I Need Financial Support
Support for individuals or small business owners who have lost income due to COVID-19.
The Government of Canada has enacted Canada Emergency Response Benefit (CERB), for those who have lost their jobs, are forced to self-isolate or quarantine due to COVID-19, or are working or self-employed but earning $1000 or less per month. If employees run out of employment insurance, they can now access the CERB.
Payroll support for struggling businesses.
For businesses suffering a 15% or more decline in revenue because of the pandemic, the federal government is offering the Canada Emergency Wage Subsidy (CEWS) to subsidize up to 75% of employees’ wages, capped at $847/week for each employee and backdated to March 15. The Subsidy has been extended to the end of August. Click here to learn more.
The Temporary 10% Wage Subsidy is a three-month measure allowing eligible employers to reduce the amount of payroll deduction required to be remitted to the CRA.
To help evaluate whether your business is eligible for CEWS, Moneris has created a Revenue Analysis tool. Click here to learn more.
Financing support for my business.
The Federal government announced a series of initiatives intended to provide financial assistance to Canadian businesses during COVID 19.
The federal government is establishing a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers in order to keep their operations going.
The Canada Emergency Business Account is providing interest-free loans for small businesses. This program will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus. To qualify, organizations will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019.
UPDATE: CEBA will now also be offered to businesses without payrolls (e.g., sole proprietors who draw income from their businesses, businesses that rely on contractors, family-owned corporations that pay employees through dividends). Applicants that have a payroll of less than $20,000 must have non-deferrable expenses of between $40,000 and $1.5 million.
Export Development Canada’s (EDC) new Loan Guarantee program will guarantee new operating credit and cash flow.
Additionally, Business Development Bank of Canada (BDC) has launched a Co-Lending Program with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements.
**Small businesses and not-for-profits should contact their financial institution to apply for these loans.**
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