You have until December 31, 2022 to repay the loan without interest charges; however:
- If your loan application was approved, or increased by $20,000 to $60,000, on or after December 4, 2020, you can begin or resume making principal repayments any time after April 1, 2021.
- If your loan application was approved, or increased by $20,000 to $60,000, on or after April 1, 2021, you can begin or resume making principal repayments any time after July 1, 2021.
If you have a $40,000 loan, a quarter of the CEBA loan, $10,000, is eligible for complete forgiveness1 if $30,000 is fully repaid on or before December 31, 2022. If you have a $60,000 loan, a third of the loan, $20,000, is eligible for complete forgiveness1 if $40,000 is fully repaid on or before December 31, 2022. After this date, any outstanding principal is automatically converted into a 3-year term loan charging an interest rate of 5%.
If you’re a commercial banking or private banking client, get in touch with your Private Banker or Relationship Manager. You can also use CIBC Cash Management Online (CMO)Opens a new window in your browser., CIBC SmartBanking for Business, CIBC Online Banking for BusinessOpens a new window in your browser., as well as ATMs and eDeposit for daily transactions.