COVID-19 Resources
Samantha Hackett
FEDERAL SUPPORT FOR BUSINESSES
· The Canadian Emergency Business Account (CEBA) is now offering loans of up to $60,000 to eligible businesses, representing a $20,000 increase to the original $40,000 loans. If recipients repay the loan by December 31st, 2022, up to $20,000 is forgivable. Applicants have until March 31st, 2021 to apply. Visit the website for more information or to start your application.
· The Canada Emergency Rent Subsidy (CERS) replaces the Canada Emergency Commercial Rent Assistance (CERA) as a program to help businesses affected by COVID-19 pay rent. Unlike the previous program, CERS does not require the participation of the landlord and will be provided directly to the tenants. Mortgage support is now available for owner-occupied properties.
· The Canada Emergency Wage Subsidy (CEWS) has been extended until June of 2021. The government will provide up to 65% of an employee’s wages in an effort to support businesses and organizations keeping employees on the payroll. Eligibility requirements have changed and no longer require a minimum drop in revenue.
PROVINCIAL SUPPORT FOR BUSINESSES
· The Small and Medium Business Recovery Grant Program As part of its recovery plan, the provincial government has budgeted $300 million in targeted financial support to BC businesses that have experienced a decline in revenue since March 2020 This program offers grants between $10,000 and $30,000 with businesses in the hard-hit tourism sector eligible for an additional $5,000-10,000 in funding. This program runs until March 31st, 2021 or until all funds have been allocated. More information on the program can be found by watching this video or by emailing the program office if you have questions
· The planned carbon tax increase has been delayed until further notice
· Delay of new PST registration requirements — The new PST registration requirements on e-commerce and the implementation of PST on sweetened carbonated drinks have been delayed and are under review
· Deferral of insurance payments - ICBC clients currently on a monthly Autoplan can defer their payments for up to 90 days with no penalty. This is available for businesses as well as individuals .
SUPPORT FOR INDIVIDUALS
· The Canada Emergency Relief (CERB) benefit ended as of December 2nd, but an expanded Employment Insurance program has taken its place to support those who remain laid off
· The Canada Recovery Benefit (CRB) will provide support to the self-employed or gig workers who are not eligible for EI, but who saw their employment/self-employment income reduced by at least 50% due to COVID-19.
· The BC Recovery Benefit is a one-time payment of $500 for individuals or $1000 to families and single parents as part of the BC Government’s economic restart program. You can determine your eligibility and learn about the application process at
· Rental assistance is available to families with a gross income of less than $40,000.
· Rent increases in BC are banned until at least July 10th of 2021
· Deferral of Insurance ICBC clients currently on a monthly Autoplan can defer their payments for up to 90 days with no penalty.
ACCESS TO FUNDING
The Business Credit Availability Program is working with financial institutions to co-lend term loans of up to $6.25 million for operational cash flow
Export Development Canada (EDC) is working with financial institutions to issue new operating credit and cash flow term loans of up to $6.25 million
Regional Relief and Recovery Fund (RRRF) Similar to CEBA, the RRRB provides loans to small businesses with terms meant to benefit them as they recover. There is no interest accrual or principal payments through December 31, 2022 and if 75% of loan is repaid by December 31, 2022, the remainder of the loan is forgiven. https://www.wd-deo.gc.ca/eng/20059.asp
Relief Measures for Indigenous Owned Businesses Interest free loans of up to $40,000 are now available for Indigenous owned businesses that are current or former clients of an Aboriginal Financial Institution