CEBA Repayment

Canada Emergency Business Account (CEBA)

Did your business receive the Canada Emergency Business Account (CEBA) loan? Then next on your list is a repayment plan. Here’s what you need to know.

The application period deadline for new CEBA loans has passed.

Applicants can check the status of their CEBA Loan online

What Is CEBA?

CEBA provided financial support to Canadian small businesses during a time of unprecedented economic challenge brought on by the COVID-19 pandemic. The Government of Canada, alongside its partners EDC and Canada’s financial institutions offered CEBA loans.

The CEBA program provided interest-free loans of up to $60,000 to small businesses and not-for-profits.

When To Repay CEBA

  • Repaying the balance of the loan on or before Janaury 18, 2024 will result in loan forgiveness of 33 percent (up to $20,000).
  • If you have not repaid the loan by January 18, 2024, the remaining balance will be converted to a 2-year term loan with an annual interest rate of 5% per annum, effective January 19, 2024.
  • You must repay the full balance no later than December 31, 2026.

Tips for Paying Back CEBA

  • Consider paying larger lump sum payments monthly, rather than smaller payments
  • We recommend setting up payments between the 1st-15th of the month, as this will assist with payment processing time
  • If your goal is to receive loan forgiveness, ensure to have your final payment made by December 15, 2023

We're Here For You

If you have questions or would like assistance with putting a payment plan in place, reach out to your Northern Savings Business Account Manager:

  • Masset: 250.626.5231
  • Prince Rupert: 250.628.0200
  • Daajing Giids (Queen Charlotte): 250.559.4407
  • Terrace: 250.638.7822

Learn More