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FEDERAL PROGRAMS & SUPPORTS

For more on on Federal Business Supports, click HERE

 

Programs available (see below for information on each):

  • Business Credit Availability Program
  • Canada Emergency Commercial Rent Assistance CECRA
  • Canada Emergency Response Benefit (CERB)
  • Canada Emergency Wage Subsidy
  • Large Employer Emergency Financing Facility (LEEFF)
  • Mid-Market Financing Program
  • Regional Relief and Recovery Fund
  • Tax Assistance

 

Business Credit Availability Program

The Canadian Government has used the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide $65 billion of additional funding to businesses. 

The program includes:

Canada Emergency Business Account

  • Provides interest-free loans of up to $40,000 to small businesses and not-for-profits
  • To qualify, these organizations need to demonstrate they paid between $20,000 and $1.5 million in total payroll in 2019.

More info: HERE 

Loan Guarantee for Small and Medium-Sized Enterprises

EDC is working with financial institutions to issue new operating credit and cash flow term loans of up to $6.25 million to SMEs.

Learn more: HERE 
 

Co-Lending Program for Small and Medium-Sized Enterprises

BDC is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements.

  • Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program.

Learn more: HERE 

 

Canada Emergency Commercial Rent Assistance CECRA

The program sees the Federal and Provincial Governments cover 50% of a tenant’s rent, with tenants and landlords each covering another 25%. The July Extension Opt-In is currently available.

CECRA Link: HERE     

 

Canada Emergency Response Benefit (CERB)

The Canadian Government has announced that CERB will be extended by an additional four weeks before transitioning into a new series of programs. These proposed changes include:

· Moving eligible CERB recipients to EI to receive a minimum benefit of $400 a week for up to 26 weeks. 

· Setting up the Canada Recovery Benefit, which will provide $400 for self-employed workers and those ineligible for EI.

· The Canada Sickness Recovery Benefit, which will provide those who are either ill or must self isolate with $500 for up to 2 weeks.   

· The Canada Recovery Caregiving Benefit will provide $500 for 26 weeks for caregivers of children, relatives or dependents.

Visit the government website to learn more about CERB

 

Canada Emergency Wage Subsidy

Companies can apply for the Canada Emergency Wage Subsidy (CEWS) until December 19th, 2020. The program covers a portion of an employee's wages if a company's revenues have dropped due to COVID-19. 

The subsidy applies to companies of all sizes (including not-for-profits and charities) and must be applied for each month. 

CEWS now operates as a two-tiered system, providing a subsidy amount that depends on how severely a company has been impacted by COVID-19. 

Those companies that have experienced revenue decreases of up to 50% are eligible for up to $1,129 per employee, per week. 

Companies with more than a 50% revenue decrease over a three-month period may be eligible for a top-up to $282 extra a week.

Businesses will:

  • still need to calculate their subsidy based on a drop in revenue from the corresponding month in 2019 or January and February 2020. 
  • need to attest they are doing what they can to pay the other 25% of salaries for employees.

The payout is made via direct deposit, which is already used by 50% of companies in Canada.

 Additional info, including how to apply HERE

 

Large Employer Emergency Financing Facility (LEEFF)

Now open for applications, the LEEFF program offers bridge financing to medium-to-large Canadian companies. More HERE 

 

Mid-Market Financing Program

Targeted at companies negatively impacted by COVID-19 and with annual revenues in excess of approximately $100 million and up to $500 million.

Provides a loan of $12.5 million to $60 Million and is available until September 30, 2020

Read more about the program: HERE 

 

Regional Relief and Recovery Fund

The Regional Relief and Recovery Fund provides financial support to SMEs that are unable to access other federal COVID-19 relief measures. Eligible SMEs in Southern Ontario will be able to apply for this financial assistance through FedDev. Read the full information on the RRRF here.

 

Tax Assistance

Payment deadline for those who owe taxes has been deferred until after August 31, 2020.

Income tax filing and payment information: HERE 

 

 

Blog
Leslee Mason
04 Sep, 2020

Newmarket has more than 200 years as a community under its belt. Plaques and markers spotlighting Newmarket’s rich history can be found throughout the older areas of Town, making it a great walking destination.

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