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With no extension to the CEBA Loan Repayment deadline approved by the Federal Government, the Abbotsford Chamber of Commerce is reminding small business owners of the upcoming repayment deadline on January 18th, 2024 while continuing to advocate for an extension.

January 9, 2023 (ABBOTSFORD)- The Abbotsford Chamber of Commerce is reminding small business owners of the upcoming repayment deadline for those who leveraged pandemic financing through the Canada Emergency Business Account Loan (CEBA) on January 18th, 2024.

This follows months of advocacy by the Abbotsford Chamber of Commerce, including an expert witness appearance at the Select Standing Committee on Finance in the 2024 Federal Budget Consultations to extend the deadline for eligible small businesses.

The Canada Emergency Business Account loan – or CEBA loan – was a federal support offered during the COVID-19 pandemic to underpin the business sector. The CEBA program offered interest-free loans of up to $60,000 to small businesses and not-for-profits, with up to $20,000 being forgivable and would not have to be paid back.


  • As of September 14, 2023, the repayment deadlines have been changed.
  • Deadline to retain forgivable portion in general:  Loan holders now have until January 18, 2024 to pay back the repayable balance of their loan (up to $40,000) while still being eligible for the partial loan forgiveness (up to $20,000).
  • Deadline to retain forgivable portion with refinancing:  Loan holders that need refinancing to pay back the loan can submit a refinancing application to the same financial institution that issued their CEBA loan and if they do this before January 18, 2024 they can still qualify for the loan forgiveness if they pay back the balance (plus applicable interest) by March 28, 2024.
  • Deadline to repay full CEBA loan regardless:  If loan holders to not pay back the loan by the above deadlines, the loan coverts to a 5% interest-only loan, and must be paid back in full (up to $60,000) by December 31, 2026.

What to do now?

  • While the Abbotsford Chamber has continued to push for a further extension to the forgiveness deadline, businesses should be prepared to repay their loan according to the current regulations and timeframes.
  • If you can make the outstanding loan payment, do so now.  Do not wait until January 18 as a delay may put you past the forgiveness deadline.
  • If you cannot make the loan payment, you should contact the financial institution who issued your CEBA loan about refinancing options.
  • Businesses should weigh the cost of refinancing and taking an additional loan to repay the balance and keeping the forgiveness, against the costs of that new loan. For most, retaining the partial loan forgiveness will be worth the additional cost.
  • If you do not repay your loan by January 18, 2024, the forgivable portion will be lost and the full balance will convert to a 5%, interest-only loan with full repayment due on December 31, 2026. During the period of January 19, 2024 to December 31, 2026, 5% interest will apply to the outstanding balance and be charged monthly, but no principal payments are required before December 31, 2026, when the balance is then due.


  • If you have questions on CEBA or concerns you want to share, please do not hesitate to contact the Abbotsford Chamber at 604 859 9651 or
  • Specific questions about your CEBA loan should be directed to your financial institution.


About the Abbotsford Chamber of Commerce:

The Abbotsford Chamber of Commerce has served the business community of Abbotsford with an attitude of vibrant engagement and proactive non-partisan advocacy for over 110 years. With 700 members, it is the largest Chamber in the Fraser Valley, located in the 5th largest city in the province. The Abbotsford Chamber is nationally accredited to meet standards of business excellence and provide benefits to its member organizations.

Media enquiries:

Alex Mitchell, CEO
Abbotsford Chamber of Commerce

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