Financial Support & Relief
These are some of the grants and resources available to provide support to small businesses. For additional information on different grants and financial support available, please consult the following link for the Financial Relief Navigator.
Ontario Tourism & Travel Small Business Support Grant
The Ontario Tourism and Travel Small Business Support Grant provides one-time payments of $10,000 to $20,000 to eligible small businesses in the tourism and travel sector.
Regional Relief and Recovery Fund (RRRF)
FedDev will be offering interest free loans for SMEs that have not been able to access other resources. No security, no payments required until December 31, 2022. All applications will be completed online. CFDCs will be offering the same option 1 product in rural communities that are serviced by the Community Futures Program. Businesses can only apply to one stream.
This program closes on June 30th 2021.
Canada Emergency Business Account (CEBA)
To ensure that small businesses have access to the capital they need to see them through the current challenges, the Government of Canada has launched the new Canada Emergency Business Account, which has been implemented by eligible financial institutions in cooperation with Export Development Canada (EDC). As of December 4, 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000.
This program closes on June 30th.
WSIB Workplace Insurance Relief
All employers covered by the WSIB's workplace insurance are automatically eligible for the provisions of the relief package and can defer premium reporting and payments until August 31, 2020. Businesses are not be required to opt in to receive this benefit. Additionally, the WSIB will cease interest accrual on all outstanding premium payments. They will not charge penalties during this six-month deferral period. There will be no negative consequences for businesses who defer premium reporting and payments. The WSIB will continue to fully cover workers at eligible workplaces.
All businesses that chose to participate in the financial relief package will have until June 30, 2021 to repay deferred amounts, interest-free.
Canada Emergency Rent Subsidy (CERS)
Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue during the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until June 2021. This subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
The current claim period closes on May 20th.
Canadian Emergency Wage Subsidy Program (CEWS)
The Federal Government will give 75% wage subsidy of an individual’s first $58,700 of earnings for qualifying businesses up to a maximum of $847 per week, back-dated to March 15, 2020 for up to 3 months. This will help businesses to keep and return workers to the payroll. The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
The current claim period closes on May 20th. The next period opens on June 6th.
Work-Sharing (WS) is an adjustment program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer. The measure provides income support to employees eligible for Employment Insurance benefits who work a temporarily reduced work week while their employer recovers.
The length of this program has been extended until September 26th 2021.
Hydro One Pandemic Relief Fund
Hydro One customers are eligible for the Pandemic Relief Fund and you can contact 1-888-664-9376 for assistance.
Ontario Emergency Assistance Program
On April 9, 2020, the Government of Ontario announced that they are providing $52 million to support individuals and families in financial crisis through social assistance. This funding will support those who are not able to access federal assistance to cover needs such as food costs, rent, medicine and other essential services during this time.
Business Credit Availability Program (BCAP)
The program will further support financing in the private sector through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). Under this program, BDC and EDC will enhance their cooperation with private sector lenders to coordinate financing and credit insurance solutions for Canadian businesses. This will allow BDC and EDC to provide more than $10 billion of additional support to businesses.
Highly Affected Sectors Credit Availability Program (HASCAP)
The Highly Affected Sectors Credit Availability Program (HASCAP) is a new program for the hardest hit businesses, including those in sectors like tourism and hospitality, hotels, arts and entertainment. HASCAP will help businesses with their day-to-day operating costs during the COVID-19 crisis and enable them to invest in their longer-term prosperity.
This stream will offer 100 percent government-guaranteed financing for heavily impacted businesses, and provide low-interest loans of up to $1 million over extended terms, up to ten years. Hard-hit businesses, like a chain of hotels or restaurants with multiple locations under one related entity, could be eligible for up to $6.25 million.
Ontario Tools Grant
The government is providing an Ontario Tools Grant of $2.5 million in 2020-21 and $7.5 million in 2021-22 and ongoing. This will help new eligible apprentices purchase the equipment they need to start their careers. For more information, see the article on the new grant: Ontario Helps People Impacted by COVID-19 Get Back to Work.
Trade Commissioner CanExport SME's Funding
Looking to grow your business globally? Apply online for up to $75,000 in CanExport SMEs funding to cover up to 75% of your international market development activities. Canadian small and medium-sized enterprises (SMEs) may choose up to (5) export markets to target, where your company has no or minimal business.
Ontario Restaurant & Bar Support Fund (ORBSF)
To help support as many Ontario Food & Beverage establishments as possible and raise greater awareness of the value of small businesses to the local economy and social scene.
COVID-19 Energy Assistance Program for Small Business (CEAP-SB)
Utilities Kingston is now delivering the COVID-19 Energy Assistance Program for Small Business or CEAP-SB, funded by the Government of Ontario. We are here to support our customers through this difficult time.
Financial Relief Navigator
Having trouble navigating the financial supports available during COVID-19? United Way Centraide Canada is supporting the development of Prosper Canada’s Financial Relief Navigator alongside United Way Greater Toronto, TD Ready Commitment, Bridgeable, and Maple Leaf’s Feed Opportunity.
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Join other women entrepreneurs to learn about the benefits of hiring a virtual assistant and how doing so can help grow your business.
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Join us for this webinar and learn how to address shifting employee expectations as many regions across Canada and the United States move closer to fully reopening.
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