The repayment deadline for the Canadian Business Emergency Account (CBEA ) is fast approaching. The December 31 repayment date is now January 18, 2024. If you are a member of the Côte-de-Gaspé Chamber of Commerce,you are invited to fill out this short form to assess the overall situation of our members.
The new repayment terms and conditions for CUEC loans, as announced by the federal government on September 14, 2023, are as follows:
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CUEC loan holders who submit a refinancing application to their CUEC lender by January 18, 2024 will now benefit from a refinancing extension to March 28, 2024 to repay their loan leading to a partial write-off. As a result, more small businesses and not-for-profit organizations will benefit from this relief, and will have more time to apply for refinancing with their financial institution.
As of January 19, 2024, outstanding loans, including those subject to the refinancing extension period, will be converted to three-year loans with an interest rate of 5% per annum, and the term loan repayment date will be extended by one year, from December 31, 2025 to December 31, 2026. In other words, small businesses and non-profit organizations will automatically qualify for a three-year low-interest loan of up to $60,000 if they have not repaid or refinanced their loan. Businesses and organizations that are unable to refinance or generate sufficient cash flow to repay their loan on time will have an additional year to continue repaying at a low cost of borrowing.
