Tuesday, 2nd June 2020 | Management

Resource cheatsheet for businesses affected by COVID-19

Updated June 2, 2020 - Use this cheat sheet to quickly find what resources are available to you as a business impacted by COVID-19.

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:

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

Read Also

Business financing 101: What Canadian business owners should know

Business financing can give you the flexibility to manage expenses, invest in new opportunities, or keep your business moving when cash flow is tight. But with different lenders, brokers, financing options, and repayment structures, it is important to understand how financing works before you apply.

At iCapital, we provide financing directly to Canadian small businesses when a bank isn't an option. Whether you are exploring financing now or planning for the future, understanding the basics can help you make a more informed decision.

Start with why you need financing

Before comparing financing options, get clear on why your business needs additional capital. You may be purchasing inventory, replacing equipment, hiring staff, investing in marketing, managing cash flow, or preparing for expansion.

Once you know what the funds will support, determine how much you actually need and when you will need it. A clear purpose can help you choose financing that fits your business, rather than focusing only on how much you can access.

Lender vs. broker: What is the difference?

When looking for business financing, you may come across both lenders and brokers. Understanding the difference can help you know who you are working with and where your financing is actually coming from.

A lender is the company providing the capital directly to your business. You apply to the lender, and if approved, it provides the funds under the financing agreement. The lender is also responsible for the terms and repayment of that financing.

A broker connects your business with potential lenders. Rather than providing the capital directly, a broker typically reviews your financing needs and looks for lending options through its network. Depending on the broker and arrangement, fees may also apply.

Neither option is automatically right for every business. What matters is understanding the relationship before you apply. Ask whether you are dealing directly with the lender, who is providing the funds, what fees apply, and who you will be working with after funding.

At iCapital, you work directly with the lender, not a broker. We provide financing directly to Canadian small businesses, so you know who you are borrowing from and who you are working with throughout the process.

Understand your financing options

Different financing options suit different business needs. A Business Term Loan provides funding upfront and is repaid over an agreed period, making it an option for planned expenses such as inventory, equipment, renovations, or marketing.

A Line of Credit gives your business access to an approved amount of capital that you can draw from as needed. This can provide more flexibility when expenses or cash flow needs are less predictable.

Look beyond the amount you can borrow

How much financing you can access is only part of the decision. You should also understand the total cost of financing, repayment schedule, repayment period, and how those payments will affect your regular cash flow.

Your business still needs to cover payroll, rent, suppliers, taxes, and other operating expenses. Before accepting financing, make sure the repayment structure works alongside those existing commitments.

Know the requirements before you apply

Eligibility requirements vary between lenders, so reviewing them before applying can save time. It can also help you better understand whether a financing option suits your business.

At iCapital, businesses must have at least 6 months of operating history and annual gross sales over $100,000 to meet the basic eligibility requirements. Having your business information and financial details organized can also make the application process easier.

Plan before financing becomes urgent

Financing can be easier to evaluate when you have time to consider your options. If you know a large inventory order, equipment purchase, seasonal expense, or growth opportunity is coming up, start reviewing your needs early.

Consider how much capital you need, what the funds will accomplish, and how repayment will fit into your cash flow. Planning ahead gives you more time to decide based on your business needs rather than reacting when cash is already tight.

How iCapital can help

iCapital is a Canadian lender, not a broker. We are Canadian-owned, operated, and funded, with financing designed to support Canadian small businesses.

Eligible businesses can access up to $250,000. The application takes about 5 minutes, with approval available within 24 hours and funding in as little as 48 hours.

Whether you need capital for inventory, equipment, marketing, cash flow, or another business investment, iCapital provides a direct financing option to help you move forward.

Know before you apply

Business financing should support a clear business need. Understanding why you need the funds, who you are borrowing from, what the financing will cost, and how repayment fits into your cash flow can help you make a more informed decision.

At iCapital, we make business financing straightforward so Canadian small business owners can focus on what comes next. When the bank is not an option, iCapital is on your side

Sales ,Marketing ,Accounting ,Management

Is Your Business Ready for Q4? What to Review Before the Final Stretch

The final quarter of the year can bring big opportunities for small businesses. Holiday demand may increase, year end goals come into focus, and there is still time to finish the year strong.

But a busy Q4 can also mean more inventory, additional staffing, higher marketing costs, and greater pressure on cash flow. September is a good time to review what your business needs before demand picks up.

At iCapital, we help Canadian small business owners access fast, flexible financing when the bank isn't an option. A little planning now can help you enter Q4 prepared and ready for what comes next.

Review Your Cash Flow

Start by comparing expected Q4 revenue with upcoming expenses, including payroll, rent, supplier payments, inventory, and marketing.

Pay attention to timing. You may need to cover inventory, advertising, or other expenses before the resulting revenue reaches your account. Identifying potential gaps now gives you more time to prepare.

Prepare for Increased Demand

If Q4 is a busy period for your business, make sure your operations can keep up.

Review your inventory based on previous sales and expected demand. Check supplier costs and timelines so you know when orders need to be placed.

Your team and equipment matter too. Consider whether you need additional staff, training, repairs, or technology upgrades before things get busy.

Set a Realistic Marketing Budget

Review what has performed well so far this year and focus your Q4 marketing budget where it can have the greatest impact.

This could include digital advertising, email campaigns, seasonal promotions, website updates, or customer loyalty initiatives.

Most importantly, make sure your marketing plans match your capacity. Increased demand only helps if your business is ready to handle it.

Check Outstanding Invoices and Upcoming Expenses

Before focusing entirely on new sales, review money your business has already earned. Follow up on overdue invoices and understand when larger receivables are expected.

Then list your known Q4 expenses. Inventory, payroll, marketing, supplier payments, and equipment costs can add up quickly.

Comparing what is coming in with what needs to go out gives you a clearer picture of whether additional working capital may be needed.

How iCapital Can Support Your Q4 Plans

Sometimes you need to invest before you see the return.

iCapital financing can help Canadian small businesses purchase inventory, invest in equipment, support staffing, fund marketing, or manage temporary cash flow gaps.

Eligible businesses can access funding of up to $250,000, providing additional flexibility when your Q4 plans require capital before the revenue arrives.

Common Q4 Planning Mistakes to Avoid

Even a strong sales quarter can create challenges without the right preparation. Watch for:

  • Focusing on sales while overlooking cash flow
  • Ordering inventory too late
  • Underestimating staffing or operational needs
  • Increasing marketing without preparing for demand
  • Waiting until cash flow is tight to explore financing

Planning early gives you more options and more control.

Finish the Year Strong

Q4 can be an important opportunity to grow your business and reach your year end goals. Reviewing your cash flow, operations, marketing, and upcoming expenses now can help you enter the final quarter with a clear plan.

At iCapital, we support Canadian small business owners with financing for real business needs. If additional capital is part of your Q4 strategy, our team is here to help you move forward with confidence.

When the bank is not an option, iCapital is on your side.

Accounting

How to Manage Your Time as a Busy Business Owner

Running a small business means wearing many hats. One day you are meeting with customers, the next you are managing invoices, marketing your business, ordering inventory, and planning for growth. With so many competing priorities, it can feel like there are never enough hours in the day.

The good news is that better time management is not about working longer. It is about working smarter. Creating simple systems and focusing on what matters most can help you stay productive, reduce stress, and make more time for growing your business.

At iCapital, we support Canadian small business owners who are building and growing their businesses every day. Whether you are expanding your operations, hiring staff, or investing in new opportunities, managing your time effectively helps you stay focused on the decisions that move your business forward.

Focus on What Creates the Most Value

Not every task has the same impact on your business. As your business grows, your time becomes one of your most valuable resources.

Start by asking yourself:

  • Which activities generate revenue
  • Which tasks strengthen customer relationships
  • Which responsibilities can only be handled by me?

Prioritizing high-value work helps you spend more time growing your business and less time reacting to daily distractions.

Create a Plan Before Your Week Begins

Many business owners start each day by reacting to emails and unexpected requests. While some interruptions are unavoidable, planning ahead helps you stay in control of your schedule.

At the beginning of each week:

  • Identify your top priorities
  • Schedule time for important projects
  • Block time for customer meetings and administrative work
  • Leave room for unexpected issues that may arise

Having a plan makes it easier to stay focused when your schedule becomes busy.

Build Systems That Save Time

Small improvements to your daily processes can create significant time savings over the course of a year.

Look for opportunities to simplify:

  • Customer follow-ups
  • Appointment scheduling
  • Invoicing and payments
  • Inventory tracking
  • Internal communication

Well-organized systems reduce repetitive work and help your business operate more efficiently.

Learn When to Delegate

One of the biggest challenges for business owners is trying to do everything themselves. As your business grows, delegation becomes an important part of managing your time.

Consider which responsibilities could be handled by:

  • Employees
  • Contractors
  • Bookkeepers
  • Marketing professionals
  • Administrative support

Delegating allows you to focus on leadership, planning, and business development instead of becoming overwhelmed by daily tasks.

Protect Time for Long-Term Planning

It is easy to spend every day solving immediate problems. However, long-term success requires time to think strategically about where your business is heading.

Set aside time regularly to review:

  • Financial performance
  • Sales trends
  • Marketing results
  • Customer feedback
  • Future growth opportunities

Stepping back from daily operations allows you to make better decisions for the future.

Invest in the Right Resources

Sometimes the best way to save time is to invest in tools, equipment, or additional support.

This may include:

  • New technology or software
  • Updated equipment
  • Additional staff
  • Marketing initiatives that generate qualified leads
  • Professional services that improve efficiency

Strategic investments can free up valuable time while supporting long-term growth.

How iCapital Can Help Your Business Grow

As your business grows, opportunities often require investment before they generate returns. Whether you are purchasing equipment, hiring staff, upgrading technology, or expanding your operations, access to funding can help you move forward with confidence.

With iCapital Small Business Loans, you can:

  • Invest in equipment and technology
  • Hire additional staff
  • Support business expansion
  • Fund marketing initiatives
  • Strengthen your operations while managing cash flow

Our financing solutions help Canadian small business owners access funding quickly when the bank is not an option.

Work Smarter as Your Business Grows

Time is one of the few resources you cannot replace. The more intentional you are with how you spend it, the better positioned your business will be for long-term success.

By prioritizing high-value work, building efficient systems, and investing in the resources that support growth, you can spend less time managing daily challenges and more time building the business you envision.

At iCapital, we are proud to support Canadian small business owners with financing solutions that help businesses grow with confidence. If you are ready to invest in the next stage of your business, we are here to help.

 

Small business financing Canada ,Management

Growing Your Business? Here Is What to Plan for Next

Growth is a goal for most small business owners. More customers, stronger sales, and new opportunities are all signs that your hard work is paying off. But as your business grows, so do the demands on your time, resources, and cash flow.

The next stage of growth often requires more than just generating sales. It may mean investing in inventory, hiring staff, upgrading equipment, improving systems, or increasing marketing efforts to support demand. Planning for these changes before they happen can help your business grow more smoothly and avoid unnecessary setbacks.

While revenue may be increasing, expenses often rise first. New opportunities can require additional inventory, equipment, staff, marketing, and operational support before the return on investment is realized. Understanding these hidden costs can help you prepare, protect your cash flow, and continue growing with confidence.

At iCapital, we help Canadian small business owners access fast, flexible financing when a bank is not an option. Planning for growth-related expenses can help you take advantage of opportunities without putting unnecessary strain on your business.

Why Growth Can Create Financial Pressure

One of the biggest surprises for growing businesses is that increased sales do not always translate into immediate financial flexibility.

As demand increases, businesses often need to spend money before additional revenue is collected. This creates a gap that can put pressure on day-to-day operations.

Growth often requires investments in:

  • Inventory and supplies
  • Equipment and technology
  • Staffing and training
  • Marketing and advertising
  • Larger facilities or operating costs

The faster your business grows, the more important it becomes to plan ahead.

Inventory Often Needs to Increase First

For many businesses, growth means carrying more inventory to meet customer demand.

Whether you sell products online, operate a retail store, or manage a seasonal business, running out of inventory can lead to missed sales and disappointed customers.

Questions to consider include:

  • Do I have enough inventory to support future demand?
  • Can my suppliers keep up with growth?
  • How much cash will be tied up in inventory purchases?

Investing in inventory can support growth, but it often requires upfront capital.

Your Team May Need to Grow Too

As sales increase, workloads typically increase as well.

Many business owners reach a point where they can no longer manage everything themselves. Hiring employees, contractors, or support staff can improve efficiency, but it also introduces new costs.

These may include:

  • Recruitment and onboarding
  • Training and development
  • Payroll expenses
  • Benefits and administrative costs

Planning ahead can help ensure your team grows alongside your business.

Systems and Technology Need to Keep Up

The tools that worked when your business was smaller may not be enough as operations become more complex.

Growing businesses often invest in:

  • Accounting software
  • Customer relationship management systems
  • Inventory management platforms
  • Scheduling and workflow tools
  • Website improvements and digital marketing initiatives

These investments can improve efficiency and enhance the customer experience, but they should be factored into your growth plans.

Marketing Costs Often Increase with Growth Goals

Growth rarely happens by accident. Businesses often need to increase visibility and attract new customers to support expansion plans.

This can include investments in:

  • Digital advertising
  • Search engine optimization
  • Social media campaigns
  • Content creation
  • Website enhancements

Marketing can be a powerful driver of growth, but it requires a budget that aligns with your goals.

Do Not Overlook Cash Flow

Even profitable businesses can experience cash flow challenges during periods of growth.

Customers may take time to pay invoices, inventory purchases may require upfront spending, and new expenses can arrive before revenue catches up.

Monitoring cash flow closely can help you:

  • Anticipate short-term gaps
  • Avoid operational disruptions
  • Make informed decisions about future investments
  • Maintain stability while scaling your business

Cash flow planning is often what separates sustainable growth from unnecessary stress.

How iCapital Can Support Growing Businesses

Growth opportunities do not always arrive when your cash flow is perfectly aligned. That is why many Canadian small business owners look for financing solutions that provide flexibility when they need it most.

With iCapital Small Business Loans, businesses can:

  • Purchase inventory to meet demand
  • Invest in equipment and technology
  • Support hiring and training initiatives
  • Fund marketing campaigns
  • Manage cash flow during periods of expansion

Our goal is to help business owners move forward with confidence when the bank is not an option.

Prepare Today for Tomorrow's Opportunities

Growth is exciting, but it requires preparation. Understanding the hidden costs of expansion allows you to make smarter decisions, protect your cash flow, and position your business for long-term success.

At iCapital, we are proud to support Canadian small business owners with financing solutions designed to help businesses grow. If you are preparing for your next stage of expansion, our team is here to help you capitalize on opportunities with confidence.

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