PlanningPath for Business Owners - Toronto

The federal government is extending the repayment deadline for interest-free loans taken from the Canada Emergency Business Account (CEBA) program to next year.

The deadline, which was Dec. 31 of this year, is now pushed to the same date in 2023.

Going forward, the repaying the balance of the loan on or before Dec. 31, 2023 would result in loan forgiveness of 33 per cent, or up to $20,000.

Outstanding loans would then convert to two-year term loans with interest of five per cent per year starting on Jan. 1, 2024, with loans fully due by Dec. 31, 2025.

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The repayment deadline to qualify for partial forgiveness for CEBA-equivalent lending through the Regional Relief and Recovery Fund has been extended to Dec. 31, 2023 as well.

Ottawa extends CEBA deadline for businesses to repay interest-free loans to 2023 - National | Globalnews.ca The CEBA program offered interest-free loans of up to $60,000 to small businesses and not-for-profits during the COVID-19 pandemic.

O'Leary says that in the majority of cases he has seen, the same founders who say they are turning a business over to a child admit that the child doesn't have the same skill set they had when founding the business.

"That's how businesses lose all their value in just a few generations," he said. "This is time proven. It's history. Executional skills are really hard to find."

Kevin O'Leary on a costly mistake too many family businesses make — CNBC Transferring leadership of a successful family business to the next generation can destroy decades of entrepreneurial success and wealth.

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