The Government has Created a Wide Variety of Financial Assistance
See which types of financial assistance are right for your business.
To assist in navigating financial assistance, the Canada Revenue Agency (CRA) has adapted its Liaison Officer service to support small businesses and self-employed individuals during COVID-19. Liaison Officers will be available exclusively by phone to provide the key information that small businesses and self-employed individuals need most urgently, including filing and payment deadlines and proactive relief measures.
Business owners and self-employed individuals can fill out the Liaison Officer Service Request Form to have a Liaison Officer contact them by phone.
Ontario Announces The New Ontario Small Business Support Grant
The government announced the new Ontario Small Business Support Grant on December 21st, 2020, which will provide a minimum of $10,000 and up to $20,000 to eligible small business owners to help navigate this challenging period.
Small businesses required to close or restrict services under the Provincewide Shutdown will be able to apply for this one-time grant.
Eligible small businesses include those that:
- Are required to close or significantly restrict services subject to the Provincewide Shutdown effective 12:01 a.m. on December 26, 2020;
- Have less than 100 employees at the enterprise level; and
- Have experienced a minimum of 20 per cent revenue decline in April 2020 compared to April 2019.
Starting at $10,000 for all eligible businesses, the grant will provide businesses with dollar for dollar funding to a maximum of $20,000 to help cover decreased revenue expected as a result of the Provincewide Shutdown. The business must demonstrate they experienced a revenue decline of at least 20 per cent when comparing monthly revenue in April 2019 and April 2020. This time period was selected because it reflects the impact of the public health measures in spring 2020, and as such provides a representation of the possible impact of these latest measures on small businesses.
Essential businesses that are allowed to remain open will not be eligible for this grant. More information about the Ontario Small Business Support Grant is available here. The application process for the Ontario Small Business Support Grant is now open, apply here.
Businesses that are impacted by the Provincewide Shutdown will also be eligible for the property tax and energy cost rebates. In November, the government launched a program to provide rebates to offset fixed costs such as property tax and energy bills for businesses that are required to shut down or significantly restrict services due to provincial public health measures. These Ontario Small Business Support Grant rebates will continue to be available for businesses impacted by the Provincewide Shutdown and earlier restrictions. Business can apply for the rebates here.
The RRRF provides liquidity support to businesses and not-for-profit organizations affected by the economic impacts of COVID-19, that are unable to access other federal relief measures, or require additional support.
The Fund, valued at more than $1.5 billion nationally, is delivered by Canada’s regional development agencies.
The Regional Relief and Recovery Fund (RRRF) has been extended and expanded in southern Ontario, with an additional $184 million now available. The expanded parameters include increases in contribution amounts and the timeframe for eligible costs, and are available to new applicants and existing recipients.
Get 3 Types of COVID-19 Relief Funding for Your Business in 1 Easy Portal
The Ontario government is proposing to give municipalities the flexibility to target property tax relief to small businesses. The province is also considering matching these reductions, which would provide small businesses with as much as $385 million in municipal and provincial property tax relief. This initiative is part of the 2020 Budget, Ontario's Action Plan: Protect, Support, Recover.
Through the 2020 Budget, the government also announced that it will lower Business Education Tax (BET) rates for over 200,000 employers, or 94 per cent of all business properties in Ontario, starting January 1, 2021. This will create $450 million in immediate annual savings and represents a reduction of 30 per cent for many businesses.
Property tax rates will be reduced to 0.88 per cent. For many employers, this represents a reduction of 30 per cent if the local government applies a 30 per cent discount with the proposed new small business property subclass.
Taken together, these property tax measures could mean a business like a bakery shop could receive $5,000 in municipal tax relief and $4,000 in provincial property tax relief if the local government applies a 30 per cent discount with the proposed new small business property subclass. Combined with a $1,500 BET reduction, this bakery shop owner would receive a total of $10,500 in property tax savings in 2021.
Your business can apply online for funding from one or more of the following initiatives:
- Main Street Relief Grant for Personal protective equipment (PPE) providing up to $1,000 for PPE costs to eligible small businesses across Ontario with 2 and 9 employees
- Property Tax and Energy Cost Rebate Grants for businesses that were required to shut down or significantly restrict services due to provincial public health measures (modified Stage 2 restrictions or, going forward, in areas categorized as control or lockdown). This provincial application-based grant provides a rebate to eligible businesses in respect of property taxes and energy bills.
This single portal contains information and links to apply for Federal programs for both individuals, families and businesses.
Support for Businesses Includes:
- Canada Emergency Wage Subsidy
- Canada Emergency Business Account (CEBA) Interest Free Loans
- Loan Guarantee for Small and Medium Sized Enterprises
- Regional Relief and Recovery Fund (RRRF)
- Canada Emergency Rent Subsidy
Support for Individuals and Families:
- Employment Insurance (EI) Program
- Canada Recovery Benefit
- Canada Recovery Sickness Benefit
- Canada Recovery Caregiving benefit
- Canada Emergency Response Benefit
- Mortgage Payment Deferral
Applications for the Canada Emergency Rent Subsidy (CERS) are now open.
SUBSIDY IS PAID DIRECTLY TO RENTERS AND PROPERTY OWNERS
The new rent subsidy will be available retroactive to September 27, 2020, until June 2021. The new rent subsidy will provide benefits directly to qualifying renters and property owners, without requiring the participation of landlords.
Qualifying organizations that have suffered a revenue drop are eligible for a subsidy on eligible expenses. The maximum base rate subsidy of 65 per cent is available to organizations with a revenue drop of 70 per cent or more. The base rate then declines to a rate of 40 per cent for organizations with a revenue drop of 50 per cent, and gradually reduces to zero for those not experiencing a decline in revenues. This structure mirrors the Canada Emergency Wage Subsidy rate structure.
Eligible expenses for a location for a qualifying period include commercial rent, property taxes (including school taxes and municipal taxes), property insurance, and interest on commercial mortgages (subject to limits) for a qualifying property, less any subleasing revenues.
As a Canadian employer who has seen a drop in revenue due to the COVID-19 pandemic, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations.
Latest Updates to CEWS as of November 20, 2020
- the subsidy is extended to June 2021
- the maximum subsidy rate for periods 8 to 10 will remain at 65% (40% base rate + 25% top-up)
- beginning in period 8, the top-up rate and base rate are is now calculated using the same one-month revenue drop
- for periods 8 to 10, use the new top-up calculation or the previous 3-month average drop, whichever works in your favour
- the deadline to apply is January 31, 2021, or 180 days after the end of the claim period, whichever comes later
- starting in period 9, the calculation for employees on leave with pay now aligns better with EI benefits
- you can now calculate pre-crisis pay (baseline remuneration) for employees who were on certain kinds of leave, retroactive to period 5
Grants of up to $5,000 available
Created by RBC, Canada United is a movement to support local businesses in communities across the country. The Canada United Small Business Relief Fund (CUSBRF) was established to help small businesses offset the cost of expenses to reopen safely or adopt digital technologies to move more of their business online.
The CUSBRF will be managed by the Ontario Chamber of Commerce on behalf of the national Chamber network in support of other chambers and partners to help small Canadian businesses with their recovery efforts as a result of COVID-19.
Successful applicants will receive a relief grant of up to $5,000.
Is your business located in the core of King City, Nobleton or Schomberg? You may qualify for a Community Improvement Plan grant.
The Community Improvement Plan for King City, Nobleton and Schomberg promotes beautification, property improvements and economic development in the three communities. The Plan outlines financial incentives for property owners and tenants to invest in their property and outlines other actions, projects and strategies that the Township will undertake to implement the Plan.
For situations requiring immediate attention, such as having a payment due in the next 48 hours, please contact your CIBC advisor or call 1-877-454-9030.
RBC has stated their commitment to providing financial relief for business clients who have experienced financial hardship as a result of the COVID-19 outbreak. learn more
Scotiabank's support measures are flexible, and include payment deferrals for mortgages and relief on credit products for those who qualify. learn more
TD is offering mortgage payment deferral options for up to 6 months. learn more
6. National Bank of Canada
National Bank of Canada has put in place a variety of programs to alleviate hardship. learn more
To help protect Canadian middle class jobs, and safeguard our economy, the Government of Canada will establish a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. The objective of this support is to help protect Canadian jobs, help Canadian businesses weather the current economic downturn, and avoid bankruptcies of otherwise viable firms where possible.
These grant programs are available for businesses in the commercial cores of King City, Nobleton and Schomberg.
The Digital Transformation Grant Program will provide Digital Transformation training and guidance and provide the opportunity for main street businesses to apply for a grant of up to $2,500.
The Digital Service Squad Grant Program is focused on providing one-on-one assistance to small businesses in any region of Ontario. It will include training, advisory support, and a grant to support the Digital Service Squads across Ontario.
The York Region COVID-19 Small Business Recovery Support Program (BRSP) provides free training and mentoring opportunities to help local businesses adapt to the challenges posed by the COVID-19 pandemic. In addition, it will also offer grants of up to $3,500 to help businesses adopt new tools, increase their online presence and implement your new business strategy.
What you can receive:
- Mentoring with a successful local entrepreneur
- Business training on topics ranging from creating and re-evaluating your brand, how can you effectively sell in this digital age, and COVID-19 recovery support
- Free business advisory services
- Business workshops and valuable networking opportunities
- Opportunity to apply for a grant of up to $3,500*