Canada Emergency Business Account (CEBA) Loan Refinancing
What is the Canada Emergency Business Account?
Administered by Canada's banks and credit unions, the Canadian Emergency Business Account (CEBA) program offered interest-free loans of up to $60,000 to eligible businesses and not-for-profits.
To qualify for loan forgiveness of up to 33 percent (a maximum of $20,000), the balance must be repaid to the Government of Canada on or before January 18, 2024.
Key details of the program include:
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0% interest until January 18, 2024.
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Principal repayments can be made voluntarily at any time without incurring fees or penalties.
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For eligible CEBA loans advanced for $40,000, up to $10,000 loan forgiveness is available if $30,000 is repaid before January 18, 2024.
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For eligible CEBA loans advanced for $60,000, up to $20,000 loan forgiveness is available if $40,000 is repaid before January 18, 2024.
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If the balance remains unpaid by January 18, 2024 (or March 28, 2024, if a refinancing application is submitted before January 18, 2024, at the financial institution that provided the CEBA loan), a 5% annual interest, paid monthly, will be charged effective January 19, 2024.
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The entire balance must be repaid no later than December 31, 2026.
Why Breeze Capital's CEBA Refinance Program?
If you've borrowed $60,000 and are unable to meet the minimum repayment required for the CEBA loan by January 18, 2024, the federal government will enroll you in a term repayment structure outlined as follows:
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Principal: $60,000
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Financing Cost: 5%, totaling $9,000 in interest charges
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Term: 36 months
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Total cost: $69,000
Alternatively, by utilizing Merchant Growth’s CEBA Refinance Program, you have the option to repay your CEBA loan before January 18, 2024, with the following terms:
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Principal: $40,000
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Forgiveness: $20,000
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Financing Cost: interest rate based on business profile
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Term: 6-24 months
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Total cost: as low as $44,000
As a result, our CEBA Refinancing Program has the potential to save you up to $25,000!
What is the CEBA Refinance Program?
We created the CEBA Refinance Program to help eligible businesses get government-offered loan forgiveness!
Here's how it works: We fund you the CEBA Refinance loan directly in your bank account. Then, you pay back your original CEBA loan to the government. We'll set up an automatic weekly payment with us to gradually pay back the remaining balance over the agreed-upon time.