Canadian COVID-19 Business Financial Supports Summary

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:

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

GeographyDelivery PartnerProgram NameMaximum ApplicationFunding TypePurpose or Focus
CanadaBDCCapital Bridge Financing ProgramVariableConvertible Note 
CanadaBDCNew Co-Lending Program for SME$6.25mLoanSmall and medium enterprises
CanadaFarm Credit CanadaBoosted support$500kLine of credit 
CanadaGovernment of CanadaCanada Emergency Business Account$40kLoanSmall business
CanadaIndigenous Tourism AssociationCOVID-19 Development Stimulus Fund$25kGrantTourism, indigenous business
CanadaDigital Technology SuperclusterCOVID-19 Program$5mGrantMember or associate of supercluster program
CanadaExport Development CanadaNew Loan Guarantee for SME$6.25mLoanExports, SME
CanadaRegional Development Agencies VariableLoanTourism
British ColumbiaGovernment of British ColumbiaEmergency Relief Funds$5kGrantTourism, indigenous business
British ColumbiaColumbia Basin TrustSmall Business Working Capital$25kLoan 
SaskatchewanGovernment of SaskatchewanSmall Business Emergency Payment Program$5kGrantSME
OntarioGovernment of OntarioOntario Together FundVariableGrant 
QuebecSociété d’aide au développement des collectivités (SADC) de Papineau-CollinesExceptional Support Measures for Small Businesses$300kLoanSME
QuebecInvestissement QuebecConcerted Temporary Action Program for Businesses$50kLoan 
QuebecProvince de QuebecEmergency Aid for Small and Medium-sized Business$50kLoanSME
New BrunswickGovernment of New BrunswickSmall Business Emergency Working Capital Program$1mLoan 
New BrunswickGovernment of New BrunswickSmall Business Emergency Capital Program$100kLoan 
PEIGovernment of Prince Edward IslandEmergency Working Capital Financing$100kLoan 
Nova ScotiaProvince of Nova ScotiaSmall Business Impact Grant$5kGrant 
YukonGovernment of Yukon TerritoryBusiness Relief Program$60kGrant 
Northwest TerritoriesBusiness Development and Investment CorporationWorking Capital Loans$25kLoanSME
NunavutGovernment of NunavutSmall Business Support Program$5kGrantSmall Business
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