Who it helps: Self employed, Contract workers, Seasonal workers and people who have an income but make less than $1000 per month.
Details: Financial help up to $2000 per month with a potential 10-day turn around time for applications. Application portal will be made available soon. Links to come as they are made available. Applicants born in January through March can apply on April 6, the first day the portal opens. Those born April through June can apply April 7, those born in July through September on April 8 and Canadians with birth months October through December can sign up on April 9.
Visit The Government of Canada’s Website
The Federal Government announced an up to 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll. To qualify, an employer must show that its revenue fell by 15 per cent in March or by 30 per cent in April or May.
You are an eligible employer if you:
- are a non-profit organization, registered charity, or a Canadian-controlled private corporation (CCPC);
- have an existing business number and payroll program account with the CRA on March 18, 2020; and
- pay salary, wages, bonuses, or other remuneration to an employee.
Visit The Government of Canada’s Website
These new measures aim to alleviate the impact of COVID-19 on business activity and complement services offered by other financial institutions, with whom BDC will continue working. For BDC, eligible businesses needed to be financially viable entities prior to the impact of the coronavirus.
- Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;
- Flexible repayment terms, such as postponement of principal payments for up to 6 months, for existing BDC clients with total BDC loan commitment of $1 million or less;
- Reduced rates on new eligible loans;
- Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.
Visit BDC Website
To ensure producers, agribusinesses and food processors can remain focused on business-critical functions rather than worrying about how to access funds to keep operating through this challenging period, effective immediately, FCC has put in place:
- a deferral of principal and interest payments up to six months for existing loans; or
- a deferral of principal payments up to 12 months
- access to an additional credit line up to $500,000, secured by general security agreements or universal movable hypothec (Québec only)
If you’d like more information on these options or on how FCC can help improve your financial position, please contact your local office or the Customer Service Centre at 1-888-332-3301 for further details. Visit the FCC Website
For Canadians who lose their jobs or face reduced hours as a result of COVID-19’s impact, the Government is implementing the EI Work Sharing Program, which provides EI benefits to workers who agree to reduce their normal working hours as a result of developments beyond the control of their employees, by extending the eligibility of such agreements to 76, easing eligibility requirements, an streamlining the application process.
For more information please visit The Government of Canada Website
Click here to apply
The Canada Revenue Agency (CRA) will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. No interest or penalties will accumulate on these amounts during this period.
Visit the Canada Revenue Agency website for more information
Maximum of $50,000 accommodating interest schedule. Call for more information: 1-888-476-8822 / 705-476-8822 or Visit Their Website
The CEBA offers interest-free loans of up to $40,000 to small businesses and not-for-profits. The program will now be available to businesses with sole proprietors, those that rely on contractors, and family-owned businesses that pay employees through dividends rather than payroll.
Visit the website
Details: Prime Minister Justin Trudeau has announced that an agreement has been reached with all provinces and territories to implement the promised rent assistance program for businesses. It will lower rent by up to 75 per cent for eligible small businesses that have been impacted by COVID-19.
The Canada Emergency Commercial Rent Assistance program is meant to help small businesses cover their rents for April, May, and June.
The businesses eligible for this rent relief are:
- those that have to pay less than $50,000 per month in rent
- Have had to temporarily cease operations
- have experienced at least a 70 per cent drop in pre-COVID-19 revenues
- The program is also being made available to non-profits and charities.
Visit the CTV News Website
Details: Students and recent graduates who have seen their education and job prospects hampered by the ongoing COVID-19 pandemic will soon be able to claim a new Canada Emergency Student Benefit, Prime Minister Justin Trudeau has announced, as part of a $9 billion package of new measures aimed at helping young people.
The benefit will see eligible postsecondary students receive $1,250 a month from May to August, and if you are taking care of someone else or have a disability, that amount increases to $1,750 monthly.
Visit the CTV Website Link
FedNor is delivering $24 million of this RRRF investment through its Regional Economic Growth through Innovation program. Eligible applicants include businesses such as incorporated companies, corporations or co-operatives, or Indigenous organizations such as Indigenous/First Nation/Métis Settlement-owned businesses, as well as various not-for-profit entities. The RRRF will support a variety of costs or activities to help SMEs and not-for-profit organizations stay solvent over a period of six months.
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Blue Sky Net, through BTIF, is committed to helping small-to-medium-sized businesses in the Blue Sky Net region within Northeastern Ontario who are looking to enhance their capacity for business technology and their ability for technology adoption.
The BTIF grant helps to alleviate the costs of implementing innovative technology solutions for your business that will help take you to the next level.
Visit Their Website