Business Supports:

Updated: May 20th

Government Business Support List: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses

Province-Mandated Business Closures

On April 3rd, the government of Ontario updated the list of non-essential business. For an up-to-date list of businesses that have been deemed essential and will be staying open, visit: https://www.ontario.ca/page/list-essential-workplaces

Canada Emergency Business Account (CEBA) May 19th Expansion

On May 19, the eligibility criteria were expanded to include sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.

As part of the May 19 expansion, applicants with payroll lower than $20,000 can now qualify. They are required to have a business operating account at a participating financial institution; a Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return; and eligible non-deferrable expenses (such as rent, property taxes, utilities, and insurance) between $40,000 and $1.5 million.

The complete announcement from May 19 expanding CEBA can be found here: https://pm.gc.ca/en/news/news-releases/2020/05/19/prime-minister-announces-expansion-support-workers-and-small

Canada Emergency Commercial Rent Assistance (CECRA)

Canada Emergency Commercial Rent Assistance (CECRA) for small businesses expected to be operational Mid-May. Will lower rent by 75 per cent for small businesses that have been affected by COVID-19.
The program will also provide forgivable loans to property owners to cover 50% of three monthly rent payments during April, May, and June.
For the loans to be forgiven the property owner must agree to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.
Eligible impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations.

Manufacturers/companies looking to provide supplies

If you are able to manufacture or provide any supplies to help combat COVID-19, please visit: https://buyandsell.gc.ca/calling-all-suppliers-help-canada-combat-covid-19

Farm Credit Canada lending base increased by $5 billion, allowing them to offer greater support to our Ag sector. https://www.fcc-fac.ca/en/about-fcc/media-newsroom/news-releases/2020/lending-capacity-increases-to-alleviate-industry-financial-pressure.html

Links to March 27th Economic Announcements:

https://pm.gc.ca/en/news/news-releases/2020/03/27/prime-minister-announces-support-small-businesses-facing-impacts

https://www.canada.ca/en/department-finance/news/2020/03/additional-support-for-canadian-businesses-from-the-economic-impact-of-covid-19.html


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Business Development Bank of Canada – Support for Entrepreneurs impacted by coronavirus
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