CEBA Loan forgiveness? Yes, please!
Pay off your CEBA loan before January 18, 2024 and take advantage of up to $20,000 in loan forgiveness and no interest!
Forgiveness deadline extension
The end of December is a busy time for many Canadian businesses – which is why it was recently announced that the repayment deadline has been extended! The repayment deadline for CEBA loans to qualify for partial loan forgiveness of up to 33% has been extended from December 31, 2023, to January 18, 2024. This builds on the government’s previous one-year extension announced in January 2022.
What are my options?
To qualify for the maximum loan forgiveness, you can:
- pay off your CEBA loan with your own funds; or
- apply to refinance the CEBA loan with a term loan.
How to qualify for partial loan forgiveness
For CEBA loan holders who apply to refinance their CEBA loan with Affinity by January 18, 2024, the repayment deadline to qualify for partial loan forgiveness now includes a refinancing extension until March 28, 2024. If approved, this will result in loan forgiveness of $10,000 for a $40,000 loan and $20,000 for a $60,000 loan.
Talk to your Business Advisor today and get started on your repayment plan so you can reap the benefits of paying it off early!
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CEBA loan converts to a 3-year term in January 2024
As of January 19, 2024, if you haven’t repaid or refinanced your CEBA your existing CEBA loan will:
- convert to a three-year non-amortizing term loan of up to $60,000; and
- be subject to interest of 5% per annum, with the term loan repayment date extended by an additional year from December 31, 2025, to December 31, 2026, with interest payments, at minimum, payable on the last day of each month with the full balance due on December 31, 2026.
If you have questions or you’re worried about paying back your CEBA loan, reach out to us at ceba@affinitycu.ca.
Ready to start making payments?
No problem! You can make principal payments any time, penalty free!
To setup automated loan payments from an external account follow the steps below:
- Download the Payors PAD Agreement
- Complete the following:
- Section 1 – External Debit Account Information
- Section 2 – Crediting Account Information
- Section 3 – Payment Details
- Return the completed and signed form via email to ceba@affinitycu.ca or to an advice centre near you.
Stop by an advice centre, log in to your online banking, or give us a call at 1.866.863.6237 to get started.
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