The forgiveness repayment date has been extended to December 31, 2023 for eligible CEBA loan holders in good standing. Applicants who qualified for the new extended term have been contacted with details regarding the new repayment date.
For a $40,000 loan, $10,000 is eligible for forgiveness if $30,000 is fully repaid on or before December 31, 2023.
For a $60,000 loan, $20,000 is eligible for forgiveness if $40,000 is fully repaid on or before December 31, 2023.
For outstanding loans that have not had their forgiveness repayment made on or before December 31, 2023, principal will automatically convert into a two-year term loan charging an interest rate of 5%.