Navigating HASCAP/CEBA Repayment in Canada: How Goldhar & Associates Ltd Can Help You Find Financial Relief

The economic challenges posed by the COVID-19 pandemic led the Canadian government to introduce financial assistance programs like the Highly Affected Sectors Credit Availability Program (HASCAP) and the Canada Emergency Business Account (CEBA). These initiatives have been a lifeline for many struggling businesses, but as the economy begins to recover, repayment obligations are becoming a concern. If you find yourself burdened with HASCAP/CEBA repayments, don’t worry—Goldhar & Associates Ltd, a licensed insolvency trustee, is here to provide the support you need. In this blog, we’ll explore the repayment options for HASCAP/CEBA in Canada and shed light on how Goldhar can be your ally during this challenging time.

Understanding HASCAP and CEBA Repayment

The HASCAP was designed to financially support businesses in the hardest-hit sectors, such as hospitality, tourism, and arts. On the other hand, CEBA aimed to assist small businesses with financial aid during the pandemic. Both programs offered much-needed relief, but now it’s time to address the repayment phase.

1. HASCAP Repayment: Under the HASCAP program, borrowers were allowed to defer principal repayments for the first 12 months. After this deferral period, they are required to start making regular repayments, including principal and interest, over the remaining term of the loan.

2. CEBA Repayment: CEBA offered interest-free loans to eligible businesses. Repayment terms allowed borrowers to repay the loan amount by December 31, 2022, without incurring interest. If the loan is not fully repaid by this date, it is converted into a three-year term loan with an interest rate of 5%.

Challenges Faced During Repayment

As businesses get back on their feet, the financial burden of repaying these loans can be overwhelming. Many entrepreneurs and business owners are struggling to meet these repayment obligations while also covering their regular operating expenses, such as rent, salaries, and inventory. Failure to manage these repayments can have severe consequences, such as tarnished credit scores and potential legal actions.

How Goldhar & Associates Ltd Can Help

If you find yourself facing challenges with HASCAP/CEBA repayment, Goldhar & Associates Ltd is your financial ally. As a licensed insolvency trustee, Goldhar has a team of experienced professionals who can guide you through this complex process and explore viable options for your situation:

1. Debt Restructuring: Goldhar can negotiate with creditors on your behalf to restructure your debt. This process can result in lower monthly payments, extended repayment terms, and reduced interest rates, making it easier for you to manage your finances.

2. Bankruptcy can be a very useful tool for some companies. If the Director’s have no personal guarantees (for example CEBA), the business is no longer viable, or the Director’s are not in a position to continue operating the Company in its current form this could be an option.

3. Alternatives to formal restructuring: If the alternatives in the Bankruptcy and Insolvency Act are not the best solution for your circumstances, Goldhar can assess other alternatives, ensuring you make an informed decision that suits your needs and preserves your financial well-being.

Goldhar & Associates Ltd can provide the support needed to navigate these financial challenges effectively. Don’t let the burden of debt hold you back—reach out to Goldhar and take the first step towards financial relief. Dial toll-free at 1.855.282.0343 or email us at

Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered professional advice. Please consult with a licensed insolvency trustee or trusted advisor for personalized guidance regarding your specific situation.