Major banks open to CEBA loan refinancing

Canada’s Big Six banks have indicated their openness to the possibility of refinancing loans made to small businesses under the Canada Emergency Business Account. Under a revised timeline issued by the federal government, loans repaid by Jan. 18 of next year will be partially forgiven in the amount of either $10,000 or $20,000. Ottawa announced last week that beyond that, businesses can still qualify for partial forgiveness if they reach a refinancing deal with their banks by March 28, 2024.

“For several months now, we have been reaching out to customers to discuss the benefits of partial loan forgiveness and repayment alternatives to meet the deadline,” a BMO spokesperson told The Globe and Mail.