Navigating the End of CEBA: A Crucial Deadline for Canadian Businesses
Dean Lawton • December 12, 2023
The the Canada Emergency Business Account (CEBA) loan was a critical lifeline for many businesses during the Pandemic.
The program offered up to $20,000 of free funding, however time is quickly running out to pay out this Loan.
Here is a quick guide on what you should know:
Deadline Alert:
- CEBA ends on January 18th.
$20,000 Credit at Stake:
- If not paid by Jan 18th, you might lose a credit of up to $20,000.
- Example: If you borrowed $60,000, pay only $40,000 if settled by the deadline.
Full Repayment Risks:
- Miss the Jan 18th deadline, and the entire borrowed amount becomes due.
Options to pay off Loan are Limited & Costly:
- Without cash, options to pay off loan are limited.
- Business Loans & “unsecured debts” over $10,000 are very difficult to qualify for
- Interest rate ranges are typically 7-20%
- Bank/Branch approval processing times are lengthy
Home Equity as a Solution:
- Consider your home equity as a potential solution. “secured” loans (eg – mortgage products) are the cheapest form of financing in Canada
- It could offer relief amid challenges in securing business loans.
Act Quickly:
- Time is short – just over a month left.
- Act swiftly to secure the full benefits of the CEBA program.
With CEBA ending soon, make informed decisions promptly. The best solution to paying off this loan and receiving the full value of the program may be right at home.
Please get in touch with THRIVE Mortgage Co. for a complete and complementary mortgage review to see if there is a Mortgage Product available to help your business.
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