{"id":1095,"date":"2023-12-15T17:35:19","date_gmt":"2023-12-15T22:35:19","guid":{"rendered":"https:\/\/www.restaurantscanada.org\/industry-news\/ceba-loan-repayment-process\/"},"modified":"2023-12-15T17:35:19","modified_gmt":"2023-12-15T22:35:19","slug":"ceba-loan-repayment-process","status":"publish","type":"post","link":"https:\/\/www.restaurantscanada.org\/fr\/ceba-loan-repayment-process\/","title":{"rendered":"CEBA Loan Repayment Process"},"content":{"rendered":"\n<p class=\"lead\">As you know, January 18th marks an important milestone regarding your CEBA loan repayment. Despite our best prolonged efforts, I am sorry to report that the Federal Government has given us a hard NO to a CEBA extension.<\/p>\n\n\n\n<p>Due to this decision right now, you should contact your financial institution immediately to discuss repayment and\/or refinancing options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">There are three options that you can currently pursue:<\/h2>\n\n\n\n<ul class=\"rc-list wp-block-list\">\n<li><strong>Option 1:<\/strong> Repay in full by January 18<sup>th<\/sup>, 2024. This will allow you to retain the $10 to $20 thousand in loan forgiveness.<\/li>\n\n\n\n<li><strong>Option 2<\/strong>: If you can\u2019t repay by January 18<sup>th<\/sup>, you have the option of seeking refinancing from a financial institution to repay your CEBA loan, which will allow you to retain the $10 to $20 thousand in loan forgiveness. You must contact a financial institution and apply for the refinancing before January 18th, 2024, and successfully be refinanced by March 28, 2024.<br><br>Interest rates and the term of the loan will be set by the financial institution providing the refinancing (from what we are hearing, it will likely be a higher rate than the 5%).<\/li>\n\n\n\n<li><strong>Option 3:<\/strong> If you cannot repay by January 18<sup>th<\/sup>, 2024 and are not able to refinance because of profitability\/creditworthiness of your business, interest will start accruing at 5% annually on the entire loan and you will not be eligible to retain the $10 to $20 thousand in loan forgiveness. The full loan will be due by December 31, 2026.&nbsp;<br><br><em>*Note: The principal amount of up to $60K, however, can be repaid at any time before December 31, 2026 (in incremental repayments or one lump sum payment). This represents a bigger loan amount to repay, but at a lower interest rate than you could get from your financial institution.&nbsp;<\/em><\/li>\n<\/ul>\n\n\n\n<div style=\"height:2rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>For further information directly from the Government of Canada:<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/ceba-cuec.ca\/ceba-faq\/.\" target=\"_blank\" rel=\"noreferrer noopener\">Visit ceba-cuec.ca\/ceba-faq<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:2rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>We will continue to fight for you up until the last hour. We have launched a letter writing campaign to Minister Freeland <a href=\"https:\/\/www.restaurantscanada.org\/extend-ceba\">(send letter here)<\/a>, and continue to have regular meetings with Ministers at every available opportunity to detail why extending CEBA is the best solution for our industry, right now.<\/p>\n<\/blockquote>\n\n\n\n<div style=\"height:2rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Please do not hesitate to reach out to us at <a href=\"mailto:members@restaurantscanada.org\">members@restaurantscanada.org<\/a> for any assistance you need.<\/strong><\/p>\n\n\n\n<div style=\"height:4rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As you know, January 18th marks an important milestone regarding your CEBA loan repayment. Despite our best prolonged&#8230;<\/p>\n","protected":false},"author":5,"featured_media":848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[128,78,97],"advocacy-issue":[],"news-region":[27],"class_list":["post-1095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ceba","tag-featured-news","tag-national","news-region-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CEBA Loan Repayment Process - Restaurants Canada<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.restaurantscanada.org\/ceba-loan-repayment-process\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CEBA Loan Repayment Process - Restaurants Canada\" \/>\n<meta property=\"og:description\" content=\"As you know, January 18th marks an important milestone regarding your CEBA loan repayment. 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