If your business was not eligible for forgiveness, your loan was due to be paid in full on December 31, 2023. Borrowers with outstanding balances as of January 1, 2024, will be contacted by BVCU to request a lump sum repayment of the outstanding debt and your CEBA loan will likely be reassigned to the government’s CEBA Program for collection efforts.
If your business is eligible for partial loan forgiveness, your loan is interest free until January 18, 2024.
If you submit your final payment by January 18, 2024, you’ll receive partial loan forgiveness. If you have an outstanding balance on your CEBA loan as of January 19, 2024, you’ll no longer qualify for partial loan forgiveness.
If you don’t repay your CEBA loan in time to receive partial loan forgiveness as described above, the deadline for repayment of the principal amount outstanding under your CEBA loan — together with any accrued and unpaid interest, — is December 31, 2026.
If your CEBA loan is outstanding as of January 19, 2024, you will be required to pay 5.00% interest on the outstanding balance each month, until such time that the amount is repaid in full. If you do not contact your branch to arrange monthly payments, your loan will go into default and may be sent to the government’s CEBA Program for collection.
If you have any questions about repaying your CEBA loan, please reach out to your local branch.