Dear Parkdale Village BIA Businesses,
We have some great news to share! On September 14, 2023, the Prime Minister made important changes to the Canada Emergency Business Account (CEBA) program to make things easier for you:
◆ More Time: You now have until January 18, 2024, to repay your CEBA loan if you want partial loan forgiveness. If you're applying for refinancing, you have until March 28, 2024.
◆ Lower Interest: Starting January 19, 2024, your outstanding loans will become three-year loans with a low interest rate of five percent per year. This means smaller monthly payments.
◆ Get Some Money Back: If you repay by January 18, 2024, you could get $10,000 back for a $40,000 loan or $20,000 back for a $60,000 loan.
These changes also apply if you get a loan from the Regional Relief and Recovery Fund. Your bank will get in touch with you about your loan.
This is a fantastic chance for our BIA members. We encourage all eligible businesses and not-for-profits to take advantage of these updates. Together, we'll keep growing and overcoming challenges.
If you require further clarification or assistance, do not hesitate to contact your BIA Manager at manager@parkdalevillagebia.com
Sincerely,
Sanket Lalcheta
Manager
Parkdale Village BIA