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UPDATED: A summary of supports available to your business to help you through the COVID-19 situation

May 25, 2020 | Written By: Kieran Hanley

We’ve done our best to summarize succinctly the supports that your business can access. We’ll keep this list updated as new information comes in. As always, please do not hesitate to contact NEIA’s staff with any questions that you may have or if you need to find the appropriate contact.

Regional Relief and Recovery Fund

This fund will help to: mitigate the financial pressure experienced by businesses and organizations to allow them to continue their operations, including paying their employees;
and support projects by businesses, organizations and communities to prepare now for a successful recovery. $110 million has been allocated to support affected Atlantic Canadian businesses and communities. $66.75 million through ACOA to support: Small and medium-sized businesses that provide products and services to other businesses; and Organizations that provide support services to businesses. $43.3 million through the Atlantic Association of CBDCs to support main street businesses such as restaurants and retailers in small, rural and remote communities across the region. More info

Provincial Government Supports

To further support businesses impacted by COVID-19, the Department of Tourism, Culture, Industry and Innovation (TCII) announced provincial actions for eligible business clients. This includes (1) a deferral of loan payments, under the Innovation and Business Investment Corporation’s Business Investment Fund, for up to six months; (2) the expansion of hiring eligibility for commercial research and development (R&D) projects, increasing salary support for up to six positions – including existing employees; and (3) the increased contribution levels for eligible project applications under R&D commercial and business development support, up to 75% from 50%. More info

Wage Subsidies

  • Canada Emergency Wage Subsidy (CEWS)
    Covers 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues. The program will be in place until the end of August. More info

  • Temporary 10% Wage Subsidy
    A three-month measure that will allow eligible employers to reduce the amount of payroll deduction required to be remitted to the CRA. More info

  • Canada Emergency Response Benefit (CERB)
    A taxable benefit of $2,000 every 4 weeks for up to 16 weeks to eligible self-employed workers who have lost their income due to COVID-19. More info

  • Work Sharing
    Income support to employees eligible for EI benefits who work a temporarily reduced work week while their employer recovers. The maximum duration of Work-Sharing agreements had been increased from 38 weeks to 76 weeks. More info

  • Canada Summer Jobs
    Temporary changes that allow employers to: receive an increased wage subsidy, so that private and public sector employers can also receive up to 100 per cent of the provincial or territorial minimum hourly wage for each employee; extend the end date for employment to February 28, 2021; adapt their projects and job activities; hire staff on a part-time basis. More info

Access to Credit:

  • EDC Loan Guarantee for Small and Medium-Sized Enterprises
    Allows financial institutions to issue operating credit and cash flow term loans of up to $6.25 million to existing clients, with 80 per cent guaranteed by EDC. More info

  • BDC Co-Lending Program for Small and Medium-Sized Enterprises
    Loans of up to $312,500 to businesses with revenues of less than $1 million. Up to $3.125 million for businesses with revenues between $1 million and $50 million. Up to $6.25 million for businesses with revenues in excess of $50 million. Loans would be interest-only for the first 12 months, with a 10-year repayment period. More info

  • Canada Emergency Business Account (CEBA)
    Credit for small businesses to pay for immediate operating costs such as payroll, rent, utilities, insurance, property tax, or debt service. It is 100 per cent funded by the Government of Canada. Available to Canadian employers with $20,000 to $1.5 million in total payroll in 2019, and operating as of March 1, 2020. Financial institutions will be able to provide interest-free credit facilities of up to $40,000. Up to $10,000 will be forgiven. More info

  • Large Employer Emergency Financing Facility (LEEFF)
    LEEFF will be open to large Canadian employers who (a) have a significant impact on Canada’s economy, as demonstrated by (i) having significant operations in Canada or (ii) supporting a significant workforce in Canada; (b) can generally demonstrate approximately $300 million or more in annual revenues; and (c) require a minimum loan size of about $60 million. More info

  • Canada Emergency Commercial Rent Assistance (CECRA)
    This program will lower rent by 75% for SMEs that have been affected by COVID-19. The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June. The loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.More info

Tax Deferrals

  • CRA Tax Deferral
    The Canada Revenue Agency is deferring your tax payments until August 31, 2020 to help with your cash flow. No interest or penalties will accumulate on these amounts during this period. More info

  • HST Tax Deferral
    Businesses, including self-employed individuals, can defer all GST/HST payments until June 30, as well as customs duties owed for imports. More info

  • Municipal Tax Deferral
    Some NL Municipalities are deferring the payment of commercial and business taxes. Consult your local municipality’s website for information that pertains most to you.

  • Workplace NL – WorkplaceNL is deferring the collection of assessment payments from employers until June 30, 2020, and waiving interest charges or penalties. More info.

  • Deferral on Loan Payments
    ACOA is applying a deferral of three months on all payments (and related interest charges) as of April 1, 2020, and will work with clients in the coming months to amend repayment schedules. TCII has also announced an automatic deferral of loan payments to all clients with business loans under the Innovation and Business Investment Corporation (IBIC) for a period of six months.

Other Resources

  • More Information on Federal Supports
    Businesses who are looking for more information about Government of Canada Programs can call 1-888-576-4444. Thorough information is also available online here.

  • Government of Canada Funding Tool – Quickly identify funding that is of interest to your business (including special COVID-19 crisis measures using this online too. More info.

  • Canada’s COVID-19 Economic Response Plan – keep a close eye to this page for the latest official updates on programs and supports from the federal government. More info.

  • Business continuity plan and templates for entrepreneurs – Having a business continuity plan helps ensure that your business has the resources and information needed to deal with an emergency. Exploring these templates (courtesy of BDC) can help you understand where your pain points may be in the weeks and months ahead. More info.

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