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The Canada Emergency Business Account (CEBA) is an initiative of the Government of Canada.  The official Government website is

CEBA Loan in Winnipeg

CEBA Loan in Winnipeg

The Canada Emergency Business Account (CEBA) proved to be a lifeline for many businesses across Canada, including Winnipeg, during the unprecedented economic challenges brought on by the COVID-19 pandemic. 

This limited-time interest-free loan program provided crucial financial support to small businesses and not-for-profit organizations, enabling them to weather the storm of forced closures and revenue losses. 

In this article, we will explore how the CEBA loan in Winnipeg has benefitted Winnipeg businesses, the application process, eligibility criteria, and its impact on the city’s local economy.

Supporting Winnipeg Businesses with CEBA

As the pandemic took its toll on businesses, the federal government rolled out various financial aid measures to bolster economic stability. CEBA, among these initiatives, offered eligible Winnipeg businesses and organizations access to funds ranging from $40,000 to $60,000. 

This support was pivotal in keeping businesses afloat, protecting jobs, and contributing to the city’s overall economic recovery.

CEBA Application Process for Winnipeg

The application process for the CEBA loan in Winnipeg was relatively straightforward, making it accessible to many local businesses. To apply, businesses had to work with their primary financial institution, ensuring they met the program’s eligibility criteria and submitted the necessary documentation. 

Thanks to the combined efforts of Winnipeg businesses and financial institutions, hundreds of local establishments received much-needed financial aid through CEBA.

Eligibility Criteria for Winnipeg Businesses

To be eligible for the CEBA loan in Winnipeg, businesses had to meet specific criteria set forth by the federal government. The eligibility requirements included factors such as having a business operating account with a Canadian financial institution, demonstrating that the funds would be used for eligible purposes (such as covering operating costs), and attesting to the financial impact of COVID-19 on the business.

CEBA Loan in Winnipeg: Economy Impact

The infusion of CEBA funds into Winnipeg’s local economy had a significant impact on the city’s businesses and overall economic stability. Many businesses were able to retain employees, adapt their operations to pandemic restrictions, and continue serving their communities. 

CEBA provided a much-needed cushion during challenging times, allowing businesses to keep their doors open and supporting job security for many Winnipeg residents.

Repayment and Future Prospects

As the economy gradually rebounds and Winnipeg businesses resume operations, the focus now turns to the repayment of CEBA loans. Understanding loan forgiveness and repayment terms is crucial for businesses to plan their finances accordingly. 

The loan forgiveness component allows businesses to benefit from partial or full forgiveness of their loans, providing a potential opportunity to further bolster their financial recovery.

Interest on Outstanding Loan Amount

For borrowers who met the CEBA eligibility criteria and are in good standing, failure to repay the loan by December 31, 2023, will result in the loss of forgiveness benefits. Loan forgiveness was available for eligible borrowers who repaid their loans on time, but missing the deadline would mean forfeiting this opportunity.

If you cannot meet the repayment deadline, your CEBA loan will transition from an interest-free status to incurring interest from January 1, 2024, until December 31, 2025.

During this period, you will be required to make interest payments on the outstanding loan balance. The interest rate applicable to your loan during this time can be obtained by contacting your financial institution.

The Dilemma of CEBA Loan Repayment

As the repayment date of December 31 approaches, small businesses are feeling the pressure. The CEBA loan offered a glimmer of hope to businesses during the darkest times of the pandemic, providing them with much-needed financial support. 

To encourage repayment and alleviate some of the burden, CEBA has offered loan forgiveness to businesses that can repay their loan by the year-end. If companies meet the deadline, they will receive one-third of their loan forgiven by the government.

However, according to a report released by the Canadian Federation of Independent Business, approximately 8,000 small businesses in Manitoba are in a similar situation.

The report also highlights the risk of closure faced by 19 percent of Manitoba’s small businesses if they are compelled to repay their CEBA loan by the year-end to receive the loan forgiveness portion. With various costs on the rise and interest rates continuously increasing, businesses are grappling with financial challenges during their recovery journey.

Challenges for Medium-Sized Borrowers

For businesses that accessed loans between $40,001 and $60,000, the repayment situation is particularly concerning. According to the CFIB’s findings, only 10 percent of users have repaid their loans, and nearly half might miss the December 31 repayment deadline. Industries such as arts and recreation organizations and hospitality businesses face even higher percentages of potential delays in loan repayment.

The consequences of missing the repayment deadline are significant. Businesses that fail to meet the December 31 deadline will lose the forgivable portion of their loans, a lifeline they had counted on for their recovery. Moreover, they will face a 5 percent interest rate on the entire loan balance.

Urging Ottawa for Support

To address the challenges faced by small businesses, the CFIB is urging Ottawa to consider extending the repayment deadline to December 2025 or, at the very least, next year. They also advocate for increasing the loan forgiveness to 50 percent of the loan to further assist businesses in their recovery efforts.


The Canada Emergency Business Account (CEBA) loan served as a vital lifeline for Winnipeg businesses, offering financial assistance when they needed it most. The ease of the application process and adherence to eligibility criteria ensured that the loan reached many businesses in the city. 

As Winnipeg’s local economy looks towards recovery, the impact of CEBA remains evident in the resilience and determination of its businesses to overcome unprecedented challenges. 

As businesses move forward, understanding the repayment terms and potential loan forgiveness will be key to their continued success, fostering a path toward economic stability and growth for Winnipeg’s vibrant business community.

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