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Financial Support and Resources

We continue to reach out to local businesses daily to understand their concerns and continue to share those concerns with all levels of government to help create meaningful recovery programming to assist our local business community during these challenging times. Many financial aid packages have been developed at the Federal and Provincial level, and municipal programs are starting to roll out.

Financial Support Programs

New programs, amendments to programs and constant updates with respect to details are happening at a rapid pace. We endeavor to keep this information as up-to-date as possible, however, it is highly recommended that businesses use the program pages for the most accurate source of information. Please check back regularly for updates.

Canadian Business Resilience Service

Free Service providing guidance on COVID-19 financial support programs

Regional Relief and Recovery Fund (RRRF)

Additional relief funding is now available for local businesses across Canada.

Canada’s COVID-19 Economic Response Plan has helped protect millions of jobs, provide emergency support to families and keep businesses afloat as they deal with the impact of COVID-19. A central part of this is the Regional Relief and Recovery Fund, which helps support those who may not be eligible for other programs. Since the Fund was launched in May, over 12,000 businesses have been assisted through the RRRF, helping them keep their employees, cover costs, and protect almost 95,000 jobs across Canada.

Canadian Emergency Wage Subsidy (CEWS)

Government of Canada Website: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html

*Changes to CEWS were announced on July 17th. Find out what the changes are.

As a Canadian employer who has seen a drop in revenue due to COVID-19, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations.

This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis.

Infographic: Are you eligible for the CEWS?

Canadian Chamber of Commerce Step-by-Step Guide to prepare

Temporary Wage Subsidy for Employers

Government of Canada Website: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

The 10% Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA).

Note: The Canada Emergency Wage Subsidy, which provides a 75% wage subsidy to eligible employers for up to 12 weeks, is a separate program. For more information on that program, see Canada Emergency Wage Subsidy.

COVID-19 Energy Assistance Program for Small Business (CEAP-SB)

The Government of Ontario is making $8 million available to support small business and registered charities who are struggling to pay their energy bills as a result of COVID-19. The COVID-19 Energy Assistance Program for Small Business (CEAP-SB) provides a one time, on-bill credit to eligible small business and registered charity customers to help them catch up on their energy bills and resume regular payments.

To apply for CEAP funding, customers should contact their energy provider. Electricity and natural gas utilities and unit sub-meter providers (USMPs) will begin accepting applications for CEAP-SB on August 31, 2020, delivering the program in accordance with rules laid out by the OEB. CEAP-SB funding is limited, with utilities and USMPs expected to process applications in the order in which they are received. Please note, submitting an application does not guarantee funding.

For more information, including eligibility requirements and on-bill credit amounts, visit oeb.ca/ceap.

Canada Emergency Response Benefit (CERB)

A new “simplified” EI program will become effective September 27, 2020. As a result, CERB, which was supposed to end this month, has been extended by an additional 4 weeks to dovetail with the revised EI program. This means that workers who began CERB in March and who would otherwise have had their CERB benefit end this month, can now continue to claim the benefit for an extra four weeks (another $8 billion added to a ballooning tab).

Read the full update from Savino Human Resources Partners.

Government of Canada Website: https://www.canada.ca/en/services/benefits/ei/cerb-application.html

The Canada Emergency Response Benefit (CERB) gives financial support to employed and self-employed Canadians who are directly affected by COVID-19.

If you are eligible, you can receive $2,000 for a 4-week period (the same as $500 a week).

NOTE: apply for the CERB only through Service Canada or the Canada Revenue Agency, not both.

For information on eligibility, income requirements and how to apply, visit the Q&A on the CERB page

Canada Emergency Business Account (CEBA)

Government of Canada Website: https://ceba-cuec.ca/

The Government of Canada has launched the CEBA which has been implemented by financial institutions in cooperation with Export Development Canada. It is a $25 billion program which provides interest-free loans of up to $40,000 to small businesses and not-for-profits to help cover operating costs during a period where revenues have been temporarily reduced due to COVID-19.

Repayment of the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000)

Visit the website for information on eligibility (including exlusions and restrictions) and how to apply

Canada Emergency Commercial Rent Assistance (CECRA)

Prime Minister’s Office News Release: https://pm.gc.ca/en/news/news-releases/2020/04/24/prime-minister-announces-partnerships-provinces-and-territories

The Prime Minister, Justin Trudeau, announced on April 24th that the federal government has reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75% for small businesses that have been affected by COVID-19.

  • The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June. 
  • The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75% for the three corresponding months under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.
  • Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID-19 revenues. This support will also be available to non-profit and charitable organizations.

Employment Insurance (EI)

A new “simplified” EI program will become effective September 27, 2020. As a result, CERB, which was supposed to end this month, has been extended by an additional 4 weeks to dovetail with the revised EI program. This means that workers who began CERB in March and who would otherwise have had their CERB benefit end this month, can now continue to claim the benefit for an extra four weeks (another $8 billion added to a ballooning tab).

Read the full update from Savino Human Resources Partners.

Government of Canada Website: https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html#employment-insurance

Ongoing access to the Employment Insurance (EI) program is available for eligible workers who have lost their job. EI is designed to provide temporary financial support for those workers who have lost their job, are sick, pregnant, caring for a newborn or adopted child, caring for a family member who is seriously ill with a significant risk of death or providing care or support to a critically ill family member.

If you have recently applied for Employment Insurance (EI) regular or sickness benefits, do not re-apply. Your application will automatically be assessed to determine if you are eligible for the CERB.

Support for farmers and food processing employers

Government of Canada Website: https://www.canada.ca/en/agriculture-agri-food/news/2020/04/keeping-canadians-and-workers-in-the-food-supply-chain-safe.html

$50 million to help farmers, fish harvesters, and all food production and processing employers, put in place the measures necessary to follow the mandatory 14-day isolation period required of all workers arriving from abroad.

Canada Emergency Student Benefit (CESB) & Canada Student Service Grant (CSSG) – awaiting legislation

Prime Minister, Justin Trudeau, announced on April 22 comprehensive support of nearly $9 billion for post-secondary students and recent graduates. This plan will help provide the financial support they need this summer, help them continue their studies in the fall, and help many get the experience they need to start their careers. These measures include launching:

  • the proposed Canada Emergency Student Benefit, which would provide support to students and new graduates who are not eligible for the Canada Emergency Response Benefit. This benefit would provide $1,250 per month for eligible students or $1,750 per month for eligible students with dependents or disabilities. The benefit would be available from May to August 2020.
  • the new Canada Student Service Grant, which will help students gain valuable work experience and skills while they help their communities during the COVID‑19 pandemic. For students who choose to do national service and serve their communities, the new Canada Student Service Grant will provide up to $5,000 for their education in the fall. 

The Government of Canada will expand existing federal employment, skills development, and youth programming. In addition, to help students continue their studies in the fall, the government will:

  • double the Canada Student Grants for all eligible full-time students to up to $6,000 and up to $3,600 for part-time students in 2020-21. The Canada Student Grants for Students with Permanent Disabilities and Students with Dependents would also be doubled.
  • broaden eligibility for student financial assistance by removing the expected student’s and spouse’s contributions in 2020-21, in recognition that many students and families will struggle to save for school this year.
  • enhance the Canada Student Loans Program by raising the maximum weekly amount that can be provided to a student in 2020-21 from $210 to $350.
  • increase existing distinctions-based support for First Nations, Inuit, and Métis Nation students pursuing post-secondary education by providing an additional $75.2 million in 2020-21.
  • extend expiring federal graduate research scholarships and postdoctoral fellowships, and supplement existing federal research grants, to support students and post-doctoral fellows, by providing $291.6 million to the federal granting councils. In addition, the government intends to enhance work opportunities for graduate students and post-doctoral fellows through the National Research Council of Canada.

Canada Summer Jobs

Government of Canada Website: https://www.canada.ca/en/employment-social-development/services/funding/canada-summer-jobs/temporary-flexibility.html

Temporary changes to Canada Summer Jobs program include:

  • Funded employers will be eligible to receive a wage subsidy reimbursement of up to 100% of the provincial or territorial minimum hourly wage. Previously, private and public sector employers were only eligible to receive up to 50% of the provincial or territorial minimum wage.
  • All funded employers may offer part-time placements
  • All funded employers may offer job placements between May 11, 2020 and February 28, 2021. Employers can offer part-time employment to youth who want to work during the academic year.
  • All funded employers will be provided the flexibility to amend project and job activities to support the delivery of critical services.

Work-Sharing Program (WS)

Government of Canada Website: https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html#work-share

Work-Sharing (WS) is a program that helps employers and employees avoid layoffs when there is a temporary decrease in business activity beyond the control of the employer. The program provides Employment Insurance (EI) benefits to eligible employees who agree to reduce their normal working hours and share the available work while their employer recovers.

Ontario Supports Small Main Street Businesses with $60 Million in Funding through PPE Grant

The Ontario government is continuing to help businesses rebuild, reinvest and create good jobs across the province. Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction, announced Ontario’s Main Street Recovery Plan and intends to introduce the Main Street Recovery Act, 2020, proposed legislation that would support small businesses and modernize rules to allow them to innovate and meet the challenges of today. The act will remove hurdles faced by small businesses and allow them to pursue new opportunities — while maintaining or enhancing protections for public health, safety and the environment.

The plan includes:

  • A one-time grant of up to $1,000 for eligible main street small businesses — in retail, food and accommodations, and other service sectors — with two to nine employees to help offset the unexpected costs of personal protective equipment (PPE);
  • Ontario’s Small Business COVID-19 Recovery Network, which links 47 Small Business Enterprise Centres across the province as places where small businesses can access tailored advice and information on local, provincial and federal programs;
  • Digital Main Street Squads to help small businesses grow online;
  • Mental health supports for families, frontline workers, young people, children, and Indigenous communities;
  • Ontario’s Small Business Recovery Webpage to provide single window access to small business supports.

Funding Programs

New programs, amendments to programs and constant updates with respect to details are happening at a rapid pace. We endeavor to keep this information as up-to-date as possible, however, it is highly recommended that businesses use the program pages for the most accurate source of information. Please check back regularly for updates.

Canada and Ontario Support Beef and Hog Farmers During COVID-19

Ontario Helps People Impacted by COVID-19 Get Back to Work

Regional Relief and Recovery Fund

Ministry of Agriculture, Food and Rural Affairs

Business Credit Availability Program (BCAP)

Government of Canada Website: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html

The Government of Canada has introduced the Business Credit Availability Program (BCAP) to help Canadian businesses obtain financing during the current period of significant uncertainty.

BCAP will support access to financing for Canadian businesses in all sectors and regions. Through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide direct lending and other types of financial support.

The Program includes:

The CEBA (see above)

Loan Guarantee for Small and Medium Enterprises from EDC and BDC

Contact your local office or the Customer Service Centre at 1-888-332-3301 for further details. 

Farm Credit Canada Payment Deferrals and Credit Line Program

Website: https://www.canada.ca/en/services/benefits/ei/cerb-application.html

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
RESOURCE: Ontario Federation of Agriculture – Summary of Financial Assistance Measures

Community Futures Peterborough

Website: https://communityfuturespeterborough.ca/

Emergency Loans: If your business has been impacted by COVID-19, emergency funding is available through Community Futures Peterborough via the Micro Loan Process

  • Loans up to$20,000 to offset expenses
  • 3 months no interest, no payments
  • 2 year amortization at 2.45% interest rate
  • No application fees
  • Completed applications can be approved quickly

Emergency Relief for Existing Loans: Community Futures Peterborough is accepting request for loan payment deferral for May.

Non-Emergency Loans: Community Futures Peterborough offers flexible financing up to $300,000 through a standard application process for new start ups, business expansion and growth.

Visit the website for information on eligibility (including exlusions and restrictions) and how to apply

Futurpreneur Canada

Website: https://www.futurpreneur.ca/en/get-started/financing-and-mentoring/

Futurpreneur Canada has partnered with BDC to extend support, offering collateral-free loans at better interest rates than most banks.

National Research Council of Canada Industrial Research Assistance Program (NRC IRAP)

Government of Canada Website: https://nrc.canada.ca/en/research-development/research-collaboration/nrc-covid-19-programs#s3

Through this initiative, the Public Health Agency of Canada (PHAC) and Health Canada (HC) established challenges corresponding to the needs of health providers to deal with COVID-19. NRC IRAP is working with Innovative Solutions Canada to launch calls for proposals to address challenges, fund development of solutions, and buy successful products and services needed to address COVID-19.

The Industrial Research Assistance Program-Innovative Solutions Canada COVID-19 Challenge Program

The Industrial Research Assistance Program-Innovative Solutions Canada COVID-19 Challenge Program: seeking near-to-market solutions from small and medium-sized businesses (fewer than 500 staff) that need financial support from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to refine and sell their product or solution to meet a COVID-19 related need.

The Pandemic Response Challenge Program

The Pandemic Response Challenge Program:  is building teams to address challenges requiring further research and development for solutions to meet COVID-19 related needs. The NRC is building these teams by drawing on internal-to-government capacity, and researchers from academia and the private sector with relevant experience.

COVID-19 Emergency Support Fund for Cultural, Heritage and Sport Organizations

Government of Canada Website: https://www.canada.ca/en/canadian-heritage/services/funding/information-covid-19.html#a10

The fund is an additional temporary relief measure. This $500 million emergency support fund was created to meet the financial needs of cultural, heritage and sport organizations facing significant losses due to COVID-19. The goal of the funding is to ensure business continuity for organizations whose viability has been negatively impacted by COVID-19. The Fund will provide financial support consistent with other assistance measures in place such as the Canada Emergency Business Account. It will be administered by Canadian Heritage with the support of its partners.

The objective is to have the funds available as quickly as possible, and the Government of Canada will work with the culture, heritage and sport sectors to clarify the terms of this financial support. 

NGen Supercluster Funding

Website: https://www.ngen.ca/covid-19-response

NGen will invest at least $50 million in Supercluster funding to support companies as they rapidly respond to the COVID-19 crisis by building a Canadian supply of essential equipment, products and therapeutics.  

CANADA UNITED SMALL BUSINESS RELIEF FUND

*Starts August 31, 2020

The Canada United Small Business Relief Fund will be 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.

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).

Website

Resilient Communities Fund

The Resilient Communities Fund is a one-time fund to support the non-profit sector recover and rebuild from the impacts emerging from COVID-19 so they can effectively meet the needs of communities across Ontario. 

OTF is investing in projects of eligible non-profit organizations to aid their medium to longer-term recovery efforts, help with their stabilization and build their capacity and resiliency in the aftermath of COVID-19. 

This fund is providing a flexible range of activities over two deadlines to address the diverse needs of organizations and to support them where they are at in their recovery and rebuilding.  

Request amount: From $5,000 to $150,000 
Grant term: up to 1 year
Application Deadlines*: September 2, 2020 at 5 pm ET. and December 2, 2020 at 5 pm ET.

Relief Programs & Measures

New programs, amendments to programs and constant updates with respect to details are happening at a rapid pace. We endeavor to keep this information as up-to-date as possible, however, it is highly recommended that businesses use the program pages for the most accurate source of information. Please check back regularly for updates.

Government of Canada Changes to taxes and benefits

Government of Canada Website: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html

Updates on changes to the Canada Revenue Agency services, due dates and programs affected by COVID-19

Canadian Mortgage and Housing Corporation – Mortgage Payment Deferral

Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden.

Electricity Relief for Families, Small Businesses and Farms during COVID-19

The Government of Ontario is providing immediate electricity rate relief for families, small businesses and farms paying time-of-use (TOU) rates.

Support for Families with Children

Learn about funding that families can apply for if they have children who are not in school or child care because of coronavirus (COVID-19).

WSIB Financial Relief Package

The financial relief package allows businesses to defer premium reporting and payments until August 31, 2020. Businesses who report and pay monthly, quarterly or annually based on their insurable earnings are eligible for this deferral.

Canadian Payroll Association

The Canadian Payroll Association has developed a comprehensive Q&A document related to the impacts of COVID-19 on payroll compliance. Topics include completing the ROE, Layoffs and EI Benefits.