CEBA loan repayment

CEBA Loan Repayment

The Canadian government has announced an extension to the repayment deadline for its small business pandemic loan program. Prime Minister Justin Trudeau confirmed that businesses will now have an additional year to repay their CEBA loans. This move aims to alleviate the financial burden on small businesses as they continue to navigate the challenges posed by the ongoing pandemic.

However, it's important to note that while the repayment deadline has been extended, the forgivable portion of the loan will still be lost if businesses fail to repay within the coming months. Therefore, it is crucial for businesses to prioritize their loan repayment to avoid losing this valuable benefit.

The CEBA loan program has been a lifeline for many small businesses, providing them with much-needed financial support during these uncertain times. With the repayment deadline extension, businesses now have more time to recover and rebuild their operations. It is essential for businesses to assess their financial situation and develop a repayment plan that ensures timely repayment while safeguarding their future sustainability.