Canadian COVID-19 Business Financial Supports Summary

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This was last updated April 16, 2020. Please let us know if there are any missing loans, grants, or subsidies with this form.

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Deferring GST and HST payments

All businesses can defer both GST/HST payments and customs duties owing until June 30, 2020.

For organizations who remit monthly, this applies to the February, March, and April reporting periods.

For organizations who remit quarterly, this applies to the January 1 through March 31, 2020 reporting period.

For organizations who remit annually, this applies to the amounts collected and owning for the previous fiscal year as well as current installments.

For GST and customs duty payments for imported goods, deferral will include amounts owning for March, April, and May 2020.

Temporary wage subsidies

There are currently two wage subsidy programs for employers:

The Temporary Wage Subsidy for Employers is a three-month measure, 10% wage subsidy, that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). This program has a cap of $25,000 per business.

The Canada Emergency Wage Subsidy is for for-profit, non-profit, and charitable organizations who have seen, at least, a 15% drop (updated April 8) in their gross revenue, there will be a 75% wage subsidy available. This program will be administered via the CRA My Business portal.

Work sharing program through EI

While the work-sharing program existed prior to the current crisis, the purpose of the program was expanded to support current demands. The goal of the program is to provide partial employment insurance benefits to employees that reduce their working hours, and to share available work.

Government-guaranteed small business loans

The Canada Emergency Business Account (CEBA) will provide an interest-free loan of up-to $40,000. If the loan is repaid prior to Dec 31, 2022, a quarter of the principal, or $10,000, will be forgiven. A business must have between $50,000 and $1m in payroll for the 2019 year.

This program will be managed through your financial institution, so contact your account manager at your bank or financial institution. The program should be available in the 3rd week of April 2020.

Loan guarantee, co-lending, and working capital programs for small and medium-sized enterprises

There are very few details on the Business Credit Availability Program (BCAP) but this will be supporting operating credit and cash flow term loans, backed by Business Development Bank of Canada (BDC) and Export Development Canada (EDC), but administered via your financial institution.

The purpose of this funding is to cover cash shortfalls for small and medium-sized enterprises for the next 6 months.

The program will provide up to $6.25 million, and should be available in the third week of April. Like with the CEBA, start with contacting your financial institution.

Defer audits and payments of business tax

All corporate incoming tax filings have been extended to June 1, 2020, for corporations that would otherwise have a filing due date after March 18 and before June 1, 2020.

All corporate income tax payments (including balances due and installment payments) have been deferred to September 30, 2020, for amounts that would normally be due between March 18 and September 1, 2020.

Beginning mid-March, the CRA has also indicated that GST/HST and income tax audits will not be initiated for a four-week period.

As in the pre-crisis period, businesses can apply for taxpayer relief.

BDC Purchase Order Financing

Business Development Bank (BDC) can finance up to 90% of an approved purchase order, with interest-only payments.

Innovation and other stimulus funding

Organizations can still take advantage of existing innovation funding sources:

• Strategic Innovation Fund (Innovation, Science and Economic Development Canada)
• NRC-IRAP Funding
• Scientific Research and Experimental Development Tax Credit Program

Canada Emergency Response Benefit (CERB)

This is a taxable benefit for workers who lose their income as a result of the current crisis. Eligible recipients would have access to this taxable benefits of $2,000/month for up to four months.

To be eligible:

• An individual must not have or expected to have any earned income for 14 days
• Must have had $5,000 in earned income in 2019 (or the previous 12 months — earned income does not include dividends or rental income)
• Must not be working due to impacts from COVID-19

This is a benefit directly to employees, not for employers, and the application (opening Monday, April 6, 2020) will be via CRA My Account.

All Financial Supports, by Province

Geography	Delivery Partner	Program Name	Maximum Application	Funding Type	Purpose or Focus
Canada	BDC	Capital Bridge Financing Program	Variable	Convertible Note
Canada	BDC	New Co-Lending Program for SME	$6.25m	Loan	Small and medium enterprises
Canada	Farm Credit Canada	Boosted support	$500k	Line of credit
Canada	Government of Canada	Canada Emergency Business Account	$40k	Loan	Small business
Canada	Indigenous Tourism Association	COVID-19 Development Stimulus Fund	$25k	Grant	Tourism, indigenous business
Canada	Digital Technology Supercluster	COVID-19 Program	$5m	Grant	Member or associate of supercluster program
Canada	Export Development Canada	New Loan Guarantee for SME	$6.25m	Loan	Exports, SME
Canada	NRC	IRAP	$50k-$250k	Grant
Canada	Regional Development Agencies		Variable	Loan	Tourism
British Columbia	Government of British Columbia	Emergency Relief Funds	$5k	Grant	Tourism, indigenous business
British Columbia	Columbia Basin Trust	Small Business Working Capital	$25k	Loan
Saskatchewan	Government of Saskatchewan	Small Business Emergency Payment Program	$5k	Grant	SME
Ontario	Government of Ontario	Ontario Together Fund	Variable	Grant
Quebec	Société d’aide au développement des collectivités (SADC) de Papineau-Collines	Exceptional Support Measures for Small Businesses	$300k	Loan	SME
Quebec	Investissement Quebec	Concerted Temporary Action Program for Businesses	$50k	Loan
Quebec	Province de Quebec	Emergency Aid for Small and Medium-sized Business	$50k	Loan	SME
New Brunswick	Government of New Brunswick	Small Business Emergency Working Capital Program	$1m	Loan
New Brunswick	Government of New Brunswick	Small Business Emergency Capital Program	$100k	Loan
PEI	Government of Prince Edward Island	Emergency Working Capital Financing	$100k	Loan
Nova Scotia	Province of Nova Scotia	Small Business Impact Grant	$5k	Grant
Yukon	Government of Yukon Territory	Business Relief Program	$60k	Grant
Northwest Territories	Business Development and Investment Corporation	Working Capital Loans	$25k	Loan	SME
Nunavut	Government of Nunavut	Small Business Support Program	$5k	Grant	Small Business