CERB- Extra 8 weeks available – CERB extended from 16 weeks to 24 weeks for workers who:
- stopped working due to COVID-19 or
- are eligible for Employment Insurance regular or sickness benefits or
- have exhausted their Employment Insurance regular benefits or Employment Insurance fishing benefits between December 29, 2019 and October 3, 2020.
Visit The Government of Canada’s Website
The 10% Temporary Wage Subsidy for Employers (TWS) is a 3-month measure that allows eligible employers to reduce the amount of payroll deductions they need to remit to the Canada Revenue Agency (CRA). This only applies to the federal, provincial, or territorial income tax portion of the remittance.
The Canada Emergency Wage Subsidy (CEWS) is a separate program that provides a 75% wage subsidy to eligible employers. If eligible, you may be able to receive both the TWS and the CEWS.
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.
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Canada Emergency Rent Assistance Program – Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID‑19. Visit Their Website
Canada Emergency Student Benefit – The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19.
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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.
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COVID Technology Adoption Fund (CTAF)- Blue Sky Net asked us to share their new COVID Technology Adoption Fund (CTAF). CTAF will provide eligible businesses, start-ups, municipalities, and Indigenous communities across Northern Ontario with access to capital grant funding to acquire digital technology and e-business and marketing solutions to ensure they can survive and adapt to the challenges presented by COVID-19.
CTAF will provide: Capital grant funding for eligible applicants of up to $10,000 with a minimum contribution of 25% from the applicant towards the project and Guidance and assistance for applicants
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Managed by the Ontario Chamber of Commerce on behalf of the national Chamber network in support of other chambers and partners to help small Canadian businesses with their recovery efforts as a result of COVID-19.
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If awarded, a relief grant can be used for any of the following activities:
- Purchasing Personal Protective Equipment (PPE) such as masks, face shields, and latex gloves.
- Renovating physical space to adhere to local, Provincial or Federal reopening guidelines.
- Developing or improving e-commerce capabilities for your business.
Successful applicants will receive a relief grant of up to $5,000. We intend to support local businesses of all kinds from across the country (from retailers to barbershops to farmers).
Attention All Northern Ontario Business Owners,
NOHFC has announced a new funding opportunity for businesses affected by COVID-19. Please go to the below link for program details:
The program will be open for applications beginning October 1st, 2020 and funding is limited, processed on a first-come basis. We expect this program to be in high demand, and if you are interested in the program make sure to spend the next few days prior to the launch gather receipts, quotes, and files in order to submit the application in a timely manner.
Eligible projects will support the adaptation of business operations and practices to meet public health guidelines for operations under re-opening stages, and to support employee and consumer safety.
Eligible project costs include but are not limited to:
- Capital construction
- Leasehold improvements
- New or used equipment
- Restructuring of business operations
- Marketing for new business initiatives
- Personal Protective Equipment and customer/employee safety installations
- Other costs deemed necessary to complete the project at the discretion of the NOHFC
- Funding will be in the form of a conditional contribution and will normally not exceed $25,000.
- NOHFC will cover 100% of eligible project costs.
- Applicants must demonstrate that the amount requested from NOHFC is incremental and does not duplicate other supports received.
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