CIBC Canada Emergency Business Account

Amount:

$ 60,000.00

Type:

Loan

Description:

The Canada Emergency Business Account (CEBA) continues to offer support to businesses after their CEBA loans have been funded. Businesses are encouraged to make repayments as part of their ongoing engagement with the program.

Comments on Funding:

Funding takes the form of a loan of up to $60,000.
– $20,000 of a $60,000 loan or $10,000 of a $40,000 loan may be eligible for forgiveness, if the rest of the balance is repaid on or prior to the end of the grace period, and if you were at all times eligible for the loan.
December 31, 2023 – end of repayment grace period with 0% interest.
Loan terms after January 1, 2024:
– Converted into a 2-year term loan if not fully repaid;
– Interest rate: 5% fixed per year.
Repayments after January 1, 2024:
– Monthly interest-only payments will automatically be deducted. The outstanding balance must be repaid in full by December 31, 2026.

Deadline:

Eligibility:

This is intended to CEBA loan holders who make a refinancing application with the CIBC that provided their CEBA loan.

Application Steps:

Applicants must book a meeting with the CIBC Specialist, for details.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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