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Canada Emergency Business Account – Business Loans

Federally backed program will provide eligible businesses with for interest-free loans in the form of lines of credit of up to $40,000 to businesses with payrolls of less than $1 million. To qualify, organizations will need to demonstrate payroll expenditures of $50,000 to $1 million in total during 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000). Small businesses and not-for-profits should contact their financial institution to apply for these loans. These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital.

Implementation date: Effective Immediately.

Temporary 75% Wage Subsidy

Federal program designed to support businesses that are facing at least 30% revenue losses and to help prevent lay-offs. Eligible organizations include large, medium and small businesses, non-profits and charitable agencies. The 75% wage subsidy is available to qualifying businesses for up to 3 months, effective retroactively from March 15, 2020, with a cap of $847 per week. More details on eligibility criteria and application process will be made available by the end of March.

Implementation date: Effective Immediately.

Farm Credit Canada COVID-19 Lending Programs

Farm Credit Canada (FCC) will receive increased funding from the Government of Canada to allow FCC to offer increased flexibility to farmers who face cashflow issues and to processors who are impacted by lost sales, helping them remain financially strong during this difficult time. All eligible farmers who have an outstanding Advance Payments Program (APP) loan due on or before April 30 will receive a Stay of Default, allowing them an additional six months to repay the loan. This measure will help keep more money in farmers’ pockets during these critical months.

Implementation date: Effective Immediately.

For a complete up to date overview of Canada’s COVID-19 Economic Response Plan

https://www.canada.ca/en/department-finance/economic-response-plan.html

Government Supports for Businesses Impacted by COVID-19

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