Canadian Government COVID-19 Pandemic Programs Supporting Businesses

Eligible Programs & Subsidies Supporting Canadian Business Owners

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Latella Bastone Financial Group - Blog - Canadian Government COVID-19 Pandemic Programs Supporting Businesses

Canadian Government COVID-19 Pandemic Programs Supporting Businesses

The Canadian government has put many programs in place during the COVID-19 pandemic to help support Canadian businesses through the challenging times the pandemic has caused. As a business owner, have you taken advantage of the government subsidies and programs that may be available to you? There are four main categories of programs available to support Canadian business owners:

A. Programs to help avoid layoffs, rehire employees, and create new jobs

    1. The Canada Emergency Wage Subsidy (CEWS) covers up to 75% of an employee’s wages for qualifying eligible employers to keep and rehire employees and avoid layoffs.
    2. The Work-Sharing program provides income support to employees eligible for Employment Insurance who agree to reduce their regular working hours.

B. Programs that provide financial support, loans and access to credit

    1. Canada Emergency Business Account (CEBA) interest-free loans
    2. Canada Emergency Rent Subsidy (CERS)
    3. Highly Affected Sectors Credit Availability Program (HASCAP)
    4.  Loan Guarantee for Small and Medium-Sized Enterprises
    5. Co-Lending Program for Small and Medium-Sized Enterprises
    6. Regional Relief and Recovery Fund (RRRF)
    7. Black Entrepreneurship Loan Fund
    8. Mid-Market Financing Program
    9. Mid-Market Guarantee and Financing Program
    10. Large Employer Emergency Financing Facility (LEEFF)
    11. Additional support by sector
    12. Provincial and territorial support

C. Programs that help support self-employed individuals

    1. Canada Recovery Benefit (CRB) provides $500 ($450 after taxes withheld) per week for up to 38 weeks for workers who are not employed or self-employed or have had their income reduced by at least 50% and are not eligible for Employment Insurance.
    2. Canada Recovery Sickness Benefit (CRSB) provides $500 ($450 after taxes withheld) per week for up to a maximum of four weeks for workers who cannot work or have to self isolate due to COVID-19.
    3.  Canada Recovery Caregiving Benefit (CRCB) provides $500 ($450 after taxes withheld) for up to 38 weeks per household for workers unable to work for at least 50% of the week because they must care for a child under the age of 12 or family member because schools, day-cares or care facilities are closed due to COVID-19 or because the child or family member is sick and/or required to self-isolate.

D. Programs for indigenous businesses

    1. Relief measures for Indigenous businesses made $306.8 million in funding available to help small and medium-sized Indigenous businesses and support Aboriginal Financial Institutions that offer financing to these businesses.
    2. Supporting business through the pandemic and into recovery provides non-repayable financial contributions to help fund operating costs for First Nation, Inuit, and Métis community-or collectively-owned businesses and microbusinesses.
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