CEBA Loan Program Repayment Requirements

The deadline to repay your CEBA loan is fast approaching.  To be eligible for forgiveness of a portion of your CEBA loan eligible borrowers must repay the CEBA loan in full (less available forgiveness) by January 18, 2024. 

Frequently Asked Questions
Canada Emergency Business Account (CEBA) 

When do I have to repay?

• In order to obtain forgiveness on a portion of your CEBA loan you must repay the loan in full, less forgivable portion, no later than January 18, 2024.
• If you intend to repay prior to January 18, 2024 we strongly urge you to repay your CEBA loan early to avoid potential processing delays that may occur over the holiday season.
• Please contact us as soon as possible to provide us with your repayment intentions and instructions.

How much do I have to repay?

For borrowers eligible for forgiveness of a portion of their CEBA loan the amount of repayment is dependent on the maximum amount of the CEBA loan they received.

• If the maximum amount of the CEBA loan received was $40,000 then you must repay $30,000 to be eligible for loan forgiveness in the amount of $10,000.
• If the maximum amount of the CEBA loan received was $60,000 then you must repay $40,000 to be eligible for loan forgiveness in the amount of $20,000.
• If the maximum amount of your CEBA loan was greater than $40,000 and less than $60,000 then you may be eligible for forgiveness of, up to, 25% of the maximum outstanding loan amount of up to $40,000 and 50% of the amount in excess of $40,000.

What if I don’t repay in full by January 18, 2024?

If you do not repay in full by January 18, 2024 then your CEBA loan will automatically be converted to an interest only loan at 5% per annum on January 19, 2024.  You will be required to pay interest monthly.

What is the process to repay my CEBA loan?

You can repay your loan through any of the following methods:

• By signing into online banking and making a prepayment to your CEBA loan account;
• By sending an email to npsceba@interiorsavings.com requesting that a payment be applied to your CEBA loan;
• By contacting your local branch requesting that a payment be applied to your CEBA loan;
• By contacting our Member Service Centre at 1-877-787-0361 requesting that a payment be applied to your CEBA loan; and
• By contacting your Account Manager.

​What interest rate will be charged on my CEBA loan?

• Your CEBA loan has a 0% interest rate with no fees and requires no principal repayments until January 18, 2024.  If the loan is not repaid in full by January 18, 2024, it will automatically be converted into a term loan bearing an interest rate of 5% per annum.
• Interest will be payable monthly and the principal balance must be fully repaid by December 31, 2026.

​​​​What if I have more questions?

Export Development Canada is the administrator of the CEBA loan program. For additional information, please visit www.CEBA-CUEC.ca or call the CEBA Contact Centre at 1-888-324-4201.