Canada Emergency Business Account | CIBC Commercial Banking

Canada Emergency Business Account (CEBA)

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

The January 18^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 January 19, 2024, 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 January 19, 2024

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

January 19, 2024

End of grace period.

January 19, 2024

Your CEBA loan will be converted to a 2-year 5% term loan if not fully repaid by January 19, 2024.

December 31, 2026

Deadline to fully repay your CEBA loan.

CEBA loan at a glance

Loan amount

$40,000 or $60,000

Loan terms prior to January 19, 2024

Interest rate

0%

Principal payments

Not required

Forgiveness

For $40,000 loans — $10,000 forgiveness if $30,000 is fully repaid by January 19, 2024

For $60,000 loans — $20,000 forgiveness if $40,000 is fully repaid by January 19, 2024

Loan terms after January 19, 2024

Term

Converted into a 3-year term loan if not fully repaid

Interest rate

5% fixed per year

If you applied for refinancing by January 18, 2024, your loan will have these terms until it is paid in full on or before March 28, 2024.

Repayments

Repayments prior to January 19, 2024

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 19, 2024

The outstanding balance must be repaid in full by December 31, 2026.

Canada Emergency Business Account (CEBA)

What’s next for your funded loan?

Anticipating your application decision

Understanding the loan grace period

Taking advantage of loan forgiveness¹

The next few years of your CEBA loan

Before January 19, 2024

January 19, 2024

January 19, 2024

December 31, 2026

CEBA loan at a glance

Loan amount

Loan terms prior to January 19, 2024

Interest rate

Principal payments

Forgiveness

Loan terms after January 19, 2024

Term

Interest rate

Repayments

Repayments prior to January 19, 2024

Repayments after January 19, 2024

Related links

Canada Emergency Business Account (CEBA)

What’s next for your funded loan?

Anticipating your application decision

Understanding the loan grace period

Taking advantage of loan forgiveness1

The next few years of your CEBA loan

Before January 19, 2024

January 19, 2024

January 19, 2024

December 31, 2026

CEBA loan at a glance

Loan amount

Loan terms prior to January 19, 2024

Interest rate

Principal payments

Forgiveness

Loan terms after January 19, 2024

Term

Interest rate

Repayments

Repayments prior to January 19, 2024

Repayments after January 19, 2024

Related links

Taking advantage of loan forgiveness¹