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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 etween $20,000 and $1.5 million in total. as of Match 1 2020. (updated April 16 2020). 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-profit 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 $857 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

COVID-19 Emergency Support Fund for Cultural, Heritage and Sport Organizations

The Federal Government will provide $500 million dollars to Heritage Canada to support artists, creators and rising sports stars. Support will be provided in a manner consistent with other COVID-19 supports such as the Canada Emergency Wage Subsidy and the Canada Emergency Business Account (CEBA). Organizations eligible for funding would include industry non-profits, national sports organizations, television production houses, music associations and media organizations. Funds would be administered by Canadian Heritage with the support of partners, such as the Canada Council for the Arts.

Implementation date: Details Pending

Canada Emergency Commercial Rent Assistance (CECRA) for Small Businesses

This federal program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. o Implementation of the program will require a partnership between the federal government and provincial and territorial governments, which are responsible for property owner-tenant relationships.

Implementation date: Details Pending

Small Business and Community Support Measures for Rural Businesses and Communities

The federal government is providing $675 million in financing support to small and medium-sized businesses that are not eligible for the measures already announced or that have specific needs, through Canada’s Regional Development Agencies (RDAs). This will enable the RDAs to provide equivalent bridge financing support to businesses unable to access the government’s broader support measures. This program includes $287 million to support rural businesses and communities, providing them with much-needed access to capital through the Community Futures Program.

Implementation date: Details Pending

Government Support for Businesses Impacted by COVID-19

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