Some very exciting news came out January 12th from the Canadian government. 

Because of COVID-19 restrictions being extended, and the global pandemic lasting longer than the federal government anticipated, the repayment of the Canada Emergency Business Account loan - the CEBA - has now been extended to December 31st of 2023.

Essentially, this means you now have about two years to pay that loan back from the date of this post. 

Here’s an example:

If you were to take the maximum of $60,000, you would have to pay $40,000 back before the end of December 2023. If you do not pay it back by December 31st of 2023, then the loan turns into a 5% loan to be paid back within 2 years beginning January 1, 2024. 

Hopefully, most people will avoid getting caught in that situation. Personally, I consider it to be a trap. I hope the majority of individuals can make up some ground so they can pay that $40,000 back.

If you don't pay the $40,000, you're actually on the hook for the $60,000 maximum. If you pay it all back, you get to keep that $20,000. If you don't pay it all back, you don't get to keep any of it. 

Pay it all back, so you don’t end up in this situation.