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FAQ
What are the extension terms when the loan is converted?
You will owe $60,000 without benefiting from the $20,000 loan forgiveness. If you have not repaid the loan by December 31, 2023, the remaining balance will be converted to a 2 year term loan with an annual interest rate of 5% per annum, effective January 1, 2024
What is the maximum amount I can save?
After the maturity of the term the total amount you will have repaid is $66,000. Depending on which option you chose, you can save up to $21,000.
What is the advantage of using this program to repay my CEBA loan?
After the maturity of the term, the total amount you will have repaid is $66,000. Depending on which option you choose, you can save up to $21,000.
Why don’t I ask the bank for a loan?
The loan issuer of the CEBA was the Government of Canada. Banks were mandated to service these loans and had little incentive to issue new loans. The CEBA loan repayment program was designed to help you benefit from the $20,000 loan forgiveness.
How do I apply for this loan?
We’ve made it easy to apply. The full application is available online for you here. You will need to have all your business’ information, your personal information and to connect the business bank account that received the CEBA loan.
What is the repayment structure for the CEBA loan repayment program you offer?
We offer daily or weekly payments to repay the loan. Our terms can vary based on your approval score between 6-12 months. By paying off the CEBA loan early, you are benefiting from the $20,000 forgiveness, which reduces the cost of the loan by up to $21,000
Install any demo or template with a single click. You can mix and match all the demos & templates. Every demo can be turned into one or multi-page. You can also use the shop features for all demos.
Install any demo or template with a single click. You can mix and match all the demos & templates. Every demo can be turned into one or multi-page. You can also use the shop features for all demos.
Install any demo or template with a single click. You can mix and match all the demos & templates. Every demo can be turned into one or multi-page. You can also use the shop features for all demos.
Install any demo or template with a single click. You can mix and match all the demos & templates. Every demo can be turned into one or multi-page. You can also use the shop features for all demos.
Install any demo or template with a single click. You can mix and match all the demos & templates. Every demo can be turned into one or multi-page. You can also use the shop features for all demos.
Install any demo or template with a single click. You can mix and match all the demos & templates. Every demo can be turned into one or multi-page. You can also use the shop features for all demos.