- Call (250.832.8011) or email (commercial@sascu.com) our SASCU Commercial Centre to request payout to your CEBA loan.
- Contact your Advisor
CEBA Loan Program Repayment Requirements:
The deadline to repay your CEBA loan is fast approaching.
To be eligible for forgiveness of a portion of your CEBA loan eligible borrowers must repay the CEBA loan in full (less available forgiveness) by January 18, 2024. If you intend to repay prior to January 18, 2024, we strongly urge you to repay your CEBA loan early to avoid potential processing delays that may occur over the holiday season.
Please contact us as soon as possible at 250.832.8011 to make these arrangements.
Frequently Asked Questions
How do I repay my CEBA loan?
Here are a couple ways you can repay your CEBA loan:
How much do I have to repay?
According to Governement of Canada:
If you borrowed $40,000 or less:
Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before January 18, 2024 will result in loan forgiveness of 25 percent (up to $10,000).
Repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before January 18, 2024 will result in loan forgiveness of 25 percent (up to $10,000).
Example 1:
Maximum Amount Borrowed: $40,000
Amount Repaid By January 18, 2024: $30,000
Available Forgiveness: $10,000
Maximum Amount Borrowed: $40,000
Amount Repaid By January 18, 2024: $30,000
Available Forgiveness: $10,000
If you borrowed more than $40,000 and up to $60,000:
If you received a $40,000 loan and subsequently received the $20,000 expansion, repaying the outstanding balance of the loan (other than the amount available to be forgiven) on or before January 18, 2024 will result in a single tranche of loan forgiveness up to $20,000 based on a blended rate:
- 25 percent on the first $40,000; plus
- 50 percent on amounts above $40,000 and up to $60,000.
Example 2:
Maximum Amount Borrowed: $60,000
Amount Repaid By January 18, 2024: $40,000
Available Forgiveness: $20,000 ($40,000 x 25% + $20,000 x 50%)
Maximum Amount Borrowed: $60,000
Amount Repaid By January 18, 2024: $40,000
Available Forgiveness: $20,000 ($40,000 x 25% + $20,000 x 50%)
What if I can't meet the deadline?
CEBA loans have a 0% interest rate, no fees, and requires no principle repayments until January 18, 2024.
If you do not repay your loan by January 18, 2024, your CEBA loan will convert to a term loan with full principal repayment due on December 31, 2026. During the period of January 19, 2024 to December 31, 2026, interest at a rate of 5% per annum will apply to the outstanding balance of your CEBA loan.
Where can I go for more information?
For deadlines and CEBA related information visit https://ceba-cuec.ca/.
For information on your CEBA loan (balance, forgiveness, repayment, etc.) contact SASCU's Commercial Centre (T 250.832.8011 | E commercial@sascu.com).
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