This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.
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Get a quoteSettling a five-figure balance in one go can put pressure on your working capital. Swoop compares funding options from a range of providers, so you can see what might fit your business before you commit to anything.
December 31, 2026. If you missed the forgiveness deadline in early 2024, your loan became a term loan, and the full balance is due on that date.
No. The partial forgiveness deadlines have passed, so the full balance is now repayable, including the portion that would have been forgiven.
Since January 19, 2024, interest has been charged at 5% a year on your full balance, paid monthly. Settling part-way through a month means paying the interest owed up to that day.
Talk to your lender as early as you can. An unpaid balance stays with them after the deadline, and they may take steps to collect it. Exploring funding options now gives you more room to choose.
It’s a close estimate based on what you enter. Your lender’s payoff statement is the final figure.
Probably not. Loans for businesses found ineligible for CEBA follow different rules. Contact the CRA directly about your balance.
Disclaimer: Swoop Finance Ltd (Swoop) helps Canadian firms access business finance, working directly with businesses and their trusted advisors. We are a credit broker and do not provide loans or other finance products ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Swoop can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness. Swoop may receive a commission or finder’s fee for effecting such introductions. If you feel you have a complaint, please read our complaints section highlighted above and also contained within our terms and conditions.
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