FEDERAL

Business support

To support Canadian businesses, the government has implemented the following measures :

• Canada Emergency Wage Subsidy . The Canada Emergency Wage Subsidy (CEWS) supports employers hardest hit by the pandemic and protects the jobs that Canadians depend on. The subsidy covers 75 per cent of an employee’s wages – up to $847 per week – for employers of all sizes and in all sectors that experienced a decrease in gross revenue of at least 15 per cent in March and 30 per cent in April and May. The program will run for 12 weeks, from March 15 to June 6, 2020. For more information, click here .

• Temporary 10% wage subsidy . This three-month measure will allow eligible employers to reduce the amount of source deductions to be remitted to the Canada Revenue Agency (CRA). Click here for further information and eligibility criteria.

• Extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks, across Canada, for employers impacted by COVID-19. This measure will provide income support to EI-eligible employees who agree to reduce their regular work hours due to new circumstances beyond their employer’s control.

Access to credit

• Established a Business Credit Availability Program (BCAP) to provide more than $40 billion in additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). This program includes the following elements:

• Loan guarantees for SMEs

  
  

  EDC is working with financial institutions to provide small and medium-sized enterprises (SMEs) with new operating credit and cash flow term loans of up to $6.25 million.

• Joint Loan Program for SMEs

  
  

  Through the Business Credit Availability Program, the Business Development Bank of Canada (BDC) works with financial institutions to co-finance term loans to SMEs to meet their operating needs on cash flow. Various financial institutions and credit unions now offer this program. Contact your financial institution for more information.

  
  

• Canada Emergency Business Account. The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profit organizations to help cover their operating costs during a period when their revenues have been temporarily reduced. To be eligible, these organizations will need to demonstrate that they paid between $50,000 and $1 million in total payroll in 2019. Business owners can apply for Canada Emergency Business Account support through their banks and credit unions. For more information, click here .

• [NEW] Canada Emergency Commercial Rent Assistance (CECRA). This program will reduce rents by 75% for small businesses that have been impacted by COVID-19. Learn more here .

• [NEW] Support for regional economies and small and medium-sized enterprises (SMEs) . $287 million in support for rural businesses and communities, including access to much-needed capital. This will be delivered through the Community Futures Network .

• [NEW] National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) . $250 million in support for innovative start-ups that are not currently eligible for COVID-19 support for businesses. This support will be delivered through the Industrial Research Assistance Program.

• [NEW] Support for young entrepreneurs. $20.1 million in support so that Futurpreneur Canada can continue to support young entrepreneurs across the country who are facing challenges due to COVID-19. This funding will allow Futurpreneur Canada to offer its clients payment relief for up to 12 months.

• Temporary changes to the Canada Summer Jobs program . The Canada Summer Jobs program , which provides opportunities for youth to develop and enhance their skills within not-for-profit organizations, small businesses and the public sector, will 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 of employment to February 28, 2021;

• adapt their professional projects and activities;

• hire part-time staff.

  
  

Deferred payments

• All businesses will be able to defer until August 31, 2020, the payment of income tax amounts that become due on or after March 18 and before September 2020. This relief would apply to the balance of tax payable, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accrue on these amounts during this period.

• Deferral of sales tax and customs duty remittances . Businesses, including self-employed individuals, will be allowed to defer until June 30 remittances of the goods and services tax/harmonized sales tax (GST/HST), as well as customs import duties payable. The deferral will apply to GST/HST remittances for the following reporting periods: February, March and April 2020, for registrants who file monthly returns; the period from January 1 to March 31, for registrants who file quarterly returns; and for registrants who file annual returns, amounts collected and payable in respect of their previous fiscal year and instalment payments in respect of their current fiscal year. For GST and customs duty payments on imported goods, the deferral will include amounts payable for the months of March, April and May. These amounts were normally due to the Canada Revenue Agency and the Canada Border Services Agency by the end of the current month. For more information, CLICK HERE

These programs will be rolled out in mid-April. Interested businesses are asked to contact their current financial institution. For more information, click here .

Financial stability support

• Launch of the Insured Mortgage Purchase Program (IMPP) under which the federal government will purchase up to $150 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation.

This will provide banks and mortgage lenders with stable, long-term funding to continue lending to Canadian businesses and consumers, while injecting liquidity into Canada's mortgage market.

• The Bank of Canada has taken a series of measures to support the economy and the financial system . It stands ready to take whatever action is necessary to protect the well-being of Canadians during this challenging period. The Bank has responded by lowering interest rates and supporting key financial markets and the liquidity of financial institutions.

• The Office of the Superintendent of Financial Institutions announced it was reducing the Domestic Stability Capital Buffer by 1.25% of risk-weighted assets. This measure will allow Canada's big banks to inject $300 billion in additional lending into the economy.

• Deferral of sales tax and customs duty payments until June . Businesses, including self-employed individuals, will be allowed to defer payments of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) and customs import duties until June 30, 2020. Any GST/HST payments that become due between March 27 and the end of May can be deferred until the end of June. For GST and customs duty payments on imported goods, the deferral will include amounts due for the months of March, April and May. These amounts were normally due to the Canada Revenue Agency and the Canada Border Services Agency as early as the end of March 2020. For more information, click here .

• More time to pay income tax . All businesses will be able to defer until August 31, 2020, the payment of income tax amounts that become due on or after March 18 and before September 2020. This relief would apply to the balance of tax owing, as well as instalment payments, under Part I of the Income Tax Act. No interest or penalties will accrue on these amounts during this period. For filing and payment dates, click here .

• Support for operating costs . Making $15 million in non-repayable funding available to businesses in the territories to help them address the impacts of COVID-19. This amount will support businesses so they can cover operating costs that are not already covered by other Government of Canada support measures.

• [TOOL] Questionnaire to discover the service your company needs

Support for self-employed workers

CANADIAN EMERGENCY RESPONSE BENEFIT

$2,000 paid every four weeks, which is equivalent to $500 per week, for up to 4 months to eligible workers who have lost their income due to COVID-19.

Changes to eligibility rules (as of April 15):

• Allow people to earn up to $1,000 per month while receiving the PCU.

• Extension of the CERB for workers who have just exhausted their regular employment insurance benefits and who are unable to find work because of COVID-19.

To learn more, CLICK HERE

PROVINCIAL

Quebec is making $2.5 billion available to SMEs in all sectors of activity as part of the new Temporary Concerted Action Program for Businesses (PACTE) , which will allow businesses to benefit from financial support to compensate for the lack of liquidity related to COVID-19. The financial assistance, of a minimum amount of $50,000, is awarded in the form of a loan or loan guarantee.

(New) Gradual resumption of activities in connection with COVID-19 slowdown measures

• Assistance for the maintenance of essential regional air services

• Concerted action program for maintaining employment (PACME)

• Incentive Program for the Retention of Essential Workers (PIRTE)

• (TOOL) Tool to determine the type of assistance that could meet your situation

• Temporary assistance program for workers (PATT COVID-19)

• Emergency aid for small and medium-sized enterprises

• Relaxation measures relating to outstanding loans and loan guarantees

• Support for the tourism industry

• Establishment of a three-month moratorium on the repayment (principal and interest) of loans already granted through local investment funds .

• The deadline for filing income tax returns, usually April 30, has been extended to June 1.

To learn more, CLICK HERE

MUNICIPAL

City of Montreal

• (New) Emergency assistance program for small and medium-sized businesses affected by the COVID-19 pandemic from the Government of Quebec for the Metropolis . In total, the Montreal agglomeration is receiving a loan of $40 million from the government, which will allow it to grant eligible businesses a maximum loan of $50,000. The City of Montreal will assume the interest incurred during the six-month moratorium period authorized by the loan granted to businesses. In order to deploy the program as quickly as possible, the City has also decided to advance the sum of $40 million, while waiting to receive government assistance. To learn more, click here .

• Call for proposals for NPOs to provide technical support to businesses

• Urban delivery service offered to merchants

• Free support to undertake an accelerated digital shift . Interested traders must complete this form no later than April 17, 2020.

• Postponement of the deadline for the 2nd payment of municipal taxes .

• The PME MTL network offers an automatic 6-month moratorium on capital and interest to private and social economy companies that have taken out a loan under the PME MTL fund, the Local Solidarity Fund and the Innovation Marketing Fund.

To learn more, CLICK HERE

OTHER RELEVANT LINKS

Womensor

Action plans for female entrepreneurs

Export Development Canada (EDC)

COVID-19: help for exporters

Employment Insurance Sickness Benefits

Employment Insurance (program modified for COVID-19)

CNESST

Covid-19 Questions and Answers

Canadian Payroll Association

Payroll Info Line Questions and Answers

Bank of Canada

Support for entrepreneurs impacted by the coronavirus COVID-19 Business continuity guide and templates for entrepreneurs Additional measures to help Canadian entrepreneurs

Ivanhoe Cambridge

Postponement of rent payment for its shopping center tenants

Alliance of Public Relations Firms of Quebec

Pro bono communication support for NPOs and SMEs

GUIDES AND OTHER TOOLS

Canadian Chamber of Commerce

Pandemic Preparedness Guide for Businesses

Canadian Federation of Independent Business

COVID-19: SME Help Center

Hello Startup Montreal

Collaborative Resource Document for Entrepreneurs COVID-19 Channel on Slack

Quebec Innovation Accelerator Movement (MAIN)

Setting up a virtual office to support business accelerators and incubators (AIE) and startups

Order of Certified Human Resources Advisors (CRHA)

Recommendations for employers and workers

FINANCIAL INSTITUTIONS

Desjardins

Relief measures for members and customers – Individuals and Businesses

Several other banking institutions have taken measures. Minister Pierre Fitzgibbon recommended, during the press conference on March 19, to first contact your bank advisor to find out about assistance programs.

Do you have symptoms associated with the disease? Call 1-877-644-4545 or consult a health professional.

Do you want to share other measures with us? Write to us at info@henkelmedia.com