On January 2, 2023, the CEBA website was updated to provide the following comment:
Loan Holders that did not qualify for the new extended term were required to repay the outstanding amount of their CEBA Loan(s), in full, by December 31, 2023. This deadline has now passed, Loan Holders with outstanding balances as of January 1, 2024, will be contacted by their financial institution to request a lump sum repayment of the outstanding debt. If, at that point, they do not fully repay their CEBA loan to their financial institution, the financial institution will likely be required to assign their loan to the government’s CEBA Program for collection efforts.
The following question and answer was also provided:
What happens if I was deemed ineligible for the CEBA loan I received and informed that I am required to repay my loan in full by December 31, 2023, but I cannot repay by that date?
If you are unable to repay by December 31, 2023, your loan may be assigned to the government’s CEBA Program for collection efforts in spring of 2024. If your loan is assigned to the CEBA Program, you will be offered appropriate leniency on your repayment schedule. The CEBA Program will conduct a case-by-case review and could offer repayment flexibilities based on your ability to repay, such as an up to two-year repayment arrangement.