At the time you received your loan from Muskoka Futures’ under the Muskoka Business Recovery Fund the eligibility deadline for receiving the forgivable component was December 31, 2022. As a result of the ongoing pandemic, and the associated restrictions, this deadline has been extended to December 31, 2023.
What this means for you:
- Your interest rate will remain at 0% until December 31, 2023
- You have until December 31, 2023 to repay the amount required in order to receive the forgivable component.
The following forgivable percentages still apply based on the amount of your loan:
- For loans up to $40,000: 75% non-forgivable with 25% forgivable to a maximum of $10,000
- For loans up to $60,000: 75% non-forgivable with 25% forgivable to a maximum of $10,000 for the first $40,000 and 50% non-forgivable with 50% forgivable to a maximum of $10,000 for additional loan amounts from $40,001 to $60,000
- Maximum total forgiveness available will be no more than $20,000.
- The minimum threshold to be eligible for forgiveness is repayment of 75% on up to the first $40,000.
- You can still elect to make a lump sum payment at any time or arrange for regular monthly payments.
If you have any questions, would like to set up a lump sum or regular monthly payment or are already making monthly payments and would like to make an adjustment please email RRRF@muskokafutures.ca.