CEBA loan overview
The Canada Emergency Business Account (CEBA) is available to businesses who meet the eligibility criteria below, subject to the ongoing availability of government funding.
CEBA will provide qualifying businesses an interest-free loan of $60,000 until December 31, 2022. You don’t need to make any repayments until December 31, 2025, when the full loan is due.
If you repay $40,000 of the loan by December 31, 2022, the remaining $20,000 will be forgiven. If you don’t repay $40,000 of the loan by December 31, 2022, the remaining balance will be converted to a 3-year term with a 5% annual interest rate.
Full details are included in the agreement below.