Financial Assistance for Business

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10% WAGE SUBSIDY

Up to $25,000 per employer, up to maximum subsidy of $1,375 per employee.

The Temporary 10% Wage Subsidy is a three-month measure that will allow eligible employers to reduce the amount of payroll deduction required to be remitted to the Canada Revenue Agency (CRA).
Who can apply: Will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.

CANADA EMERGENCY WAGE SUBSIDY (CEWS)

We are covering 75% of an employee’s wages – up to $847 per week - for eligible employers.

The program will be in place until August 29.

For employers that are eligible for both the CEWS and the Temporary 10% Wage Subsidy for a period, any benefit from the Temporary 10% Wage Subsidy for remuneration paid in a specific period will generally reduce the amount available to be claimed under the CEWS in that same period.

Extending the Work-Sharing program

We are extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks for employers affected by COVID-19.

This measure will provide income support to employees eligible for Employment Insurance who agree to reduce their normal working hours because of developments beyond the control of their employers.

Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account (CEBA) 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. This program has been implemented by banks and credit unions in collaboration with Export Development Canada.

Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.

Assisting innovative and early-stage businesses

The Government of Canada is investing $250 million to assist innovative, early-stage companies that are unable to access other COVID-19 business supports through the Industrial Research Assistance Program (IRAP).

IRAP provides advice, connections, and funding to help Canadian small and medium-sized businesses increase their innovation capacity and take ideas to market.

Young Entrepreneurs

The Government of Canada is providing $20.1 million in support for Futurpreneur Canada to continue supporting young entrepreneurs across Canada who are facing challenges due to COVID-19. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.

BUSINESS CREDIT AVAILABILITY PROGRAM (BCAP) - AVAILABLE IMMEDIATELY

Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support
Who can apply: Support is targeted to small and medium-sized businesses