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Updates on Federal Government programs for business

9/9/2020

 
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Source: Government of Canada Stats to September 4, 2020
The federal government has recently announced updates on four major programs for businesses impacted by the COVID-19 pandemic.   
  1. Canada Emergency Business Account
  2. Canada Emergency Commercial Rent Assistance Program
  3. Business Credit Availability Program
  4. Canada Emergency Wage Subsidy

1. Canada Emergency Business Account (CEBA)
This $55 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits.

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

What’s New:
  • The program has been extended to October 31st, 2020
  • It is now open to small firms without business accounts

CEBA Stats:
  • Almost 290,000 Ontario businesses have received a CEBA loan
  • $11.5 + million in approved funding
  • Ontario represents 40% of the loans approved across Canada
CEBA Info

2. Canada Emergency Commercial Rent Assistance Program (CECRA)
This program provides relief for small businesses experiencing financial hardship due to COVID-19.  It is a program that property owners and tenants must work together on to access the funds.

What’s New:
  • Extended by one month to help eligible small businesses pay rent for September
  • This will be the last extension of this program

CECRA Stats:
  • 106,000+ small business tenants have been supported, representing 994,000 employees
  • Over $1.32 billion in rent support approved

The government is saying this will be the final extension of the rent assistance program and has also indicated it will “explore options to support small businesses as they face ongoing challenges of the COVID-19 pandemic – including the challenges of fixed costs at a time when health concerns and
precautions prevent many businesses from operating at full capacity."

The Canadian Chamber of Commerce says, “Main street businesses need to know what comes next, and they need to know now, as patios close and foot traffic diminishes with cooler weather.  Businesses need to know what help will be available to get them through this period of reduced revenues amid continued government restrictions.”
CECRA Info

3. Business Credit Availability Program (BCAP)
Up to $12.5 million for your operational cash flow requirements, co-financed by BDC and your primary
financial institution. The focus is on commercial loans and flexible terms if required.

What’s New:
  • The Co-Lending program will be available until June 2021.
BCAP info

4. Canada Emergency Wage Subsidy (CEWS)
As a Canadian employer who has seen a drop in revenue due to COVID-19, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations.

What’s New:
  • Program extended to December 2020
  • Sliding scale introduced to allow for more businesses to access the subsidy

CEWS Stats:
  • 1+ million approved applications
  • 15+ million employees supported through the program's first 6 periods
  • $33.7 billion is the value of the paid subsidies
CEWS Info

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    The Peterborough and the Kawarthas Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community. 

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