Business Support Navigation Tool
The Innovation, Science, and Economic Development (ISED) Canada has updated its business support finder to include COVID-19 related programs. Stop scouring dozens of websites and making countless phone calls, click the link below and, through the magic and wonder of technology, a comprehensive list of information, tailored to your needs, is at your fingertips.
Canada Business App
Download the Canada Business App to see how easy it is to navigate government services, get recommendations tailored to your business, set up personalized notifications and find the answers you need to start up, scale up and access new markets. Download on the Apple App Store or Get it on Google Play.
Regional Relief and Recovery Fund
FedDev will be offering interest free loans for SMEs that have not been able to access other resources. No security, no payments required until December 31, 2022. All applications will be completed online. CFDCs will be offering the same option 1 product in rural communities that are serviced by the Community Futures Program. Businesses can only apply to one stream. Apply Now!
Option 1: Up to a $40,000 Conditionally Repayable Contribution (Interest-Free Loan)
An interest-free loan with partial forgiveness of loan amount
No payments required until December 31, 2022
Up to 25 percent (or $10,000) contribution forgiveness, provided 75 percent, or up to $30,000 is paid back by December 31, 2022
If 75 percent of the contribution amount is not repaid by December 31, 2022, the balance owing will be converted to a term loan with no forgivable portion
Option 2: Up to a $500,000 Unconditionally Repayable Contribution (Interest-Free Loan)
An interest-free fully repayable contribution (loan)
No payments required until December 31, 2022
Fixed payment schedule beginning January 2023
Ontario-Canada Commercial Rent Assistance Program (OCECRA)
The Ontario government is partnering with the federal government to provide urgent relief for small businesses and landlords affected by the COVID-19 outbreak. The province is committing $241 million through the new Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA). The total amount of provincial-federal relief that would be provided is more than $900 million, helping to ensure small businesses are ready to reopen their doors when the emergency measures are lifted. Read more
Canada Emergency Business Account (CEBA)
Banks will offer $40,000 loans, guaranteed by the government, to qualifying small businesses and loans will be interest-free for the first year. Qualifying businesses must have payrolls of greater than $20,000 and less than $1.5 million. If certain conditions are met, a 25% loan forgiveness will be available (up to $10,000). Loans will be available through eligible financial institutions and will be fully guaranteed and funded by the Government of Canada. Read more
Canada Emergency Response Benefit (CERB)
This will provide $2,000/month for up to four months for workers and entrepreneurs who are not receiving a paycheque as a result fo COVID-19. As well, those receiving CERB are entitled to earn up to $1,000/month while collecting the benefit. Click here. If you do not have a CRA My Account, find out how you can register for one here. Also, Click here to set up a CRA direct deposit.
Canada Emergency Wage Subsidy (CEWS)
As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.. Read more
Business Credit Availability Program (BCAP)
The Business Development Bank of Canada (BDC) has unrolled support for entrepreneurs impacted by COVID-19 providing more short-term loans, eorking capital, and export insurance-credit. There are two primary financing options available through the BCAP: The Canada Emergency Business Account and SME Loan and Guarantee Program. Contact your primary financial institution for more information.
The province is setting electricity rates to the “off-peak” price for 24 hours a day for 45 days to support ratepayers in their increased daytime electricity usage. Read more
Employer Health Tax (EHT) Exemption
Increasing government funding of EHT to $1 million in order to tax relief to businesses around the province so that they can focus on supporting the well-being of their employees and their continued operations. Read more
WSIB Payment Deferrals
Employers are allowed to defer payments for up to six months to the Workplace Safety and Insurance Board (WSIB), to make $1.9 billion available. This allows businesses to defer premium reporting and payments until August 31, 2020. Read more
Income Tax Payment Deferrals
2019 income tax payments have been deferred to September 1, 2020. This applied to tax balances due to income tax installments. There will be no penalties or interest for deferring your payments to September. Read more
Deferral of Sales Tax Remittance and Customs Duty Payments
The Canadian Revenue Agency will extend the remittance deadline until June 30, 2020. This means that businesses that file monthly can delay remitting amounts collected for the February, March and April 2020 reporting period. Read more
Extended Work-Sharing Program
The program has been extended from 38 weeks to 76 weeks for employers affected by COVID-19. This will provide income support for employees eligible for Employment Insurance who agree to reduce their normal working hours because of developments beyond the control of their employers. Read more
Canada Summer Jobs
Significant changes were made to the Canada Summer Jobs program to help students. The government will now give a subsidy of up to 100% to cover the cost of hiring studnets and extend the time for job placement until the winter. Businesses will also be able to hire students on a part-time basis for those that have had to scale back operations. Read more
EI provides regular benefits to employees who have lost their jobs through no fault of their own (e.g., shortage of work, seasonal or mass lay-offs) and are available for and able to work, but cannot find a job. Read more
EI sickness benefits can provide employees with up to 15 weeks of financial assistance if they are unable to work for medical reasons. Eligible employees can receive up to 55% of their earnings up to a maximum of $573/week. You must obtain a medical certificate to qualify. Read more on sickness benefits
Here is a Government of Canada guide to help businesses navigate filing for bankruptcy or making a proposal. Read more
For More Information on Managing Financial Hardship
The Financial Consumer Agency of Canada has put together a guide to assist those who are worried about the impact of the current COVID-19 pandemic on your finances. Click here
REMINDER: Please contact your elected officials directly with any questions you may have on federal and provincial programs. Contact details for Wasaga Beach are below.
Terry Dowdall, MP, Simcoe - Grey
Jim Wilson, MPP, Simcoe - Grey