stressed-out business owner

The Canada Revenue Agency (CRA) has taken on the responsibility of collecting defaulted Canada Emergency Business Account (CEBA) loans on behalf of the Government of Canada. As businesses continue to recover from the economic impacts of the pandemic, managing CEBA loan repayments has become a critical issue for many.

Received a Loan Assignment Notice? Here’s What to Do:

If your business has received a loan assignment notice from the CEBA Program, it means that your financial institution has transferred your defaulted loan to the CRA for collection. This can be a concerning development, but there are steps you can take to address the situation.

The CRA will reach out to discuss repayment options. To expedite the process, you can contact them directly at 1-800-361-2808 after you have received a notice from the CEBA Program.

Understanding Your Options:

The CRA is offering to work with businesses on a case-by-case basis to set up flexible payment arrangements. While this support may be helpful, it’s essential to address your debt promptly to avoid further financial implications.

Key Contacts for Assistance:

For help with the collection of your assigned CEBA loan, you can contact the CRA at 1-800-361-2808. They can assist with:

  • Creating, changing, or deferring a payment arrangement
  • Updating contact details related to your payment arrangement
  • Managing authorized third parties on your account
  • Clarifying communications received from the CRA

For questions related to the CEBA program, loan details, and next steps after assignment, contact the CEBA Call Centre at 1-888-324-4201. They can provide information on:

  • General program inquiries
  • Loan details and reasons for assignment
  • Navigating the CEBA portal
  • Making payments and clarifying balances
  • Updating contact details
  • Reporting insolvency or the death of a sole proprietor

For information about an unassigned loan, including balance inquiries and payment methods, reach out to your financial institution directly.

Before making a call, it may be helpful to consult the Frequently Asked Questions page on the CEBA website at ceba-cuec.ca for more information.

The transition of CEBA loan collection to the CRA marks a new phase for businesses dealing with these loans. While the process may seem challenging, staying informed and proactive is key to managing your financial obligations. The Huron Chamber of Commerce is committed to keeping our members updated with the latest information and resources.