How to repay your CEBA loan 

 
Repay your loan on time and reap the benefits. Online banking makes it easy!

 
January 20, 2021   3 min read

Are you one of many business owners who got a Canadian Emergency Business Account (CEBA) loan? If so, it’s important to remember that a portion of the principal amount is forgiveable if you make the following minimum principal payments by December 31, 2022. 

CEBA Forgiveness: Minimum Principal Payments:  

  • If you received a CEBA Loan of $60,000 (whether in one loan advance or two separate advances) and you reduce your balance to $20,000 by December 31, 2022, the balance is forgivable;
  • If you received a $40,000 CEBA loan and you reduce your balance to $10,000 by December 31, 2022, the balance is forgivable;
  • If you received a CEBA Expansion Loan of $20,000 and you reduce your balance to $10,000 by December 31, 2022, the balance is forgivable.  

Don’t forget the easiest way to repay your loan is to make your CEBA payments online. If you’re not set up on Small Business Online Banking, now’s the time! Most set-ups can be done over the phone. Call 1.888.741.1010 or visit one of our branches to get started. 

How to make a CEBA payment online 

As a lump sum:

  • Login to online banking
  • Use the Transfer function to transfer the amount you want from your chequing or savings to the CEBA loan. If you don’t see your loan in your list of accounts, one of our representatives in the branch or in our Relationship Centre will be glad to help.  

As a recurring payment:

  • Login to online banking
  • Use the Transfer function to schedule an amount and frequency of your choosing from your chequing or savings to the CEBA loan. 

Important: Before you make a payment, please ensure all information is correct, as payments to a CEBA loan are not reversible. 

Important dates to keep in mind: 

  • You have until December 31, 2022 to make a CEBA loan payment
  • If you have not made the minimum principal payments required to qualify for forgiveness by December 31, 2022, the remaining balance will be converted to a 3-year term loan with an annual interest rate of 5% per year, effective January 1, 2023, and must be repaid by December 31, 2025

If you have any other questions or other financial health needs, please contact us at 1.888.741.1010 or through our WebChat.  


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