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What are the repayment terms for the $40,000 and $60,000 loan and the $20,000 expansion?

The following terms apply to all CEBA loans (original loan and expansion loan):

Interest:
• 0% per annum interest until December 31, 2022
• 5% per annum interest starting on January 1, 2023; interest payment frequency to be determined by your financial institution

Repayments & Maturity:
• No principal repayment required before December 31, 2022
• If loan remains outstanding after December 31, 2022, only interest payments required until full principal is due on December 31, 2025

Debt Forgiveness:
• If the outstanding principal, other than the amount of potential debt forgiveness, is repaid by December 31, 2022, the remaining principal amount will be forgiven, provided that no default under the Loan has occurred