CEBA Updates and Payment Extensions
Posted On: 07/12/20 - 0

Recent CEBA Update Information

New news on what you need to know about CEBA updates and payment extensions. As of December 4, 2020, the CEBA loans for businesses will increase from $40,000 to $60,000. Applicants who had previously received the $40,000 CEBA loan may now apply for the additional $20,000 expansion. This loan provides businesses like yours with another $20,000 in financing. You have until March 31, 2021, to apply for $60,000 CEBA loan. And, in some cases for the $20,000 additional loan.

What Happens If You Have Already Applied For CEBA?

If you have already applied for the CEBA loan and have questions, please contact the CEBA Call Centre. They can be contacted at 1-888-324-4201. An agent will return your call within 3 business days between Monday and Friday. Hours of operation are from 10:00 am to 9:00 pm eastern standard time. Those agents can answer the following questions. What is the status of my application? Why was my application declined? And finally, why was my submitted document rejected?

Program Repayment Deadlines Have Changed

Firstly, The existing terms of CEBA loans require that the outstanding balance be repaid on or before December 31, 2022. This is required to be eligible for partial loan forgiveness.

Repayment Deadline Extension

Secondly, the Government of Canada has recently announced the December 31, 2022 forgiveness repayment date is extended to December 31, 2023. This applies if your CEBA loan is in good standing. If you qualify for the new extended term, your bank will contact you and provide details regarding the new repayment date.

If You Are Seeking Additional Information

Finally, You can check the status of your CEBA loan online at https://status-statut.ceba-cuec.ca/. If you still have questions, call the CEBA Call Centre. Their number is 1-888-324-4201. The CEBA Call Centre is available Monday to Friday. Hours are from 9AM to 6PM Eastern Standard Time.

If you need assistance with your application or creating your income summary, call us.

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