Credit to help cover operating costs due to the COVID-19 pandemic through the Business Development Bank of Canada (BDC).
- EDC Business Credit Availability Program (BCAP) Guarantee
- Up to $6.25 million to cover rent, payroll and other operating costs caused by the current crisis; available until or before June 2021 (extended).
- Co-Lending Program
- Up to $12.5 million for your operational cash flow requirements; available until or before June 2021 (extended).
- Mid-Market Financing Program
- Junior loans ranging between $12.5 million and $60 million for medium-sized businesses particularly impacted by the COVID-19 pandemic; available until or before June 2021 (extended).
This Canadian Emergency Business Account (CEBA) is a $73 billion program providing interest-free loans of up to $60,000 to small businesses and not-for-profits.
Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 33 percent (up to $20,000).
To qualify, these organizations will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019.
CEBA requirements and deadlines have changed:
- As of October 26, 2020, eligible Canadian businesses currently operating through a personal bank account will be able to apply for CEBA.
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CEBA support is being expanded from $40K to $60K. This expansion will be available to all eligible previous and new CEBA applicants.
- All applicants now have until June 30, 2021 (extended) to apply for CEBA or the $20,000 expansion with their financial institution.
Canada Emergency Rent Subsidy (CERS)
Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue due to the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until June 2021.
This subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
Canada Emergency Wage Subsidy (CEWS)
The CEWS has been extended to June 2021, including changes to the rates and top-up calculation.
As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15, 2020.
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.
You can click the link below to find out if you're an eligible employer, and to calculate you subsidy amount if you are eligible.
Canada Recovery Benefit (CRB)
The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. The CRB is administered by the Canada Revenue Agency (CRA).
If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.
Enhanced COVID-19 Business Benefit
Starting in mid-April, the Enhanced COVID-19 Business Benefit will provide payments of up to $10,000 to eligible small and medium businesses most affected by the pandemic and ongoing public health restrictions.
Businesses can use these funds as they see fit to help offset the costs of re-opening, and implementing public health measures including:
- physical barriers
- purchasing personal protective equipment and disinfecting supplies
- paying rent and employee wages
- replacing inventory
- expanding online business or e-commerce opportunities
Applications will open in mid-April 2021.
Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee
HASCAP Guarantee will provide financial support to businesses that have been hardest hit by the pandemic. Through this program, the Business Development Bank of Canada (BDC) will work with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of $25,000 up to $1 million.
The HASCAP Guarantee is available until June 30, 2021.
Rural Businesses and Communities
The Federal Government is providing $287 million to support rural businesses and communities by providing them with much-needed access to capital through the Community Futures Network.
Small and Medium Enterprise Relaunch Grant
The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta organizations (businesses, cooperatives and non-profits) that were ordered to close or curtail operations, and that experienced a revenue reduction of at least 30%, as a result of the COVID-19 pandemic.
The Spring 2021 payment is calculated as 15% of the eligible organization's revenue from the chosen month to a maximum of $10,000.
April 12, 2021: the Government of Alberta announced that it is offering small- and medium sized businesses, cooperatives, and non-profits affected by the April 2021 public health orders the opportunity to apply for a new payment of up to $10,000 from the Small and Medium Enterprise Relaunch Grant Program.
Application intake for Spring 2021 closes May 31.
Small and Medium-sized Businesses Unable to Access Other Support Measures
The Federal Government is providing $675 million to give financing support to small and medium-sized businesses that are unable to access other COVID-19 business supports, through Canada's Regional Development Agencies.
Support for Indigenous Businesses
Dedicated funding for First Nations, Inuit, and Métis businesses
Small and medium-sized Indigenous businesses that are current or former clients of an Aboriginal Financial Institution can apply for up to $40,000:
- an interest-free loan up to $30,000
- a non-repayable contribution up to $10,000
On April 18th, the Government of Canada announced $306.8 million in funding for small and medium-sized Indigenous businesses struggling amid the COVID-19 pandemic.
- These measures will help 6,000 Indigenous-owned businesses get through these difficult times.
Indigenous businesses provide jobs, goods, and services to communities, and are an important part of the Canadian economy.
