Canada Emergency Wage Subsidy – 3 months program from March 15 to June 6, 2020 for employers who suffer a drop in gross revenues of at least 15 percent in March and 30 percent in April and May, when compared to the same month in 2019. Rate of 75 percent of the first $58,700 normally earned by employees – representing up to $847 per week. Eligibility: employers of all sizes and across all sectors, with the exception of public sector entities. Access wage subsidy calculator here.
Work-Sharing – Temporary special measures for the forestry and steel & aluminum sector due to COVID-19.
Canada Emergency Response Benefit (CERB) – available to all Canadians who have stopped working due to COVID-19, whether they are EI-eligible or not. Up to $2,000/month for up to 4 months. There is a zero-income requirement. Not available to employees to quit their job voluntarily. Those who applied for EI benefits before March 15 will need to use all EI benefits before applying for CERB. Click here to apply.
Canada Emergency Business Account – A loan of up to $40,000. Repayment of the loan before Dec.31, 2022 will result in loan forgiveness of 25 percent (up to $10,000). Available to businesses with $20,000 – $1.5 million in total payroll in 2019. Small businesses and non-profit organizations should contact their financial institution to apply.
Loan Guarantee for Small and Medium Enterprises – new operating credit and cash flow term loans that financial institutions extend to SMEs. EDC offers a guarantee on loans of up to $5M for companies that need to access more cash immediately – contact your financial institution for more information
Canada Emergency Commercial Rent Assistance (CECRA) for small businesses – The program will provide forgivable loans to qualifying commercial property owners to cover 50 percent of three monthly rent payments that are payable by eligible small business tenants who are experiencing hardship during April, May and June. The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75 percent for the three corresponding months under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25 percent of the rent. Impacted businesses are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70 percent drop in pre-COVID-19 revenues. This support will also be available to non-profit and charitable organizations. Deadline to apply is August 31, 2020. Applications are now open – apply here.