Discover the various relief programs being offered by the Canadian Government for the small busineses facing difficult times during the COVID-19 outbreak. CanadaStartups can help you find out which programs meet your particular needs, whether or not you qualify and how to apply.
Canada Emergency response Benefit (CERB)
The Canada Emergency Response Benefit will provide $2000 a month, for up to 4months for Canadians facing unemployment due to COVID19.Any working person (including self-employed and contract workers) who has lost their income as a result of the COVID-19 Pandemic is elegible.
Canadians will be able to apply for the CERB beginning in early April.
Small Business Wage Subsidy
Canadian small business with sales that have been severely diminished by the coronavirus (COVID-19) will be able to apply for a wage subsidy of up to 75% for up to 3 months in order to help small business keep their employees or bring staff back to the payroll. Eligibility criteria for the coronavirus Small Business Wage Subsidy program will be available in early April.
Special GST Credit Payment
Low and modest-income families will be able to benefit from a one-time special payment of the Goods and Services Tax Credit (GST). The average single individual who qualifies for this credit will get a special payment of close to $400, while couples will receive close to $600 to offer support as a result of the COVID-19 pandemic.
Increasing Child Tax Benefit
The Canada Child Tax Benefit will be increased by $300 per child for 2019-20.This amounts to an average of $550 more for the average family to help support them during the Covid-19 crisis. Families can begin receiving this benefit in May along with their scheduled Canada Child Benefit payment.
Extending the Work-Sharing program
In order to avoid layoffs related to COVID-19, employers can benefit from an extension to the Work-Sharing Program from 38 weeks to 76 weeks. The programs provide income support to employees who work a temporarily reduced work week while their employer recovers
Support for Farmers
Farmers facing cashflow issues and processors who are impacted by lost sales, h, to offer flexibility while helping them remain financially strong during COVID-19. An additional $5 billion in lending capacity will be extended to support producers, agribusinesses, and food processors.
Business Credit Availability Program
In addition to the above programs, the Business Credit Availability programs will inject $65 billion in support through the Business Development Bank of Canada (BDC) and Export Development Canada(EDC). This program aims to provide support to individual businesses during, including in sectors such as oil and gas, air transportation, exportation and tourism that have suffered as a result of COVID-19.
Canada Emergency Business Account
Small businesses and non-profits will be able to apply for interest-free loans of up to $40,000, to help cover operating costs while revenues are temporarily reduced due to COVID-19. In order to qualify, your business must have paid between $50,000 and $1 million in total payroll in 2019.Loan Guarantee for Small and Medium-Sized Enterprises
Operating credit and cash flow term loans of up to $6.25 million will be available for small and business sized businesses for their cashflow needs.
Co-Lending Program for Small and Medium-Sized Enterprises
Eligible SMEs businesses may obtain incremental credit amounts of up to $6.25 million for their operational cashflow requirements, through co-lend term loans between BDC and various financial institutions.
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