Reminder: New repayment deadlines for CEBA and RRRF loans. ACTA continues to advocate for more time to access forgivable portion

In September, the federal government announced new deadlines to repay Canada Emergency Business Account (CEBA) and Regional Relief and Recovery (RRRF) loans. The new deadline to repay an entire CEBA and RRRF loan is Dec. 31, 2026.

However, access to the forgivable portion of those loans was extended only to Jan. 18, 2024 with one exception. Loan holders who begin negotiations by Jan. 18, 2024 with their financial institution (for a loan to pay their CEBA or RRRF balance to qualify for the forgivable portion) will have access to the forgivable portion until March 28, 2024. 

The forgivable portion of the loans are 25% of the total amount owed, up to a maximum of $10,000. For businesses that accessed additional funding through these programs (government offered up to an additional $20,000), up to 50% of that amount owing could also be forgiven. 

ACTA continues to advocate for more time (at least two more years) for travel agencies and advisors to access the forgivable portion of CEBA and RRRF loans. ACTA is also advocating for travel agencies to have the ability to negotiate more flexible payment terms directly with the institutions who provided them. 

In October, ACTA met with Finance Minister Freeland’s staff repeated the government’s message that it is not willing to do more on the forgivable portion. Nonetheless, the government continues to face significant public pressure to act on the forgivable provision (i.e., from stakeholders, media, and Canada’s premiers). ACTA continues to pursue meetings with key ministers, opposition critics, and Finance Canada officials to further advocate its position.  

Action: Travel agencies and advisors with CEBA and RRRF loans outstanding are encouraged to review their situation now, and consider actions they need to take given the upcoming deadlines to access the forgivable portion of these loans.   

ACTA will continue to communicate with Members and share any new information that emerges about repayment terms and extended access to the forgivable portion of these loans.