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  • Jun 1st, 2020 6:25 pm
[OP]
Newbie
Dec 20, 2007
52 posts
43 upvotes
Toronto

CEBA - December 31, 2020

Hoping someone can clarify this for me:

I bank with Scotia and meet the requirements for the loan. I was reviewing this page:

https://www.scotiabank.com/ca/en/person ... count.html

And noticed this section:

“ $10,000 loan forgiveness is available, provided outstanding balance is $40,000 at December 31, 2020...”

So the 25% forgivable amount (up to a max of $10k) will depend on your balance of the $40k used as of December 31, 2020? I understand you have longer to pay it back, but December 31, 2020 is the date used to determine the max forgivable loan?

This page (from Canada.ca) doesn’t seem to mention this:
https://ceba-cuec.ca/

Was this a recent change or still in play?

I was thinking of using it to pay the rent of the office but if it’s only until the end of the year for determining the forgivable amount, I won’t bother

Thanks in advance
9 replies
Sr. Member
Apr 29, 2007
537 posts
244 upvotes
Richmond Hill
Interesting. I don't see that anywhere else including on TD which is my bank.

Scotiabank is quite specific on that though. It seems to mean you shouldn't repay any of the loan until at least January 2021 if you want $10,000 forgiven.
Will wait for someone more knowledgeable than me to clarify.
Jr. Member
Dec 12, 2005
114 posts
28 upvotes
My RBC commercial banking rep telephoned me and said "make sure you use the $40,000. by Dec 31st 2020". His statement never registered on me as to why until I read this thread.
Deal Fanatic
Aug 21, 2007
5462 posts
436 upvotes
Markham
OP - it has always been like this.

Make sure you keep a 40k balance until December 31, 2020.
[OP]
Newbie
Dec 20, 2007
52 posts
43 upvotes
Toronto
adeel wrote: OP - it has always been like this.

Make sure you keep a 40k balance until December 31, 2020.
That may be so. However, I still cant find it on the CEBA provided:
https://ceba-cuec.ca/

It simply says:
Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
Deal Addict
User avatar
Jul 26, 2007
4824 posts
2361 upvotes
Toronto
Hyru wrote: That may be so. However, I still cant find it on the CEBA provided:
https://ceba-cuec.ca/

It simply says:
Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
Let's test Scotia system by leaving the $40k in loc/cc account because you don't need all or none of it by Dec/2020. Report back what happens to the 10k. Thx!
[OP]
Newbie
Dec 20, 2007
52 posts
43 upvotes
Toronto
peteryorkuca wrote: Let's test Scotia system by leaving the $40k in loc/cc account because you don't need all or none of it by Dec/2020. Report back what happens to the 10k. Thx!
As previously mentioned, my plan was to pay rent with it until the cap. If it's only til the end of the year, it's not worth it on my end. I appreciate your enthusiasm, though.
Deal Addict
User avatar
Jul 26, 2007
4824 posts
2361 upvotes
Toronto
Hyru wrote: As previously mentioned, my plan was to pay rent with it until the cap. If it's only til the end of the year, it's not worth it on my end. I appreciate your enthusiasm, though.
Your loss for being so determine on Scotia setting date of dec/2020 which is totally arbitrary to do with anything other then withdrawing the total given funds out of the loc/cc account.
Deal Guru
User avatar
Jul 17, 2008
10783 posts
3489 upvotes
What I wouldn't give to be able to take a 40k Loan, and pay it back by December and get free 10k... Why only businesses! Arghhh

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