Canada Emergency Business Account

Pay back the minimum required portion of your CEBA loan by December 31, 2023 to qualify for the forgiveness benefit. Find out more under FAQ — Loan Details.

Whether your CEBA loan has already been funded or you’re waiting for a response, you can count on us.

The June 30^th deadline has passed but we continue to support the CEBA program.

What’s next for your funded loan?

Anticipating your application decision

Expect to hear back about your application shortly. You‘ll be supported at every step of the application Opens in a dialog..

Understanding the loan grace period

Until December 31, 2023, the interest rate is 0%, principal repayment is not required and your loan may be eligible for forgiveness¹.

Taking advantage of loan forgiveness¹

$20,000 of a $60,000 loan or $10,000 of a $40,000 loan may be eligible for forgiveness¹.

Before December 31, 2023

Grace period where the:
interest rate is 0%,
no principal repayment is required and
you could take advantage of the loan forgiveness feature.

December 31, 2023

End of grace period.

January 1, 2024

Your CEBA loan will be converted to a 2-year 5% term loan if not fully repaid by December 31, 2023.

December 31, 2025

Deadline to fully repay your CEBA loan.

CEBA loan at a glance

Loan amount

$40,000 or $60,000

Loan terms prior to December 31, 2023

Interest rate

0%

Principal payments

Not required

Forgiveness

For $40,000 loans - $10,000 forgiveness if $30,000 is fully repaid by December 31, 2023

For $60,000 loans - $20,000 forgiveness if $40,000 is fully repaid by December 31, 2023

Loan terms after January 1, 2024

Term

Converted into a 2-year term loan if not fully repaid

Interest rate

5% fixed per year

Repayments

Repayments prior to December 31, 2023

You can now check your CEBA loan balance in CIBC online banking Opens in a new window..

If your loan application has been approved, or increased by $20,000 to $60,000, you can begin or resume making principal repayments at any time.

You can make payments on your CEBA loan by speaking to your Relationship Manager to arrange details.

If you wish to fully repay your loan and do not want to take advantage of the forgiveness benefit, please indicate so to your advisor or in your repayment form.

Repayments after January 1, 2024

Monthly interest-only payments will automatically be deducted
The outstanding balance must be repaid in full by December 31, 2025.