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.
Canada Emergency Business Account
Whether your CEBA loan has already been funded or you’re waiting for a response, you can count on us.
The June 30th deadline has passed but we continue to support the CEBA program.
What’s next for your funded loan?
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.
The next few years of your CEBA loan
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.
Loan amount
$40,000 or $60,000
Loan terms prior to December 31, 2023
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 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.