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.
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 October 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 August 12th.
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 opens on August 12th.
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 24th 2021.
Tourism Relief Fund
The tourism relief fund is being provided by the provincial government to empower tourism businesses to create new or enhance exisiting tourism experiences to attract more local and domestic visitors, or to help the sector reposition itself to welcoming international visitors.
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.
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.
National Social Value Fund
The National Social Value Fund provides an experiential learning program that connects students and organizations passionate about impact investing.
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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