Don't miss out on savings of up to $20,000!

Did you know?

• 898,271 businesses were approved for CEBA loans
• 571,851 businesses were approved for CEBA expansions
• $49.2 Billion in total funds were approved for CEBA loans and expansions

The Extension

Are you a CEBA loan holder in good standing? Gnarly! This means your 0% repayment deadline was extended to January 18th, instead of December 31st.

So, what does this mean for you?

If you borrowed $40,000 or less:

• You should make every effort to repay the 75% of your loan that is not forgivable, by January 18th, 2024
• This means you’ll get “forgiveness” on 25% of your loan!
• This is up to $10,000 for FREE!

If you borrowed between $40,000 to $60,000:

• You should make every effort to repay the 67% of your loan that is not forgivable, by January 18th, 2024
• This means you’ll get “forgiveness” on 33% of your loan.
• This is up to $20,000 for FREE!

What happens if you can’t pay the 75% or 67% by January 18th?

The final loan maturity date for any amounts not paid, or forgiven, by January 18, 2024, is December 31, 2026.

As of January 19, 2024, loans will automatically convert to non-amortizing term loans at 5% per annum.

However....

There is the option for a grace period to March 28, 2024 by refinancing your CEBA loan. Talk to you financial institution today or reach out to us for help!

Don’t Forget!

The forgiveness portion of your loan is considered taxable income. So make sure your accountant knows the circumstances of your loan.

We know this can be quite complicated. If you need help with your particular situation, please don’t hesitate to reach out to us. We would love to help!

~Your friendly neighborhood accounting firm

PS if you'd like to read more about the CEBA loan, you can do so on the official website here.