Partial Loan Forgiveness Deadline Extension: The deadline for repaying the outstanding balance (excluding the forgivable amount) to qualify for partial loan forgiveness has been extended to January 18, 2024.
Interest Start Date Adjustment: The commencement of interest on your CEBA loan is now scheduled for January 19, 2024. Starting from this date, an interest rate of 5% per annum will apply until your CEBA loan is fully repaid.
Refinancing Option for Partial Forgiveness: If you have an outstanding balance on your CEBA loan as of January 19, 2024, you can still qualify for partial loan forgiveness. Applying for refinancing through the Lender on or before January 18, 2024, allows you to qualify if the outstanding principal (excluding the forgivable amount) is repaid by March 28, 2024 (interest commencing on January 19, 2024).
Extended Final Repayment Deadline: If partial forgiveness isn’t achieved by the specified deadlines, the final deadline for full repayment of the principal amount under your CEBA loan (including accrued interest) is extended to December 31, 2026.
Actions to Take
For CEBA loan refinancing options or if you have questions, please schedule an appointment with a Business Banking Specialist before January 18, 2024.
Government-Authorized Notification
In reference to the CEBA Loan Agreement between the Lender and the Borrower, authorized by the Government of Canada:
- You are eligible for partial loan forgiveness if your loan is in good standing as of this notice’s date and the outstanding balance (excluding the forgivable amount) is repaid on or before January 18, 2024, or on or before March 28, 2024, if refinancing is applied for by January 18, 2024.
- The repayment deadline for the principal amount under your CEBA loan is extended to December 31, 2026, if your loan is in good standing as of this notice’s date.
- No interest payments are required for the period from January 1, 2024, through January 18, 2024, and we waive all interest that accrues during this period. However, all rights and remedies regarding interest accrual and payment from January 19, 2024, onwards are expressly reserved.
- If your loan is not fully repaid by January 18, 2024, interest at a rate of 5% per annum will accrue and be payable from January 19, 2024, until the loan is repaid in full.
This waiver is specific to this instance and purpose, preserving all rights and remedies under the Loan Documents. For further details and examples on CEBA loan forgiveness, please visit the CEBA program website at https://ceba-cuec.ca.
Should you have any questions or need additional information, feel free to reach out. We’re here to assist you.
| Key Points | |
|---|---|
| Partial Loan Forgiveness Deadline Extension | The deadline for partial loan forgiveness has been extended to January 18, 2024, allowing more time to repay the outstanding balance. |
| Interest Start Date Adjustment | Interest on your CEBA loan will commence on January 19, 2024, with a 5% per annum rate until the loan is fully repaid. |
| Refinancing Option for Partial Forgiveness | If you have an outstanding balance on your CEBA loan as of January 19, 2024, applying for refinancing through the Lender by January 18, 2024, enables qualification for partial loan forgiveness, with the outstanding principal to be repaid by March 28, 2024. |
| Extended Final Repayment Deadline | If partial forgiveness is not achieved by the specified deadlines, the final deadline for full repayment of the principal amount, including accrued interest, is extended to December 31, 2026. |