Government Of Canada Program Updates
March 15, 2021
To our community:
In helping to position the economy’s recovery after this Pandemic, the Federal government has taken some SIGNIFICANT steps to speak directly to small and medium business owners.
The Stoney Creek Chamber has gathered ALL the current info and collated it to make it more manageable – check out the supports below that may be available to you and your business!!
Note: contact your financial institution for more information on your financial products including loans, mortgages, credit etc. and how they can help you in your specific case. Contact a lawyer (https://chamberstoneycreek.com/legal-assistance/) for specific Legal Expertise or an accountant for specific Accounting Expertise. This is important to ensure that you have the best information (both in the short and long term) to help you in your specific instance.
To receive the Payworks Government Relief and Legislation Guide for Canadian Businesses click here: http://info.payworks.ca/en-ca/covid19
Canada Business App
Download the Canada Business App, from the Government of Canada; you can 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.
To help Canadians and Canadian businesses navigate the number of COVID-19 programs available, the government has developed two tools, one for individuals and one for businesses. They allow users to quickly find programs they may qualify for by answering a few simple questions.
- Canada Emergency Wage Subsidy
The Canada Emergency Wage Subsidy helps Canadian employers cover part of their employee wages.
Program extended: to June 2021 (retroactive to March 15, 2020)
How to apply: Through the CRA. Learn how to apply.
For More Information: Canada Emergency Wage Subsidy (CEWS) – Canada.ca
- Canada Emergency Business Account
This $55 billion program provides 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).
All applicants have until June 30, 2021, to apply for $60,000 CEBA loan or the $20,000 expansion.
For More Information: Canada Emergency Business Account (CEBA) (ceba-cuec.ca)
- Canada Response Benefit
The new CRB program provides $500 per week for up to 26 weeks for workers who have stopped working or had their income reduced by at least 50% due to covid and who are not eligible for EI.
- Canada Emergency Rent Subsidy (CERS) & Lockdown Support
The new CERS will provide direct relief to businesses, non-profits, and charities that have seen a drop in revenue due to covid; will be retroactive to September 27, 2020 until June 2021.
With the introduction of the new rent subsidy, payments will be directed to qualifying renters and property owners, without requiring the participation of landlords.
Lockdown: For organizations that were subject to a lockdown under a public health order issued, the government proposed a top up under the CERS. Up to 25% additional rent support is available.
- Large Employer Emergency Financing Facility (LEEFF)
The Government established the Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. Loans can be accessed up to $60 million. (This support will not be used to resolve insolvencies or restructure firms, nor will it provide financing to companies that otherwise have the capacity to manage through the crisis).
The LEEFF will be delivered by the Canada Development Investment Corporation, in cooperation with Innovation, Science and Economic Development Canada, and the Department of Finance and has several terms and conditions.
- Regional Relief and Recovery Fund
This is an additional measure to support small- and medium-sized enterprises (SMEs) who are unable to access existing Federal COVID-19 relief programs, such as the Canada Emergency Wage Subsidy, or the Canada Emergency Business Account and consists of interest free loans.
The new Regional Relief and Recovery Fund (RRRF) is being delivered by Regional Development Agencies (RDAs) to help more businesses and organizations in sectors across the economy such as manufacturing, technology, tourism and others that are key to the regions and local economies.
As the RDA for southern Ontario, FedDev Ontario will work with key partners, such as the Community Futures Development Corporations, across the region to help southern Ontario businesses during these difficult times by making a total of $436 million available for southern Ontario businesses.
For more information and to start the application process: FedDev Ontario website.
NOTE: Every effort has been made to ensure the accuracy of the above information, but programs and details are changing very rapidly. Please confirm details before acting upon information contained above.
For More Information on any of the programs above please go to: Assistance & Support – Hamilton Covid Concierge