Act Now to Repay a CEBA Loan in Full before December 31, 2023 and Secure Up to $20,000 in Forgiveness.
At Driven, we stand by our commitment to assisting Canadian businesses during these difficult times. That is why we take pride in introducing our CEBA loan repayment program, specifically designed to aid business owners like yourself in leveraging the Government of Canada's loan forgiveness initiative of up to $20,000. Act fast to avoid missing out on this opportunity to alleviate some financial burdens.
The Canada Emergency Business Account (CEBA) was implemented by the Canadian government as a means to assist small businesses impacted by the Covid pandemic. It offered interest-free loans, with a maximum amount of $60,000, to eligible businesses to assist them in meeting their day-to-day operational costs. Initially slated to conclude on December 31, 2022, the repayment deadline was extended until the end of 2023, granting small and medium-sized businesses (SMBs) additional time to manage their finances. However, since no further updates were provided regarding another extension when the government presented its budget in March, it is widely believed that the deadline is unlikely to be postponed once again.
If a business received a Canada Emergency Business Account (CEBA) loan. Good news is in October 2022, the Canada Revenue Agency announced it was extending the loan repayment deadline to December 31, 2023.
However, the borrower has less than a year to repay the loan without interest.
Borrowers that met CEBA eligibility criteria and are in good standing are eligible to receive forgiveness if the outstanding balance of the loan (other than the amount available to be forgiven) is repaid on or before December 31, 2023.
If a business borrowed $40,000 or less, repaying the outstanding balance of the loan on or before December 31, 2023 will result in loan forgiveness of 25 percent
Example:
Maximum Amount Borrowed: $40,000
Amount Repaid By December 31, 2023: $30,000
Available Forgiveness: $10,000
If a business borrowed more than $40,000 and up to $60,000 repaying the outstanding balance of the loan on or before December 31, 2023 will result in loan forgiveness:
Example:
Maximum Amount Borrowed: $60,000
Amount Repaid By December 31, 2023: $40,000
Available Forgiveness: $20,000 ($40,000 x 25% + $20,000 x 50%)
If a business borrowed $60,000 and cannot repay by the end of the year, this is what they would have to pay in 2024:
A borrower can repay a CEBA loan by December 2023 using Driven as their financing partner.
Businesses can save up to 20K!
*Driven loans are subject to certain eligibility criteria and lender approval. Terms and conditions apply.
Use this loan forgiveness calculator to learn about how much you can save by paying off your balances by December 31st, 2023
Head over to our website to Sign in
If you are new, fill out the details about your business to get pre-approved for a credit limit.
If you are an existing customer, you do not have to complete this step
You can set up a loan and view your cost of borrowing before submitting the loan request.
If you are happy with it, you can submit your request, once you are approved, you'll gain access to the exceptional savings and resources offered by the Driven CEBA Repayment Program. We'll be there every step of the way, providing support and guidance as you propel your business towards success.
If you still have any questions or want further information, get in contact with one of our experts.
Advice and research for Canadian small businesses from our expert team
