Small businesses face tough decisions regarding CEBA loan forgiveness deadlines

Small businesses that took advantage of CEBA loans during the Covid-19 pandemic now face tough decisions about when to forgive those loans. These loans, which were provided by the Canadian government to help small businesses affected by the pandemic, have a six-year repayment period. However, businesses that can demonstrate that they have used at least 75 percent of their loan to maintain jobs and create new jobs can apply for loan forgiveness.

The deadline to apply for CEBA loan forgiveness is March 31, 2024. This means that small businesses only have a few months to gather their documents and submit their application.

For small businesses that qualify for forgiveness, this is a great opportunity to reduce your debt load and improve your financial situation. However, for businesses that don't qualify, loan forgiveness can be a heavy financial burden.

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