COVID Business Support
With a variety of funding and resources in place for businesses, it’s easy to feel overwhelmed with all of the options. Below is a breakdown of each program being offered, who might be best suited for them, and more.
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.
If you are eligible for the base subsidy, you may also be eligible for lockdown support if your business location is significantly affected by a public health order for a week or more.
CANADA BUSINESS EMERGENCY ACCOUNT (CEBA)
This is a loan program that business owners can apply for through their bank or financial institution. The intent of the program is to assist business owners with operating costs such as rent, utilities, insurance, property tax, and debt service.
- Interest-free loans of $40,000 and expanding to $60,000. If the loan is repaid by December 31, 2022, $20,000 will be forgiven.
- If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year term loan at 5 per cent interest.
Contact your banking representative or financial institution today to begin the application process.
CANADA EMERGENCY WAGE SUBSIDY (CEWS)
As a Canadian employer who has seen a drop in revenue due to the COVID-19 pandemic, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations.
CANADA UNITED SMALL BUSINESS RELIEF FUND
$5,000 grant established to help small businesses offset the cost of expenses to reopen safely or adopt digital technologies to move more of their business online.
Contact our Business Advisor Nadine Dyck to discuss your personal circumstances.