Loan Assigned to CEBA Program — Payment Arrangements

What are payment arrangements? How do I set a payment arrangement with the Canada Revenue Agency (CRA) after loan assignment?

A CEBA payment arrangement is an agreed-upon plan or schedule that outlines when payments will be made to repay your outstanding CEBA obligations. If you don't currently have a payment arrangement or cannot make payments as scheduled under the arrangement, please contact the Canada Revenue Agency (CRA) directly to discuss payment options or to set a new payment arrangement. You can reach the CRA CEBA Contact Centre at 1-800-361-2808.

What happens if I miss a payment and/or can't meet the terms of my payment arrangement set with the Canada Revenue Agency (CRA)?

If you miss a scheduled payment under your agreed payment arrangement, please make the payment as soon as possible. If you are unable to make payments as scheduled in your payment arrangement, you will need to speak with the Canada Revenue Agency (CRA) to discuss your payment arrangement. You can reach the CRA CEBA Contact Centre at 1-800-361-2808.

Please make all payments to your CEBA Loan directly to the CEBA Program via one of the three accepted payment options: bill pay, cheque, or wire transfer.

Will an Authorized Third Party be able to make payments on my behalf?

Yes, your Authorized Third Parties are able to make payments on your behalf. Authorized Third Parties can request information about your loan through the CEBA Call Centre, but they cannot access your loan or sign into your CEBA Portal Account.

The Canada Revenue Agency (CRA) is responsible for authorizing, adding, editing and removing Authorized Third Parties, such as a family member, an accountant, or a lawyer, to manage your CEBA Loan.

Please note, in accordance with the CEBA Portal End User Agreement, which includes Terms & Conditions of your CEBA Portal Account, you are not permitted to share your CEBA Portal credentials with other parties including your Third Parties authorized by the CRA.

Please also note that if the Loan Holder was insolvent at the time of assignment, the CRA will not be able to support the management of Authorized Third Parties.

How much interest will I be paying on my CEBA Loan?

Interest at a rate of 5% per annum on outstanding CEBA balances commenced on January 19, 2024, and continues until your CEBA Loan is repaid in full.

Interest on assigned CEBA Loans is accrued daily on the principal amount outstanding.

What is a balloon payment?

A balloon payment refers to a one-time payment that is equal to the residual balance owing at the end of a payment arrangement. It only applies to loans where a payment arrangement has been set that includes a balloon payment. When setting up a payment arrangement, the Canada Revenue Agency (CRA) may allow a balloon payment in order to reduce the amount of the recurring payments required under your payment arrangement.

I have made payments as scheduled in my payment arrangement for the duration I expected, why do I still see a balance on the CEBA Portal and on my statement?

Your payment arrangement is set to cover the entire balance at the time when you set a payment arrangement with the Canada Revenue Agency (CRA), and it includes principal outstanding, interest outstanding, fees outstanding in addition to accrued interest at the time the arrangement is made. However, the payment arrangement does not include the interest that accrues over the lifetime of the loan, resulting in a residual balance that remains to be repaid. You can reach the CRA CEBA Contact Centre at 1-800-361-2808 if you have further questions.