CEBA Loan Repayment Letter Template Requesting Extension of Repayment
The Canada Emergency Business Account (CEBA) was an important lifeline to many businesses who were forced to close and had restricted operations during COVID-19. The Federal Government requests that businesses pay back the full amount of their loans by December 2023 in order to receive 33% of their loan (up to $20,000) forgiveness.
The Ontario Business Improvement Area Association (OBIAA) survey of 529 businesses across Ontario had similar findings, with 88% of businesses stating the CEBA Loan Repayment will negatively impact their business, 66% stating they will not be able to invest in their business towards growth and 46% note they will be unable to expand their business. Sadly, 37% indicated that it will require laying off staff. Significantly, 42% stated that their business may be forced to close their business.
Therefore, we are calling upon the Federal Government to Extend the full CEBA program deadline:
Extend the CEBA repayment deadline to the end of 2024 or 2025,
Create a multi-year repayment plan,
Extend the 33% (up to $20,000) forgiveness deadline for businesses, who agree to a multi-year repayment plan.
Consider sending the letter linked below requesting an extension to the CEBA loan repayment deadline to our Member of Parliament Marci Ien. marci.ien@parl.gc.ca.
