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