Canada Emergency Wage Subsidy (CEWS)
- The Canada Emergency Wage Subsidy would cover 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 of at least 15% in March, and 30% in April and May.
- The program would be in place for a 12-week period, from March 15 to June 6, 2020.
- The federal government is also proposing that employers eligible for the CEWS be entitled to receive a 100% refund for certain employer contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan, and the Quebec Parental Insurance Plan paid in respect of employees who are on leave with pay.
Farm Credit Canada – COVID-19 support program
• a deferral of principal and interest payments up to six months for existing loans; or
• a deferral of principal payments up to 12 months
• If you’d like more information on these options or on how FCC can help improve your financial position, please contact your local office or the Customer Service Centre at 1-888-332-3301 for further details.
Business Credit Availability Program (BCAP)
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses. This will be an effective tool for helping viable Canadian businesses remain resilient during these very uncertain times. BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism. The near term credit available to farmers and the agri-food sector will also be increased through Farm Credit Canada.
The Canada Emergency Business Account (CEBA)
CEBA provides much needed 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.
- It is available to Canadian employers with $20,000 to $1.5 million in total payroll in 2019, and operating as of March 1, 2020. This includes smaller (i.e., micro) businesses and other eligible employers such as not-for-profits.
- Under CEBA, financial institutions will be able to provide interest-free credit facilities of up to $40,000 to eligible businesses.
- If the loan is repaid by December 31, 2022, 25 per cent (up to $10,000) will be forgiven.
- If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year term loan at 5 per cent interest.
This program is now available at various financial institutions and credit unions.
Loan Guarantee for Small and Medium Enterprises
EDC Loan Guarantee for Small and Medium-Sized Enterprises
This program provides credit and cash flow term loans to small and medium-sized enterprises. Canadian businesses in all sectors that were otherwise financially viable and revenue generating prior to the COVID-19 outbreak are eligible to apply.
It 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.
This money is to be used for operational expenses, not for dividend payouts, shareholder loans, bonuses, stock buyback, option issuance, increases to executive compensation or repayment/refinancing of other debt.
This program is now available at various financial institutions and credit unions.
BDC Co-Lending Program for Small and Medium Enterprises
This program provides term loans for operational and liquidity needs of businesses, which could include interest payments on existing debt. Similar to the EDC program, this program is available to businesses that were financially viable and revenue-generating prior to the COVID-19 outbreak.
The program is designed in three segments to target support to different business sizes.
- 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.
Applications details will be made available in the days to come by financial institutions.
Role/Description of BDC and EDC
As part of BCAP, the Business Development Bank of Canada (BDC) and Export Development Canada (EDC), both financial Crown corporations, are working closely with private sector lenders to improve access to financing for Canadian businesses.
EDC is Canada’s export credit agency, offering innovative financing, insurance and risk management solutions to help Canadian exporters and investors expand their international business.
Participating private sector lenders have committed to:
- Working with BDC/EDC to find solutions for creditworthy business clients who would otherwise have insufficient access to credit.
- Ensuring that the extension of credit by BDC/EDC is incremental for Canadian businesses and does not displace or substitute for private credit in aggregate.
Canadian Federation of Independent Business (CFIB) – COVID 19 Small Business Help Desk –
CFIB is Canada’s largest small business association with 110,000 members across all provinces and industries.
Alberta Women Entrepreneurs (AWE)
enabling women to build successful businesses is providing free remote supports:
- Meet with an AWE Business Advisor (remotely) at no cost
- Join our upcoming webinars on navigating COVID-19
- Stay updated on COVID-19 resources for women entrepreneurs
Information on Alberta Employment Standards for layoffs and terminations: https://www.alberta.ca/temporary-layoffs.aspx https://www.alberta.ca/Layoff-and-recall-directive.aspx
AB GOVT – Support for Employers:
Corporate income tax changes
Alberta corporate income tax balances and instalment payments coming due between March 18, 2020 and August 31, 2020 are deferred until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts and continue operations.
Due dates for filing corporate income tax returns due after March 18, 2020 and before June 1, 2020 have been extended to June 1, 2020.
WCB premium payment deferral
Small, medium and large private sector employers can defer WCB premium payments until 2021.
- For small and medium businesses, the government will cover 50% of the 2020 premium when it is due in 2021 – saving businesses $350 million.
- Large employers will have their 2020 WCB premium payments deferred until 2021, at which time their premiums will be due.
Employers who have already paid WCB premiums in 2020 are eligible for a rebate or credit.
- WCB: COVID-19 employer fact sheet (PDF, 59 KB)
Community Futures Funding
Canada Summer Jobs
If you had a successful application in for this program, there are changes to help ensure you are still able to take advantage of the program. Changes include: an increase to the 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; an extension to the end date for employment to February 28, 2021; allowing employers to adapt their projects and job activities to support essential services; allowing employers to hire staff on a part-time basis. You will be contacted if you were approved for the program or you can also contact them at 1-800-935-5555 (TTY: 1-800-926-9105)
(designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer.
Employer Contact Centre: 1-800-367-5693. Extending Work-Sharing program: The Government of Canada is Implementing the EI Work Sharing Program, which provides EI benefits to workers who agree to reduce their normal working hour as a result of developments beyond the control of their employers, by extending the eligibility of such agreements to 76 weeks, easing eligibility requirements, and streamlining the application process. This was announced by the Prime Minister on March 11, 2020.)
Temporary Foreign Worker Program compliance
The Guidance for Employers of Temporary Foreign Workers Regarding COVID-19 outlines the expectations for employers of foreign workers entering Canada. This document issued March 27, 2020, and updated to reflect amendments to the Immigration and Refugee Protection Regulations that have come into effect as of April 20, 2020, assists employers and temporary foreign workers in understanding how to adhere to the latest program health requirements in order to minimize the spread of COVID-19.
Agriculture and Agri-Food – Job Connector
Agriculture employers and workers can use these tools and resources to find jobs, skilled workers, financial help and other supports. Alberta’s agriculture and agri-food industry has never been more critical to the health and safety of Albertans and to our economy.
REGIONAL RELIEF AND RECOVERY FUND
Western Economic Diversification Canada (WD) has been working to diversify the western economy while improving the quality of life of western Canadians. Western Economic Diversification Canada launches Regional Relief and Recovery Fund to support local economy
SEE LINK BELOW TO FIND COVID-19
support and other programs and services.