Finatical Times – Special News Bulletin

Government of Canada Extends CEBA Loan Forgiveness Repayment Deadline to December 31, 2023

Kerry Foster from Finatics Accounting Solutions is at the scene now, Kerry, what was the announcement?

“Well Michael, Prime Minister Justin Trudeau and Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng made the announcement that the Canada Emergency Business Account (CEBA) and the Regional Relief and Recovery Fund (RRRF) repayment has been extended by 12 additional months to December 31, 2023.”

Exciting news Kerry, what are you hearing from the business community?

“This is great news for small businesses that have taken out the CEBA or RRRF loans as it gives them another 12 months to recover from the Covid-19 Pandemic before they are required to pay back the loans.  For a quick reminder, there was two phases of loans $40,000 that requires 75% to be repaid by December 31, 2023, to receive 25% forgiven and then an additional $20,000 loan that required 50% to be repaid by the same period for the other 50% to be forgiven.  If the payments are made by December 31, 2023, then the business can receive up to $20,000 in loan forgiveness.  Any loans that were not paid off in full, will have a 5% interest rate and it will be due in full by December 31, 2025.”

“Michael, for more information on the announcement, please follow the link below https://www.canada.ca/en/department-finance/news/2022/01/government-extends-loan-forgiveness-repayment-deadline-for-the-canada-emergency-business-account.html

Thank you Kerry for this Breaking News.

If you would like any further information about this change, please contact us at info@finaticsaccounting.ca

From the Finatics Newsroom