Financial Assistance for Business

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10% WAGE SUBSIDY

Up to $25,000 per employer, up to maximum subsidy of $1,375 per employee.

The Temporary 10% Wage Subsidy is a three-month measure that will allow eligible employers to reduce the amount of payroll deduction required to be remitted to the Canada Revenue Agency (CRA).
Who can apply: Will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.

CANADA EMERGENCY WAGE SUBSIDY (CEWS)

We are covering 75% of an employee’s wages – up to $847 per week - for eligible employers.

The program will be in place until August 29.

For employers that are eligible for both the CEWS and the Temporary 10% Wage Subsidy for a period, any benefit from the Temporary 10% Wage Subsidy for remuneration paid in a specific period will generally reduce the amount available to be claimed under the CEWS in that same period.

Extending the Work-Sharing program

We are extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks for employers affected by COVID-19.

This measure will provide income support to employees eligible for Employment Insurance who agree to reduce their normal working hours because of developments beyond the control of their employers.

Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account (CEBA) 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. This program has been implemented by banks and credit unions in collaboration with Export Development Canada.

Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.

Canada Emergency Commercial Rent Assistance (CECRA)

We 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 per cent for small businesses that have been affected by COVID-19.

It is expected that CECRA will be operational by mid-May, and further details will be announced soon.

Learn more about CECRA

Regional Relief and Recovery Fund (RRRF)

Canada’s Regional Development Agencies (RDA) are providing nearly $962 million through the Regional Relief and Recovery Fund (RRRF) to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and to local economies.

This fund is specifically targeted to those that may require additional help to recover from the COVID-19 pandemic, but have been unable to access existing support measures.

Apply to the RRRF through your local Regional Development Agency

Assisting innovative and early-stage businesses

The Government of Canada is investing $250 million to assist innovative, early-stage companies that are unable to access other COVID-19 business supports through the Industrial Research Assistance Program (IRAP).

IRAP provides advice, connections, and funding to help Canadian small and medium-sized businesses increase their innovation capacity and take ideas to market.

Young Entrepreneurs

The Government of Canada is providing $20.1 million in support for Futurpreneur Canada to continue supporting young entrepreneurs across Canada who are facing challenges due to COVID-19. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.

Women Entrepreneurs

The Government of Canada is  providing $15 million in new funding through the Women Entrepreneurship Strategy (WES). 

This funding will be available to existing WES Ecosystem Fund recipient organizations, enabling these third-party organizations to provide timely support and advice to women entrepreneurs facing hardship due to the COVID-19 pandemic.

BUSINESS CREDIT AVAILABILITY PROGRAM (BCAP) - AVAILABLE IMMEDIATELY

Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support
Who can apply: Support is targeted to small and medium-sized businesses

INCOME TAX PAYMENT DEFERRAL - AVAILABLE IMMEDIATELY

The Canada Revenue Agency 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.  This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.