We have an important reminder regarding the Canada Emergency Business Account (CEBA) program, which may impact your financial planning. As of September 14, 2023, the Government of Canada has extended the repayment deadline for eligible CEBA loan holders seeking partial loan forgiveness. The new deadline to qualify for the forgiveness of up to $20,000 has been set for January 18, 2024.
To provide some context, the CEBA program was introduced to support small businesses and not-for-profits by offering interest-free loans of up to $60,000 through various financial institutions across the country. If you’re an eligible CEBA loan holder in good standing, repaying the balance of your loan by the extended deadline of January 18, 2024, can result in loan forgiveness of up to 33 percent, or a maximum of $20,000.
This extension offers a crucial opportunity for you to secure financial relief, and we strongly recommend taking advantage. If you have any questions or require assistance with the CEBA loan forgiveness process, please don’t hesitate to reach out to us. We’re here to support you during these challenging times.
Stay informed, stay prepared, and take advantage of the CEBA program extension to secure your financial future.
📧 accounting@vsgroup.ca // 1-866-644-2944
