Many, many Canadian businesses have been partially or severely impacted by the COVID-19 pandemic. If you are trying to find out what resources are available to you to help you, here is a summary of resources from the Canadian government as of June 2, 2020. They fall into seven categories: 

1. Avoiding layoffs, rehiring employees & creating new jobs
2. Taxes & tariffs
3. Financial support, loans & access to credit
4. Targeted support
5. Support for Self-employed individuals
6. Indigenous businesses
7. Supporting financial stability

There is additional support for some sectors, including agriculture. Read on for information on the seven main categories.

Avoiding layoffs, rehiring employees & creating new jobs

Canada Emergency Wage Subsidy (CEWS) - The Canada Emergency Wage Subsidy (CEWS) supports employers that are hardest hit by the pandemic, and protect the jobs Canadians depend on. The subsidy generally covers 75% of an employee's wages – up to $847 per week. The program allows you to re-hire your employees and avoid layoffs during the crisis. It will be in place until August 29, 2020.

Temporary 10% wage top-up is a three-month measure that allows eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency.

Increased Canada Child Benefit - An extra $300 per child was delivered through the Canada Child Benefit (CCB) for 2019-20. This benefit was delivered as part of the scheduled CCB payment on May 20.

Extending the work-sharing program - The government has extended 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.

Creating new jobs & opportunities for youth - Over 100K jobs, placements and training opportunities have been created for students, as follows:
Canada Emergency Wage Subsidy (CEWS)
Canada Summer Jobs program (Calls for applications closed)
Youth Employment and Skills Strategy (Calls for applications closed)
Student Work Placement Program
Mitacs
Business + High Education Roundtable

Taxes and Tariffs

Extra time to file income tax returns - Businesses may defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. 

Deferral fo sales tax remittance and customs duty payments until June 30th - Businesses, including self-employed individuals, may defer until June 30, 2020 payments of the GST/HST, as well as customs duty owing on their imports. Any GST/HST payment that becomes owing from March 27 until the end of May can be deferred until the end of June. For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April and May. These amounts were normally due to be submitted to the Canada Revenue Agency and the Canada Border Services Agency as early as the end of March 2020.

Waiving tariffs on certain medical goods - tariffs on certain medical goods, including PPE such as masks and gloves, have been waived to reduce the cost of imported PPE for Canadians, help protect workers, and ensure our supply chains can keep functioning well.

Financial support, loans and access to credit

Canada Emergency Business Account (CEBA) - Provides 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 CEBA through their banks and credit unions.

Loan Guarantee for Small and Medium-Sized Enterprises - Through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized enterprises (SMEs). This financing support is to be used for operational expenses and is available to both exporting and non-exporting companies. It's available at various banks and credit unions. 

Co-Lending Program for Small and Medium-Sized Enterprises - Through the Business Credit Availability Program, Business Development Canada (BDC) is working with financial institutions to co-lend term loans of up to $6.25 million to SMEs for their operational cash flow requirements. The program offers differing maximum finance amounts based on business revenues. This support is available until or before September 30, 2020. This program is now available at various banks and credit unions.

Regional Relief and Recovery Fund (RRRF) - We are providing nearly $962 million through the Regional Relief and Recovery Fund (RRRF) to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and to local economies. This fund is specifically targeted to those that may require additional help to recover from the COVID-19 pandemic, but have been unable to access other support measures.

Canada Emergency Commercial Rent Assistance (CECRA) - provides relief for small businesses experiencing financial hardship due to COVID-19. Over the course of the program, property owners will reduce rent by at least 75 % for the months of April and May (retroactive), and June, for their small business tenants. CECRA will cover 50 % of the rent, with the tenant paying up to 25 % and the property owner forgiving at least 25 %.

Mid-Market Financing Program - Through the Business Credit Availability Program, the Business Development Canada’s (BDC) Mid-Market Financing Program will provide commercial loans ranging between $12.5 million and $60 million to medium-sized businesses whose credit needs exceed what is already available through the Business Credit Availability Program and other measures. BDC anticipates that qualifying companies will have annual revenues in excess of approximately $100 million. More details will be made available soon.

Mid-Market Guarantee and Financing Program - Through the Business Credit Availability Program, EDC’s Mid-Market Guarantee and Financing Program will bring liquidity to companies that tend to have revenues of between $50 million to $300 million, to sustain operations during this uncertain period. EDC will continue to work with Canadian financial institutions to guarantee 75% of new operating credit and cash-flow loans, ranging in size from $16.75 million to a maximum of $80 million. These expanded guarantees are available to exporters, international investors and businesses that sell their products or services within Canada. More details will be made available soon.

Businesses in the territories - We are making available $15 million in non-repayable support for businesses in the territories to help address the impacts of COVID-19. This support will assist businesses with operating costs not already covered by other Government of Canada measures.

Large Employer Emergency Financing Facility (LEEFF) - This program provides bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. The additional liquidity provided through LEEFF allows Canada’s largest businesses, their workers and their suppliers to remain active during this difficult time, and position them for a rapid economic recovery. This program is delivered by the Canada Development Investment Corporation, in cooperation with Innovation, Science and Economic Development Canada and the Department of Finance.

Industrial Research Assistance Program (IRAP) for early-stage businesses - [Applications have closed] $250M 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.

Additional support by sector:

• Agriculture and agri-food
• Aquaculture and fisheries
• Culture, heritage and sport
• Air transportation
• Tourism
• Energy
• Academic and research

Targeted support

Young entrepreneurs - $20.1M 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.

Women entrepreneurs - $15M in new funding through the Women Entrepreneurship Strategy (WES). This funding will be available to existing WES Ecosystem Fund recipient organizations, enabling these third-party organizations to provide timely support and advice to women entrepreneurs facing hardship due to the COVID-19 pandemic.

Support for self-employed individuals

Canada Emergency Response Benefit (CERB) - a taxable benefit of $2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost income or stopped working due to COVID-19. An online questionnaire will help us direct you to the service option that best fits your situation (i.e. eligibility for Employment Insurance benefits or not).

Deferral of Sales Tax Remittance and Customs Duty Payments - businesses, including self-employed individuals, may defer until June 30, 2020 payments of the GST/HST, as well as customs duty owing on their imports. Any GST/HST payment that becomes owing from March 27 until the end of May can be deferred until the end of June. For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April and May. These amounts were normally due to be submitted to the Canada Revenue Agency and the Canada Border Services Agency as early as the end of March 2020.

More time to pay income taxes - All businesses may defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. 

Indigenous businesses

Funding for small and medium-sized Indigenous businesses, and Aboriginal Financial Institutions - $306.8M in funding to help small and medium-sized Indigenous businesses, and to support Aboriginal Financial Institutions that offer financing to these businesses. The funding will allow for short-term, interest-free loans and non-repayable contributions through Aboriginal Financial Institutions, which offer financing and business support services to First Nations, Inuit, and Métis businesses. Financial support for Indigenous businesses will be provided through Aboriginal Financial Institutions, and administered by the National Aboriginal Capital Corporations Association and the Métis capital corporations in partnership with Indigenous Services Canada.

Supporting financial stability

Relief for federally regulated pension plan sponsors - immediate, temporary relief to sponsors of federally regulated, defined benefit pension plans in the form of a moratorium, through the remainder of 2020, on solvency payment requirements for defined benefit plans. This relief will help ensure that employers have the financial resources they need to maintain their operations and their pension plans, and to protect the retirement security of their workers and retirees.

Insured Mortgage Purchase Program - the purchase of up to $150B of insured mortgage pools through the Canada Mortgage and Housing Corporation. This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada's mortgage market.

Bank of Canada's actions - The Bank of Canada is acting in several ways to support the economy and financial system and stands ready to take any and all actions that it can to protect the well-being of Canadians during this difficult time. The Bank has responded by lowering interest rates, intervening to support key financial markets and providing liquidity support for financial institutions.

Office of the Superintendent of Financial Institutions actions - The Office of the Superintendent of Financial Institutions announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets. This action will allow Canada's large banks to inject $300 billion of additional lending in to the economy.
 

For support by sector, and also support for individuals, visit Canada's COVID-19 Economic Response Plan microsite