Last updated October 22, 2020
- The new Canada Emergency Rent Subsidy for rent and mortgage support until June 2021 for qualifying organizations
- A top-up Canada Emergency Rent Subsidy of 25% for organizations that had to temporarily shut down
- Extension of the Canada Emergency Wage Subsidy until June 2021
- An expanded Canada Emergency Business Account (CEBA) for not-for-profits and businesses
Government of Canada Launches Recovery Benefit Applications
The Government of Canada introduced three new benefits, delivered by the Canada Revenue Agency (CRA): the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB). The application process is now open for the CRSB and the CRCB and CRB.
Government Of Canada Expands Regional Relief & Recovery Fund
October 2, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced an additional $263.7 million for Western Economic Diversification Canada (WD) to help businesses across the West through the Regional Relief and Recovery Fund (RRRF). This flows from $600 million in new national RRRF funding announced by the Prime Minister last week. Of these additional funds, $67 million will be used by Community Futures (CF) organizations to support businesses in rural communities across the West. Learn More.
Safe Restart Agreement Announced
The Safe Restart Agreement (SRA) is a federal investment of more than $19 billion to help provinces and territories safely restart their economies and make our country more resilient to possible future surges in cases of COVID-19. Learn More.
Canada Emergency Wage Subsidy (CEWS) - Applications Now Open for Enhanced CEWS Program
On September 30, the Canada Revenue Agency will open applications for Period 7 (August 30, 2020, to September 26, 2020) of the Canada Emergency Wage Subsidy (CEWS). This is the first period of the enhanced CEWS program, which introduces a sliding scale for subsidy amounts available to the employer, dependent on how much your revenue has dropped. Learn More HERE. The Government of Canada has extended CEWS until 2021, more information on the extension will follow.
Canadian Mortgage & Housing Corporation: Canada Emergency Commercial Rent Assistance (CECRA)
Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides much needed relief for small businesses experiencing financial hardship due to COVID-19. Effective September 8, the CECRA will be extended by one month to help eligible small businesses pay rent for September. This will be the final extension of this program as the government explores options to support small businesses as they face the ongoing challenges of the COVID-19 pandemic. Learn More HERE.
CERB Extended, Simplified Employment Insurance Program Announced
The Government of Canada has announced that the transition to a simplified Employment Insurance (EI) program, which will become effective September 27, 2020. This program aims to provide income support to those who remain unable to work and are eligible. While the Government prepares for this transition the CERB will be extended by an additional four weeks, providing a new maximum of up to 28 weeks of benefits. Learn More HERE.
Federal Government Expands Canada Emergency Business Account (CEBA) Eligibility Criteria
On Friday June 26, new applications will be accepted so that more small businesses can access the Canada Emergency Business Account (CEBA). Owner-operated small businesses that had been ineligible for the program due to their lack of payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll will become eligible this week. The expanded CEBA is being made available gradually by more than 230 financial institutions across the country, starting with the larger banks. Other participating financial institutions will start offering the program over the coming weeks. Learn More & Apply Here.
Government Announces Targeted Support for Black Entrepreneurs & Business Owners
Mid September, the government announced up to nearly $221 million in support for Black entrepreneurs and business owners, in partnership with Canadian financial institutions. One of the goals is to launch Canada’s first-ever Black Entrepreneurship Program. We, along with the Canadian Chamber and our fellow Chambers, applaud the announcement as it aligns with our core values, as well as our views on the importance of an inclusive recovery that leaves no opportunity for growth left un-pursued. Learn More HERE.
Regional Relief & Recovery Fund Announced by Western Economic Diversification Canada
The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced that businesses in western Canada that are unable to access other existing measures can now apply for the new Regional Relief and Recovery Fund through Western Economic Diversification Canada. A total of $304 million will be available for western Canadian businesses with Community Futures charged with managing the process. For more information visit their website HERE.
Federal Government Announces Support for Female Entrepreneurs
The Government of Canada will provide $15 million in additional funding to support female entrepreneurs through the Women Entrepreneurship Strategy (WES). These funds will go directly to select organizations that are currently WES Ecosystem Fund recipients, and will help women entrepreneurs through the COVID-19 pandemic. For more information on the eligibility criteria, and to learn more visit their website HERE.
Federal Government Announces $500 Million for Cultural, Heritage & Sport Organizations
May 8th, 2020, the Government of Canada announced $500 million in temporary relief measures to support the culture, heritage and sport sectors as they manage the challenges and impacts of the COVID-19 pandemic, and plan for the future. A total of up to $500 million has been set aside to help alleviate the financial pressures of affected organizations. Learn More HERE.
Federal Government Announces Support for Agriculture Sector
May 5th, 2020, the Government of Canada announced $252 million to support farmers, food business and food processors that provide essential services to Canadians every day by ensuring a safe and reliable food supply. It was announced that the government intends to propose an additional $200 million in borrowing capacity for the sector. Learn More HERE.
Government of Canada – COVID-19 Resources for Business:
The Government of Canada is taking immediate, significant and decisive action to support Canadians and businesses facing hardship as a result of the global COVID-19 outbreak. For more information regarding accessing federal financial support, as well as resources regarding the Canada Emergency Wage Subsidy program, visit their website HERE.
Canadian Business Resiliency Network - Federal Support for Small and Medium Sized Enterprises
Learn more about the programs available to you from the federal government as a small or medium sized business. Mary Jo Fedy, National Enterprise Leader, KPMG in Canada, has shared with us her insights on COVID-19 in order to help Canadian businesses persevere and remain resilient throughout the COVID-19 crisis. Learn More HERE.