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CEBA Loan Updates

The Langley Chamber continues to advocate for an extension to the current deadline.  Listen to our recent interview on CKNW's JIll Bennet Show on this!  Listen > 


The Canada Emergency Business Account loan – or CEBA loan – was a federal support offered during the COVID-19 pandemic to underpin the business sector. The CEBA program offered interest-free loans of up to $60,000 to small businesses and not-for-profits, with up to $20,000 being forgivable and would not have to be paid back.



As of September 14, 2023, the repayment deadlines have been changed.

Deadline to retain forgivable portion in general:  Loan holders now have until January 18, 2024 to pay back the repayable balance of their loan (up to $40,000) while still being eligible for the partial loan forgiveness. (up to $20,000)

Deadline to retain forgivable portion with refinancing Loan holders that need refinancing to pay back the loan can submit a refinancing application to the same financial institution that issued their CEBA loan and if they do this before January 18, 2024 they can still qualify for the loan forgiveness if they pay back the balance (plus applicable interest) by March 28, 2024.

Deadline to repay full CEBA loan regardless:  If loan holders to not pay back the loan by the above deadlines, the loan coverts to a 5% interest-only loan, and must be paid back in full (up to $60,000) by December 31, 2026


What to do now?

While the Langley Chamber has continued to push for a further extension to the forgiveness deadline, businesses should plan for handling their loan as the government has refused to take further action.

If you can make the outstanding loan payment, do so now.  Do not wait until January 18 as a delay may put you past the forgiveness deadline.

If you cannot make the loan payment, you should contact the financial institution who issued your CEBA loan about refinancing options.

Businesses should weigh the cost of refinancing and taking an additional loan to repay the balance and keeping the forgiveness, against the costs of that new loan. For most, retaining the partial loan forgiveness will be worth the additional cost.

If you do not repay your loan by January 18, 2024, the forgiveable portion will be lost and the full balance will convert to a 5%, interest-only loan with full repayment due on December 31, 2026. During the period of January 19, 2024 to December 31, 2026, 5% interest will apply to the outstanding balance and be charged monthly, but no principal payments are required before December 31, 2026, when the balance is then due.

Help Our Fight

The Langley Chamber has been pushing for a full extension or for some form of repayment plan that protects the forgivable portion.

The federal government has refused.

You can help by letting the federal government know you oppose their decision not to help CEBA loan businesses.

Click here to email Finance Minister Chrystia Freeland and our Langley Members of Parliament >



If you have questions on CEBA or concerns you want to share, please do not hesitate to contact the Langley Chamber at 604 371 3770 or   Specific questions about your CEBA loan should be directed to your financial institution.

ceba loan update