1. CANADA EMERGENCY WAGE SUBSIDY (CEWS)
Direct financial benefit for eligible employers that continue to employ and pay some or all of their employees:
This federal program is available to any company, small or large, that will be able to demonstrate that its revenue has diminished by at least 15% in March 2020 and 30% in April or May 2020. Once an employer is found (mathematically) eligible for one period, the employer would automatically qualify for the next period. The program will cover 75% on the first $58,700 of an employee’s salary (up to $847 per week), retroactive to March 15th for a period of 12 weeks. The 3 specific period ‘start’ and ‘end’ dates as well as the period-to-period revenue comparison methods are detailed on the gov’t web site. Employers are expected to at least make best efforts to top up salaries beyond the gov’t subsidy amount.
For all the details available at this time, including how to apply, please click on the link below:
https://www.canada.ca/en/department-finance/economic-response-plan/wage-subsidy.html
2. TEMPORARY WAGE SUBSIDY (TWS)
Direct financial benefit for companies that are not eligible for CEWS or wish to combine the TWS & CEWS programs
This federal program will allow companies to reduce the amount of their payroll deductions at source remittances to CRA. The remittance reduction allowed is up to 10% of an employee’s gross pay from March 18-June 19, 2020, to a maximum reduction of $1,375 for each eligible employee and to a maximum reduction of $25,000 per employer.
For all the details available at this time, including how to apply, please click on the link below:
https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html
3. CANADA EMERGENCY BUSINESS ACCOUNT (CEBA)
Loans of up to $40,000 for eligible businesses
This federal program 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. To qualify, a business must have had a 2019 gross payroll of $20,000-$1,500,000. If the loan is repaid by December 31, 2022, 25% (up to $10,000) will be forgiven.
This program is now accessible through most financial institutions and credit unions.
For all the details available at this time, please click on the link below, or speak to your bank:
https://www.canada.ca/en/department-finance/programs/financial-sector-policy/business-credit-availability-program.html#a1
4. TRAINING SUBSIDY PROGRAM (PACME)
For companies investing in employee training or re-training
This provincial program for employee training will cover up to 100% of salaries up to $25/hour, trainer/consultant fees up to $150/hour and the purchase of training plans/programs for employees, etc. This program can be combined with the federal CEWS or TWS programs.
For all the details available at this time, including how to apply, please click on the link below:
https://www.quebec.ca/entreprises-et-travailleurs-autonomes/programme-actions-concertees-pour-le-maintien-en-emploi-pacme-covid-19/
5. CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE (CECRA)
Benefit to companies who are having trouble paying their rent to their landlords
This program will allow small businesses that have been affected by COVID-19 to lower their rental costs by 75% for the months of April, May & June 2020 if they meet the eligibility criteria. As of this date, businesses paying less than $50,000 per month in rent and, have temporarily ceased operations or have experienced at least a 70% drop from pre-COVID revenues will be eligible for this program. It is expected that CECRA will be operational by mid-May, and further details will be announced soon.
6. EMERGENCY ASSISTANCE TO SMALL AND MEDIUM-SIZED BUSINESSES
NEW Loan of up to $50,000
This Quebec provincial program will provide loans of up to $50,000 at 3% interest to small businesses. The financing is intended to cover liquidity shortfalls caused by an inability to deliver goods or services, or problems with the supply of raw materials or products. A 6-month moratorium on principal and interest will automatically apply to all loans.
For all the details available at this time, including how to apply, please click on the link below:
https://pmemtl.com/en/services/financing/loans-and-subsidies/emergency-assistance-sme-covid-19
7. CANADA EMERGENCY RESPONSE BENEFIT (CERB)
Compensation of $2,000/month for up to 4 months for individuals who have lost income because of COVID-19
This federal program is for individuals who have had their personal monthly income reduced to $1,000 or less because of the COVID-19 pandemic. The individual must be residing in Canada, be at least 15 years old and have had income of at least $5,000 in calendar 2019 or in the 12 months prior to the date of their application. Individuals can apply for up to 4 periods in which they are eligible and must re-apply in each new period that they expect to earn $1,000 or less from employment and self-employment income. As of today, the program will be open until September 26, 2020.
For all the details available at this time, including how to apply, please click on the link below:
https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html
