CEBA Repayment Loan
Latest Update
The Government of Canada has announced some changes to the Canada Emergency Business Account (CEBA) loan deadlines. We are working with the government to get clarity on the changes. Please continue to check this page for more information, which we will post as soon as it is available.
Get a loan of up to $40,000 to cover your CEBA repayment.1
With the CEBA loan repayment deadline coming up soon, Coast Capital wants to help you pay off your loan.
If your CEBA loan is paid by December 31, 2023, you can get up to $20,000 in loan forgiveness. Take advantage of this savings with a 5-year loan of up to $40,000 to cover your CEBA repayment.1
Limited-time offer.
Plan ahead for your repayment today.
Still have questions? Call us at 1.833.902.2263.
Why should you consider a loan with Coast Capital?
Take advantage of the Government of Canada’s $10,000-$20,000 loan forgiveness, depending on the amount of your original loan.
You have an opportunity to save with a Coast Capital business loan rather than converting your full outstanding balance into a fixed rate loan, issued by the government.
With our loan, get a variable rate over a longer repayment period to help sustain your working capital.
The application process.
Step 2:
Once you submit your application, it will be reviewed, and we’ll get back to you (and any co-applicants) within 3 business days.
Step 3:
If the application is approved, we’ll reach out to discuss repayment details that work for your business.
Step 4:
On December 31, 2023, your new loan will pay off your CEBA loan.
We've answered your most popular FAQs.
As with all variable-rate Coast Capital loans, the interest rate is based on our standard lending criteria and is calculated based on a Prime + X% formula. The rate will differ from borrower to borrower, based on each business’ financial situation. The lowest rate available on this Coast Capital loan is Prime + 4.00%.
This Coast Capital loan is for a 5-year term. It can’t be renewed at the end of the term.
Yes, the setup fee is $2002.
The amount required to repay varies depending on how much you received initially. If you received a total amount of $60,000, then you would be required to repay $40,000 and would receive loan forgiveness of $20,000 if you paid your loan by December 31, 2023.
For further detail on the forgiveness terms of the CEBA program, please visit the Government of Canada’s CEBA website.
Example:
- Amount borrowed: $60,000
- Amount repaid by December 31, 2023, to qualify for forgiveness: $40,000
- Amount forgiven: $20,000
You are solely responsible for confirming the exact loan amount needed to pay down the outstanding balance of your CEBA loan, minus any amount that will be forgiven. Coast Capital will not independently verify the loan amount needed to repay your outstanding CEBA loan balance.
You can still apply for a new loan from Coast Capital to cover the remaining amount on your CEBA loan so that you are able to take advantage of the CEBA loan forgiveness. For example, if you initially borrowed $60,000, then you would be required to repay $40,000 and would receive loan forgiveness of $20,000 if you paid your loan by December 31, 2023.
For further detail on the forgiveness terms of the CEBA program, please visit the Government of Canada’s CEBA website.
Example:
- Amount borrowed: $60,000
- Amount repaid so far: $10,000
- Amount required to be paid by December 31, 2023, to qualify for forgiveness: $40,000
- Amount of new loan: $30,000
You are solely responsible for confirming the exact loan amount needed to pay down the outstanding balance of your CEBA loan, minus any amount that will be forgiven. Coast Capital will not independently verify the loan amount needed to repay your outstanding CEBA loan balance.
No. The Coast Capital Loan offer will only be available for application until November 30, 2023. Once you are approved, the Coast Capital Loan will not be funded/active in your account, until December 31, 2023. This will allow you to take full advantage of the interest-free period.
When you submit your initial application, you will receive an email confirming that we have received it. After approval, you will receive another email confirming approval and advising that documents need to be signed. At the time of funding in December, you will receive a third email notification that the loan has been funded.
We have alternative options available which may include a different structure and security package or a loan from one of our trusted partners. Please contact our Business Banking Team or call us at 1.833.902.2263 and we will be happy to discuss your options with you.
All loans will be funded by Coast Capital on December 31, 2023. You will receive an email notification at that time confirming the funding.
No, if you are approved for the Coast Capital loan, we will pay the amount owed to the government on your behalf.
Once funded, you will be able to see your loan information in Coast Online® Banking. Please log in after December 31, 2023, and you will see the new loan (listed as Commercial Loan – Variable) in the My Accounts section.
Yes, standard repayment terms and conditions apply. Please refer to your loan agreement.
No, payments must come from a Coast Capital Business chequing account.
Get in touch with our experienced Business Advisor or call us at 1.833.902.2263. We’ll get you started and help you every step of the way.
* Coast Capital calculates a business member’s savings based on a comparison of the Canada Emergency Business Account (CEBA) program loan versus the Coast Capital business loan to payout the member's CEBA program loan, which assumes that for the CEBA program loan (i) the member borrowed $60,000, (ii) the member will not receive any forgiveness of their outstanding balance as of December 31, 2023 (i.e., the member will accrue interest on the full $60,000 balance after December 31, 2023), (iii) the member’s interest rate will be 5.00% per annum compounded monthly, (iv) the member’s amortization period will be two (2) years, and (v) the member will make interest only payments and a balloon payment at the end of the term; versus, for the Coast Capital business loan (i) the member borrowed $60,000 for the CEBA program loan, (ii) because the member refinanced with a Coast Capital business loan, the member will receive $20,000 forgiveness of their outstanding balance as of December 31, 2023 (i.e., the member will accrue interest on the remaining $40,000 balance after December 31, 2023), (iii) the member’s interest rate will be Prime + 4.00% (11.20% as of July 20, 2023) per annum compounded monthly, (iv) the member’s amortization period will be five (5) years, and (v) the member will make monthly principal and interest payments until the outstanding balance is repaid in full.
- Loan approval, terms, and rates are at the sole and absolute discretion of Coast Capital and subject to standard lending policies and criteria. To qualify, you must have been a Coast Capital business member prior to this offer (i.e., new business member applicants will not qualify) and currently have an outstanding balance under a Canada Emergency Business Account (CEBA) program loan. For clarity, approved loans may only be used to repay the outstanding CEBA program loan balance owed by a qualifying Coast Capital business member. Funding on approved loans will not occur until December 31, 2023. Fees will apply. Personal guarantee(s), security, and additional documentation may be required. Other conditions may apply. This is a limited time offer ending November 30, 2023, and Coast Capital may, at its sole discretion, terminate this offer or limit the number of loans approved under this offer at any time without notice.
- Subject to change without notice, at Coast Capital’s sole discretion.
