The Goverment has Created a Wide Variety of Financial Assistance Programs for Business.
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.
Canadian Emergency Response Benefit - Updated to Maximum of 28 Weeks
If you have stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. On August 20 this program was expanded by an additional 4 weeks for a maximum of 28 weeks.
- If you are eligible, you can receive $2,000 for a 4-week period
- If your situation continues past 4 weeks, you will need to apply for the CERB again.
- You may re-apply for up to a total of 28 weeks.
- People may now earn up to $1,000 per month while collecting the CERB.
- Extended to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak.
- Extended to workers who have recently exhausted their EI regular benefits and are unable to find a job or return to work because of COVID-19.
- Allows artists to receive royalty payments for copyrighted works produced before March 1st while collecting the CERB
These changes will be retroactive to March 15, 2020.
The Canada United Small Business Relief Fund 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.
If awarded, a relief grant can be used for any of the following activities:
- Purchasing Personal Protective Equipment (PPE) such as masks, face shields, and latex gloves.
- Renovating physical space to adhere to local, Provincial or Federal reopening guidelines.
- Developing or improving e-commerce capabilities for your business.
Successful applicants will receive a relief grant of up to $5,000. This program supports local businesses of all kinds from across the country (from retailers to barbershops to farmers).
The Canada Recovery Benefit (CRB) will provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
This benefit will support Canadians whose income has dropped or not returned due to COVID-19. The benefit will allow Canadians to earn more income while on claim as well as include links to Job Bank, Canada’s national employment service, with career planning tools for those seeking employment. In addition, the government will be working with provinces and territories to share information to ensure that Canadians have access to tools and training opportunities to successfully return to the workforce.
The Government intends to introduce new legislation to support the implementation of the new benefits.
The Canada Recovery Sickness Benefit (CRSB) will provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
The Government intends to introduce new legislation to support the implementation of the new benefits.
The Canada Recovery Caregiving Benefit (CRCB) will provide $500 per week for up to 26 weeks per household, for eligible Canadians unable to work because they must care for:
- a child under age 12 due to the closures of schools or daycares because of COVID-19.
- a family member with a disability or a dependent because their day program or care facility is closed due to COVID-19.
- a child, a family member with a disability, or a dependent who is not attending school, daycare, or other care facilities under the advice of a medical professional due to being at high-risk if they contract COVID-19.
The Government intends to introduce new legislation to support the implementation of the new benefits.
Is your business located in the core of King City, Nobelton 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
Learn more ***
Application Date Has been Expanded. Eligibility Criteria to be Further Expanded.
Thea application deadline has been extended to October 31, 2020. The government is working closely with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.
Eligibility has Been Expanded
The eligibility rules for this account have been expanded to make it available to businesses who spent between $20,000 and $1.5 million in payroll last year (previously $50,000 and $1 million).
What is it?
It’s a $40,000 government guaranteed loan to help eligible businesses pay for operating expenses, payroll and other non deferrable expenses which are critical to sustain business continuity.
Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000.
After December 31, 2020, any outstanding balance on the revolving $40,000 line of credit will be converted into a non revolving 5 year term loan maturing on December 31, 2025, at which time the balance must be paid in full.
No interest applies until January 1, 2023.
Commencing on January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.
If you pay 75% of the balance of the term loan (as at January 1, 2021), on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.
If you do not repay 75% of the balance of the term loan (as at January 1, 2021) on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.
Refer to your respective bank below for their link to information on the Canadian Emergency Business Account and how to apply.
The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19. This benefit is for students who do not qualify for the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI).
From May to August 2020, the CESB provides a payment to eligible students of $1,250 for each 4-week period or $2,000 for each 4-week period, for students with dependants or a disability.
In order to apply online you either sign with with your Canada Revenue Agency (CRA) account or you can call a toll free number at 1-800-959-2019 or 1-800-959-2041 and provide your social insurance number and postal code.
The CRA will also set up a direct deposit or cheque method of payment.
Applications must be submitted before September 30, 2020.
Links & Telephone Numbers to Banks
1. BMO
Canadian Emergency Response Benefit
1- 877-788-1923
2. CIBC
Canadian Emergency Response Benefit
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.
3. RBC
Canadian Emergency Response Benefit
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
1-800-769-2511
4. Scotiabank
Canadian Emergency Response Benefit
Scotiabank's support measures are flexible, and include payment deferrals for mortgages and relief on credit products for those who qualify. Learn more
1-833-315-4357
5. TD
Canadian Emergency Response Benefit
TD is offering mortgage payment deferral options for up to 6 months. Learn more
1-888-730-0075
6. National Bank of Canada
Canadian Emergency Response Benefit
National Bank of Canada has put in place a variety of programs to alleviate hardship. Learn more
1‑844‑394‑4494
On May 13 the federal government announced new details for a fund which provides financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic.
Eligible applicant must:
- Be a Canadian or provincially incorporated business, co-operative or an Indigenous-owned business located in southern Ontario with 1 to 499 full-time equivalent employees;
- Be facing funding pressures with fixed operating costs as a result of COVID-19;
- Have been a viable business before the COVID-19 pandemic and plan to continue to operate their business or resume operations;
- The business does need to show that they have applied to one of the other federal programs and have not been approved.
King businesses can apply direct with FedDev Ontario for either a $40,000 or $500,000 loan.
Option 1: Up to a $40,000 Conditionally Repayable Contribution (Interest-Free Loan)
This stream supports businesses in rural and smaller communities through additional funding for the existing Community Futures Program (CFP). In order to provide targeted assistance to small towns and communities, this stream of funding will focus on assisting “main street” businesses, such as retail shops, restaurants and corner stores, etc., and businesses of strategic importance to their communities, with loans up to $40,000.
- An interest-free loan with partial forgiveness of loan amount
- No payments required until December 31, 2022
- Up to 25 percent (or $10,000) contribution forgiveness, provided 75 percent, or up to $30,000 is paid back by December 31, 2022
- If 75 percent of the contribution amount is not repaid by December 31, 2022, the balance owing will be converted to a term loan with no forgivable portion
- All the paperwork goes in with the application (conditions, financials, officers of the incorporation etc.) and the money is automatically deposited into the business bank account on approval. Businesses have until December 31, 2021 to make their first payment. But if they make payments before Jan. 1 2022, and get the loan paid off before that time, a portion of the $40,000 will be forgiven.
Option 2: Up to a $500,000 Unconditionally Repayable Contribution (Interest-Free Loan)
This stream supports southern Ontario SMEs that do not qualify for, or have been declined for, current Government of Canada COVID-19 relief measures.
- An interest-free fully repayable contribution (loan)
- 100% repayable
- No payments required until December 31, 2022
- Fixed payment schedule beginning January 2023
Business, non-profits and charities eligible for the wage subsidy include those who as a result of the COVID-19 pandemic have experienced at least a 15% decrease in business revenue in March by comparison to last year (April May comparisons still at 30% less) and flexibility with Jan/Feb comparisons for those new start up businesses that don’t want to compare to last year. It is important to note the number of employees does not factor into eligibility. The Federal Government will cover 75% of the first $58,700 of an employee’s wage, up to $847 per week, which will be back-dated to March 15th, 2020.
The federal government has announced it will extend the Canada Emergency Wage Subsidy (CEWS) program until December.
The CEWS aims to re-hire workers previously laid off as a result of the COVID-19 pandemic. The program provides a subsidy of 75 percent of employee wages for up to 24 weeks, currently retroactive from March 15, 2020, to August 29, 2020.
Check eligibility and subsidy calculator
Eligible employers can apply starting April 27, 2020 in CRA My Business Account or through a separate online application form.
This is a $40,000 government guaranteed loan to help eligible businesses pay for operating expenses, payroll and other non deferrable expenses which are critical to sustain business continuity. Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000.
On may 19 the eligibility criteria for the Canada Emergency Business Account (CEBA) were expanded to include many owner-operated small businesses. The program will now be available to a greater number of businesses that are 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.
To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need:
- 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.
- eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
- 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.
The Government of Canada will work with provinces and territories through a new transfer to cost-share a temporary top up to the salaries of low-income essential workers that the provinces and territories have deemed essential in the fight against COVID-19.
- The Government of Canada will cover a portion of the cost of providing temporary financial support to these low-income workers, thereby helping to support employers in keeping their workers on staff, while also ensuring fairness.
- Through this new transfer, provinces and territories will be able to provide their low-income essential workers (those who earn less than $2,500 per month), with a top up.
Learn more about how you can start filling out your application early through the CRA.
Application deadline extended to June 2021
The BCAP was established to provide additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). BDC and EDC are working with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exports and tourism.
- The program includes:
- Loan Guarantee for Small and Medium-Sized Enterprises
- Co-Lending Program for small and Medium-Sized Enterprises
On May 11, the Government of Canada announced the expansion of the Business Credit Availability Program to mid-sized companies with larger financing needs. Support for Mid-market businesses will include loans of up to $60 million per company, and guarantees of up to $80 Million.
- The program includes:
- The Ontario Government is committing $241 million to partner with the federal government and deliver more than $900 million in urgent relief to small businesses and their landlords through a new program, the Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA).
- The program is being administered by the Canada Mortgage and Housing Corporation
The August extension for rent relief for Canadian small businesses through CECRA for small businesses is now open.
What you need to know:
- Only those tenants approved in the April, May, June and July application are eligible for the August extension.
- If a business had an average revenue decline of 70% or more in April, May and June, they are deemed eligible for the additional month of rent relief. However, not all tenants in the original application need to be included for the August extension.
Note that if you If you have been approved for rental assistance and that you are applying for the July and/or August extension your deadline to submit your application is September 14, 2020.
If you have not yet submitted your application or are still creating it, your deadline to submit new applications that include the July and/or August extension is August 31, 2020.
Note that on September 1, 2020, all applications still in “draft” status will be cancelled.
Further details include:
- The loans will cover 50% of the gross rent owed by impacted small business tenants during the 3-month period of April, May and June 2020.
- The property owner will be responsible for no less than half of the remaining 50% of the gross rent payments (paying no less than 25% of the total).
- The small business tenant will be responsible for no more than half of the remaining 50% of the gross rent payments (paying no more than 25% of the total).
- CMHC will provide forgivable loans to eligible commercial property owners.
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.
** Learn more
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*
The Entrepreneurship and Innovation Fund will help encourage innovation towards business continuity and business recovery efforts by supporting promising early stage start-ups, accelerators, incubators and community partners.
This joint initiative provides an opportunity to increase innovation in two streams:
Stream One: Qualified Community Partners receive up to $10,000 in funding for activities or initiatives that promote, support, or enhance entrepreneurship or innovation in York Region.
- Stream Two: Qualified Small Businesses and Entrepreneurs receive up to $15,000 in funding to support the growth of your innovative business and/or to provide additional support towards business continuity and recovery efforts post-COVID.
Applications are open until August 28, 2020.