent interest, making it an attractive financial lifeline for struggling businesses.

3. Eligibility Criteria: To qualify, businesses needed to demonstrate their annual payroll expenses, have a business operating account, and meet other specified criteria.

The deadline to repay the CEBA repayment in order to receive a portion of their loan to be forgiven is January 18, 2024. There may be a two month extension available if your business is in the process or working towards refinancing the CEBA loan.

CEBA played a crucial role in supporting businesses through the uncertainties of the pandemic. As the repayment deadline approaches, businesses should ensure they have a clear understanding of the terms and timelines to fulfill their obligations and maintain their financial stability.

Should you have any questions, please contact your SLF advisor.