As initially discussed in our e-blast Loan forgiveness repayment deadline extended for the Canada Emergency Business Account (CEBA), Finance announced on January 12, 2022 that the repayment deadline for CEBA loans to qualify for partial loan forgiveness was extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.
The CEBA website has recently been updated and confirms that eligible borrowers who qualify for the extension will be contacted by their financial institution. The website also confirms that the determination of eligibility is final and borrowers will not be able to dispute the determinations made. Eligible borrowers concerned about their eligibility for the extension should proactively contact their financial institution. Excerpt from the CEBA website is below.
Am I eligible for the December 31, 2023 loan repayment extension?
Borrowers that met CEBA eligibility criteria and are in good standing are eligible for the December 31, 2023 loan repayment extension. If you qualify for the new extended term, your financial institution will contact you and provide details regarding the new repayment date.
CEBA eligibility criteria validations have been completed for all borrowers and the results of these validations are final. These validations were conducted in partnership with the Canada Revenue Agency (CRA) and revalidated periodically since the launch of CEBA in April 2020 to ensure an accurate reflection of the information in CRA records.
Can I raise a dispute to change my repayment terms?
No. The CEBA Program is no longer providing a review, assessment or re-determination of a CEBA borrower’s eligibility status, final outcome or repayment term. As the application and funding periods for the CEBA Program have now closed, the opportunity for further resolution has now passed and applications will not be reconsidered by the CEBA Program.
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The information in this article is of a general nature and is in summary form. Contact one of our tax professionals to discuss these matters in the context of your situation before acting upon such information.
