Are You An Incorporated Employee | Holt & Co Devon Alberta

UPDATE

Recently, the federal government announced that eligible CEBA borrowers in good standing, will have until January 18, 2024, to repay their balance to receive the $20,000 forgiveness on the $60,000 loan, or 25% on the up to $40,000 loan.

• 25% on first $40,000 plus
• 50% on amounts above $40,000 and up to $60,000

For loans outstanding on January 19, 2024, during the period of January 19, 2024 to December 31, 2026 , you will be required to pay interest on your CEBA loan. The loan will automatically convert to a three-year term loan at 5% interest per annum, with interest payment frequency to be determined by your financial institution.

ONLY INTEREST payments are required to be paid on the term loan beginning January 19, 2024, however the full principal (no debt forgiveness) is due on December 31, 2026.

CEBA loan holders who submit a refinancing application with their financial institution by January 18, 2024, may qualify for an extension of the partial loan forgiveness repayment deadline to March 28, 2024.

If this applies to you, I strongly suggest that you contact your bank well in advance of the January 18, 2024 deadline.

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