Corporate Assistance Programs

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Updated: October 9, 2020

 

 

CRA Individuals Assistance Programs 

 

Corporate Assistance Programs

 

 

Canada Emergency Wage Subsidy  (CEWS)

Click here for CRA CEWS FAQ’s

CEWS LATEST UPDATE

 

October 9, 2020 extension of CEWS program to June 2021

On October 9, 2020, the federal government announced the extension of the CEWS program to June 2021. The proposed changes are:

  • The current structure will remain the same for a rate of up to 65% of eligible wages until December 19, 2020. 

 

More details to follow in the coming weeks.

Rate structure of the base subsidy: 

Periods 

Period 5*: July 5 – August 1

Period 6*: August 2 – 29

Period 7: August 30 – September 26

Period 8: September 27 – October 24

Period 9: October 25 – November 21

Max weekly benefit per employee Up to $677 Up to $677 Up to $565 Up to $452 Up to $226
Revenue drop 50% and over 60% 60% 50% 40% 20%
0% to 49% 

 

1.2 x revenue drop

(e.g., 1.2 x 20% revenue drop = 24% base CEWS rate)

 

 

1.2 x revenue drop

(e.g., 1.2 x 20% revenue drop = 24% base CEWS rate)

 

 

1.0 x revenue drop

(e.g., 1.0 x 20% revenue drop = 20% base CEWS rate)

 

 

0.8 x revenue drop

(e.g., 0.8 x 20% revenue drop  = 16% base CEWS rate)

 

 

0.4 x revenue drop

(e.g., 0.4 x 20% revenue drop = 8% base CEWS rate)

 

 

 

Rate structure of the combined base subsidy and the top-up subsidy for Periods 5 and 6*Average revenue drop in the preceding 3 months: 

Revenue drop in the current 1-month reference period 70% or more 50% to 69% 0% to 49%
50% or more 85% (60% base CEWS + 25% top-up)

 

60% + 1.25 x (3 month revenue drop-50%)

(e.g., 60% base CEWS + 1.25 x (60% 3 month revenue drop - 50%) = 72.5% CEWS rate)

 


60% (60% base CEWS + 0% top-up)

0% to 49%

1.2 x revenue drop + 25%

(e.g., 1.2 x 20% revenue drop + 25% = 49% CEWS rate)

 

1.2 x revenue drop + 1.25 x (3 month revenue drop-50%)

(e.g., 1.2 x 20% revenue drop + 1.25 x (60% 3-month revenue drop-50%) = 36.5% CEWS rate)

 

1.2 x revenue drop

(e.g., 1.2 x 20% revenue drop = 24% CEWS rate)

No revenue drop 25% (0% base CEWS + 25% top-up)

 

1.25 x (3 month revenue drop-50%)

(e.g., 1.25 x (60% 3-month revenue drop-50%) = 12.5% CEWS rate)

 

Nil 

 

 

June 17, 2020 extension of CEWS program to August 29, 2020.

The government of Canada is providing wage subsidies for a period of three months equal to 75% of remuneration paid during that period, subject to a number of limits and restrictions. The subsidy is retroactive to March 15, 2020.

Businesses, charities and non-profit organizations whose revenues have decreased by at least 30% because of the COVID-19 pandemic are eligible to apply for the CEWS.

Employers may be eligible for a subsidy of up to 100% of the first 75% of pre-crisis wages of existing employees. 

On May 15, 2020, the Canadian government announced that the CEWS program is extended for an additional 12 weeks to August 29, 2020.

The government confirmed that eligibility criteria for month 4 [June 7 to July 4] will remain the same as the first three months.

Further details will be announced for potential changes for months/periods 5 and 6 [July 5, 2020 - August 29, 2020].

 

10% Wage Subsidy

On March 18, 2020, the Canadian government introduced a 10% federal wage subsidy for small businesses (the “10% Wage Subsidy”). 

The 10% measure is restricted to individuals, registered charities, non-profit organizations and Canadian-controlled private corporations that are eligible for the small business deduction, and partnerships that meet certain criteria.

The program covers 10% of wages paid from March 18, 2020, to June 19, 2020, and up to $1,375 for each eligible employee to a maximum of $25,000 total per employer.

Employers are responsible for manually calculating the 10% subsidy and can claim it by reducing their current payroll remittance of federal, provincial or territorial income tax by the subsidy amount.

 

Canada Emergency Wage Subsidy (CEWS)  [75% wage subsidy]

On April 1, 2020, the Canadian government introduced CEWS to businesses, charities and non-profit organizations that experienced a 30% decrease in revenue due to COVID-19.

 

Qualifying Criteria

  • It will apply at a rate of 75% of the first $58,700 normally earned by employees, representing a benefit of up to $847 per week.
  • Employers eligible for the subsidy are required to make their best effort to top-up employees’ salaries to bring them to pre-crisis levels.
  • Employers will also obtain a 100% refund of certain employer-paid contributions to EI, the CPP, the QPP, and the QPIP. This refund covers 100%  of employer-paid contributions for eligible employees for each week throughout which those employees are on leave with pay and for which the employer is eligible to claim for the CEWS for those employees. This refund is not subject to the weekly maximum benefit per employee of $847 that an eligible employer may claim. 
  • The subsidy program will be in place for a 12-week period, from March 15 to June 6, 2020. (extended to Dec 19, 2020).
  • There will be no overall limit on the subsidy amount that an eligible employer may claim.
  • Eligible employers include individuals, taxable corporations, partnerships consisting of eligible employers, non-profit organizations and registered charities.
  • Public bodies are not eligible, including municipalities and local governments, crown corporations, public universities, colleges, schools and hospitals.
  • For non-profit organizations and registered charities similarly affected by a loss of revenue, the government announced that it will continue to work with the sector to ensure the definition of revenue is appropriate to their circumstances and determine whether additional support is needed.
  • The entitlement to the wage subsidy will be based entirely on the salary, wages or other remuneration actually paid to employees. 
  • Employers will also be eligible for a subsidy of up to 75% of salaries and wages paid to new employees.
  • Eligible employers apply for the subsidy through the CRA’s My Business Account portal or through a web-based application.

 

Calculating Revenues

Employers are allowed to calculate their revenues under either the accrual method or the cash method, but not a combination of both.

Eligible employers that experienced a decline in gross revenues of at least: 

  • 15% in March 2020 (compared to March 2019)
  • 30% in April 2020 (compared to April 2019)
  • 30% in May 2020 (compared to May 2019)

Eligibility would generally be determined by the change in an eligible employer’s monthly revenues, year-over-year, for the calendar month in which the period began.

 

Employers are allowed to calculate their change in revenue using an alternative benchmark to determine their eligibility. Under this alternative approach, employers are allowed to compare their revenue using an average of their revenue earned in January and February 2020.

  • Employers would select the general year-over-year approach or this alternative approach when first applying for the CEWS and would be required to use the same approach for the entire duration of the program
  • Once an eligible employer is found eligible for a specific period, it will automatically qualify for the next period of the CEWS program.
  • An employer’s revenue for this purpose will be revenue from the business carried on in Canada earned from arm’s-length sources.
  • Revenue will be calculated using the employer’s normal accounting method and will exclude revenues from extraordinary items and amounts on account of capital.
  • Special rules for the computation of revenue will be provided to take into account certain non-arm’s length transactions.
  • Affiliated groups are allowed to compute revenue on a consolidated basis.

 

Integration with the 10% Wage Subsidy

Organizations that do not qualify for the CEWS may still qualify for the 10% Wage Subsidy.

In addition, it is possible for some employers to qualify for both the 10% Wage Subsidy and the CEWS. If that is the case, any amount under the CEWS will be reduced by any 10% subsidies claimed for the same period.

 

Anti-abuse Warning

The Canadian government warned of “severe” consequences for any party that tries to take advantage of the CEWS and indicated potential penalties for fraudulent claims and the introduction of new offences if an employer provides false or misleading information in relation to the program.

In addition, employers will be required to repay amounts paid under the Canada Emergency Wage Subsidy if they are discovered not to meet the eligibility requirements or pay their employees accordingly.

 

Tax Treatment of CEWS

The usual treatment of tax credits and other benefits provided by the government to employers will apply to the CEWS. Accordingly, the wage subsidy received by an employer will be considered government assistance and will be included in the employer’s taxable income (if the employer is taxable).

 

How to Apply:

  • Most businesses may apply using My Business Account
  • If you represent a business, you may apply using Represent a Client
  • Alternatively, you may apply using a separate online application form

 

Assitance line for CEWS questions: 1-833-966-2099

Click here for access to the CEWS Application Guide

 

 

 

Canada Emergency Rent Subsidy (CERS)

[Oct. 9, 2020: Status is pending - not yet implemented] 

 

(October 9, 2020) The government of Canada announced a new program with the intent of supporting Canadian tenants and property owners by providing rent and mortgage support until June 2021. This new program is for businesses that incurred a drop in revenues due to COVID-19.

The following framework is proposed for the organizations affected:

  • The new rent subsidy would support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65 percent of eligible expenses until December 19, 2020. 
  • Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020.
  • A top-up Canada Emergency Rent Subsidy of 25% for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority, in addition to the 65% rent subsidy. 

 

More details to follow in the coming weeks.

 

 

 

BDC - Business Development Corporation

October 9, 2020 expansion & extension of the CEBA program - See below

 

Two financing programs are available through the BCAP:

    1.  Canada Emergency Business Account

    2.  SME Loan and Guarantee Program

Both programs are administered by private-sector financial (banking) institutions.

In order to be eligible, your business must have been impacted directly or indirectly by recent events and have been financially viable prior to the impact of COVID-19.

 

Canada Emergency Business Account (CEBA)

  • Loan up to $60,000.
  • You must be a Canadian operating business in operation as of March 1, 2020.
  • A business operating account at a participating financial institution.
  • A Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.
  • To qualify, organizations are required demonstrate that they paid between $20,000 and $1.5 million in total payroll in 2019, based on their 2019 T4SUM Summary of Remuneration Paid.
  • Incurred eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
  • The applicant must have the intention to continue operations.
  • To qualify, the applicant must agree to participate in post-funding surveys conducted by the Canadian Government.
  • The deadline for an application to the CEBA program is extended to December 31, 2020.
  • Available through your primary financial institution (bank).

 

Application procedure

Both the Canada Emergency Business Account and SME Loan and Guarantee program will be administered by private-sector financial institutions (banks).

 

October 9, 2020 expansion & extension of the CEBA

On October 9, 2020, the federal government announced the following updates to the program: 

  • The maximum loan amount increased to $60,000. An additional interest-free loan of $20,000 was added in addition to the original amount of $40,000.  
  • Half of this additional financing is forgivable if the loan is repaid by December 31, 2022.
  • The deadline for an application to the CEBA program is extended to December 31, 2020. 

 

More details to follow in the coming weeks.

 

 

 

Business Development Corporation – BDC 

Two financing programs are available through the BCAP:

    1.  Canada Emergency Business Account

    2.  SME Loan and Guarantee Program

Both programs are administered by private-sector financial (banking) institutions.

In order to be eligible, your business must have been impacted directly or indirectly by recent events and have been financially viable prior to the impact of COVID-19.

 

SME Loan and Guarantee Program

  • BDC co-lending (with financial institutions)
  • Up to $6.25 million
  • Commercial interest rate 
  • 10-year repayment period 
  • Available through your primary financial institution 

 

Application procedure

Both the Canada Emergency Business Account and SME Loan and Guarantee program will be administered by private-sector financial institutions.

 

 

Export Development Canada – EDC

EDC BCAP Guarantee

Effective March 24, 2020, EDC is supporting all exporting companies by offering their bank a guarantee on loans of up to $6.25 M so that companies can access more cash immediately. 

 

Application procedure

Available through your primary financial institution.

 

Other EDC Measures

For credit insurance customers, effective immediately EDC will:

Cover losses for goods shipped even if the buyer has not accepted the goods, subject to terms*.

Waive the 60-day waiting period for claims*.

*This does not apply to Domestic coverage. 

 

EDC access instructions:

  • New to EDC and seeking more informational call 1-800-229-0575 or click here
  • Current EDC Customers needing working capital and financial solutions should contact their account manager. 
  • Existing customers needing any assistance with insurance products and online portals should contact 1-866-716-7201 and support@edc.ca. 

 

 

 

Canada Emergency Commercial Rent Assistance (CECRA)

September 8, 2020 extension of CECRA program to include September 2020 – see below.

The CECRA is administered and delivered by the Canada Mortgage and Housing Corporation.

The CECRA program will lower rent by 75% for the months April/May/June/July for qualifying small businesses that have been affected by COVID-19.

 

Eligibility for CECRA has both tenant and landlord components:

  • Tenants must pay less than $50,000/month in rent and have experienced a minimum of a 70% decrease in pre-COVID-19 revenues.

 

Details

  • The program provides forgivable loans to qualifying commercial property owners to cover 50% of four monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, June and July. 
  • The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75% for the four corresponding months 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 (12.5% in Québec).
  • This support will also be available to non-profit and charitable organizations.

 

Who is Eligible to Apply for the CECRA

To qualify for CECRA for small businesses, the property owner must meet the following requirements:

  • You own property that generates rental revenue from commercial real property located in Canada.
  • You are the property owner of the commercial real property where the impacted small business tenants are located.
  • You have entered or will enter into a rent reduction agreement for the period of April, May, June and July 2020, which will reduce impacted small business tenant’s rent by at least 75%.
  • Your rent reduction agreement with impacted tenants includes a moratorium on eviction for the period of April, May, June and July 2020.
  • You have declared rental income on your tax return (personal or corporate) for tax years 2018 and/or 2019.

 

CECRA for small businesses is applicable to commercial property owners with:

  • eligible small business tenants 
  • eligible small business subtenants 
  • residential components and multi-unit residential properties with commercial tenants (i.e. mixed usage)

 

What is an impacted small business tenant or subtenant?

Impacted small business tenants are businesses, including non-profit and charitable organizations who:

  • Pay no more than $50,000/monthly gross rent per location (as defined by a valid and enforceable lease agreement),
  • Generate no more than $20 million in gross annual revenues, calculated on a consolidated basis (at the ultimate parent level), and
  • Have temporarily ceased operations (i.e. generating no revenues), or has experienced at least a 70% decline in pre-COVID-19 revenues.**

** To measure revenue loss, small businesses can compare revenues in April, May, June and July of 2020 to that of the same month of 2019. They can also use an average of their revenues earned in January and February of 2020.

The tenant can use forecasts for the month of June. The eligibility on the 70% factor will be determined on the average of April, May, June and then, July forecasted revenues.

 

Points of interest

  • The program is available to landlords with properties that have no mortgage. 
  • Mixed-use properties with commercial and residential tenants are eligible for the program with respect to their qualifying small business tenants.
  • A qualifying tenant that is in a sub-tenancy arrangement is also eligible if the lease structure meets program criteria.
  • A qualifying landlord can apply for all qualifying tenants at once, in which case it will need to provide attestations for each qualifying tenant.
  • A qualifying tenant that has multiple locations with multiple qualifying landlords must work with each of its respective landlords that are applying for the program.

 

Summary

Under a rent forgiveness agreement, which includes a moratorium on eviction, the mortgaged commercial property owner would reduce the small business tenant’s monthly rent by at least 75%. The tenant would be responsible for covering 25%, the property owner 25%.

 

Québec Enhancement of CECRA Program (June 8, 2020)

[ Status is pending - not yet implemented ] 

On June 8, 2020, the Québec government announced an investment of approximately $140 million to compensate Québec commercial property owners for their reduction of rental revenues as a result of the CECRA program.

In order to encourage the participation of Québec commercial landlords to participate in the CECRA program, Québec will fund half of the landlord’s 25% contribution under the federal program. Consequently, Québec landlords will receive an amount equal to 12.5% of the total rent from Quebec, reducing their rent reduction from 25% to 12.5%.

 

  Rent     100 % 
   
  Less: Federal  loan/subsidy  (CERCA)   - 50 % 
  Less: Tenant portion of rent paid  -  25 %
   
  Landlords rent reduction       25 % 
  Less: Québec subsidy  - 12.5 %
   
  Net rent reduction for a landlord    12.5 % 

 

 

Extension of the CERCA for September is now available (September 8, 2020) 

Property owners and small business tenants are now able to access funding for the month of September. The deadline to submit an application for September will be available soon. 

To qualify under the expanded eligibility criteria: 

  • Only those tenants approved in the April, May and June applications are eligible for the September extension, without reassessing whether they continue to have at least a 70% revenue decline in July, August and September. Anyone who is eligible for the original  CERCA program is also eligible for the July and August extensions. 
  • New applicants have the choice of applying for three months, four months, five months or six months.
  • If a business had an average revenue decline of  70% or more in April, May and June, they are deemed eligible for the additional month of rent relief.

 

 

 

Work Share Program

Work-Sharing is a program to avoid lay-offs when there is an uncontrollable temporary decrease in business activity. The program provides EI benefits to eligible employees who agree to reduce their normal working hours.

 

To be eligible your business must:

  • Be a year-round business in Canada for at least 1 year
  • Be a private business, a publicly held company or a not-for-profit organization, and
  • Have at least two employees in the work-sharing unit

 

To be eligible for work-sharing benefits, your employees must:

  • Be year-round, permanent, full-time or part-time employees needed to carry out the day-to-day functions of the business ( “core staff”)
  • Be eligible to receive EI benefits, and
  • Agree to reduce their normal working hours by the same percentage and to share the available work

 

 

 

Québec – Emergency Assistance for Small and Medium-Sized Businesses

This program is offered to help small and medium-sized businesses; this is temporary support to help during financial hardship to those who need $50 000 cash or less. 

 

Eligibility:

  • Business in all industry sectors
  • Social economy enterprises (Including cooperatives and non-profit organization that are involved in commercial activities)
  • Your business is temporarily closed
  • Be at a stage of maintaining, consolidating, or relaunching their operations
  • Demonstrate the need for financial assistance due to COVID-19
  •  

 

To Apply:

For more information, contact your regional county municipality RCM, your municipal office or the authority that manages the Local Investment fund of your account.

 

 

Québec – Aid for businesses in regions of red zone alert (ABRUMA) 

 

On October 1, 2020, the provincial government of Québec announce the implementation of the Assistance for Business in Regions Under Maximum Alert (ABRUMA) Program. This program is a new component of the previous government programs: PAUPME and the PACTE.

 

This new program is for businesses that had to follow orders to remain close due to the second wave of COVID-19 in Quebec. ABRUMA will provide non-repayable assistance to companies subject to closure orders that will suffer revenue losses to pay their fixed costs. The maximum amounts covered up to 80% of eligible core operating costs, equivalent to a maximum amount of $15,000/ month of closure.

 

Eligibility:

  • You must be under the Emergency Assistance to Small and Medium-Sized Program
  • You must be located in a red zone region
  • Be the subject of a Ministerial Order to close for at least 10 days out of the month.
  • Loans forgiveness will be granted for the following fixed cost:
    • Municipal and school taxes
    • Rent
    • Interest on a mortgage
    • Utility costs
    • Insurance
    • Telecommunication costs
    • Association fee and licenses

 

To Apply:

For more information, contact your regional county municipality RCM, your municipal office or the authority that manages the Local Investment fund of your account.

 

 

 

Investissement Québec (IQ) Supporting Financial Market Liquidity

 

For more information about Investissement Québec’s support, click here [English]. 

For more information about Investissement Québec’s support, click here [French]. 

 

IQ has introduced the “Programme d’action concertée temporaire pour les entreprises” (PACTE).

This new emergency funding measure provides support for businesses affected by the repercussions of COVID-19.

 

Eligible Businesses

This financial assistance is available to businesses operating in Québec, including cooperatives and other social economy enterprises with commercial activities.

Eligible businesses are those that find themselves in a precarious situation and temporary difficulty as a result of COVID-19. They must show that their financial structure offers realistic prospects for profitability.

 

Eligible Projects

  • Businesses must show that their cash flow issues are temporary and that the liquidity shortage stems from:
  • A problem involving the supply of raw materials or products (goods or services)
  • An inability, or a substantially decreased ability, to deliver goods, products or services
  • Applications will be reviewed on a case-by-case basis, according to the business’s circumstances and Investissement Québec’s management practices.

 

Eligible Industries

All industries are eligible, except for the following:

  • Weapons manufacturing or distribution
  • Games of chance and gambling, combat sports, bars, racing, and other similar activities
  • Production and sale of tobacco and drugs along with services related to their use, except for projects involving pharmaceutical-grade products approved by Health Canada and has a DIN, or their ingredients, as well as R&D projects licensed by Health Canada
  • Any activity whose main purpose is protected by the Canadian Charter of Rights and Freedoms (religion, politics, human rights advocacy, etc.)
  • Any other activity that may offend public morals

 

Details of Financial Assistance

  • A loan guarantee is the preferred form of financing. Financing can also take the form of a loan from Investissement Québec.
  • Investissement Québec aims to work in close cooperation with financial institutions and federal authorities to share risks
  • The minimum funding amount is $50,000.
  • Refinancing is prohibited.
  • This measure is designed to shore up the business’s working capital.

 

 

 

 

Québec Incentive Program to Retain Essential Workers (IPREW)

The Québec government introduced a financial assistance program for individuals working essential jobs during the COVID-19 pandemic.

The assistance amount will make up the difference between the Canada Emergency Response Benefit (CERB) and an eligible individual’s wages.

Eligible workers can apply for the program online beginning on May 19. The program provides $100 for each week of qualifying work beginning March 15, 2020 and extending for a maximum of 16 weeks.

This means that, in addition to their wages, a worker could receive a taxable benefit of $400 per month, for a total of $1,600 for the full 16-month period. Payments will be made every two weeks starting on May 27, 2020.

 

Eligibility

To be eligible under the program, you must:

  • Work part-time or full-time in one of the essential service sectors during the program period;
  • Receive gross wages of $550 or less per week;
  • Have an annual employment income of at least $5,000;
  • Have a total annual income of no more than $28,600;
  • Be at least 15 years old when you apply for assistance under the IPREW; and
  • Have been resident in Québec on December 31, 2019, and plan to reside in Québec throughout 2020.
 
Important
To receive this assistance for a given week covered by the program, you must not have received amounts under the CERB or the temporary aid for workers program for that same week. Note that you are eligible for the program even if your employer receives assistance through the Canada Emergency Wage Subsidy.

 

How to apply for assistance as an eligible worker

You can apply for the IPREW online in the period from May 19 to November 15, 2020.

 

To apply:

 

 

 

Montréal – Small Business Support Program

This initiative is supported by Québec’s Ministère de l’Économie et de l’Innovation du gouvernement du Québec, which has allocated $40 million to the Montréal agglomeration in the form of a loan to assist small businesses in all sectors of activity.

This assistance is available to all Montréal businesses that are temporarily closed or likely to close as well as those that are trying to maintain or resume their operations during this crisis.

All Montréal companies, including social economy businesses such as co-ops and nonprofits that carry out market activities, can take part in this program.

The money will be distributed through the PME MTL network, Montréal’s business assistance network.

It will take the form of a loan of $50,000 maximum at a 3% interest rate after the six-month moratorium. The city will assume interest fees incurred during the first six months of the loan.

Due to the crisis situation, companies will have a 36-month payback period, excluding the moratorium, to reimburse their loan. Under exceptional circumstances, this payback period can be extended to up to 60 months.

 

Registration

Montréal companies can find out about terms and conditions on the Emergency Fund page (in French) of the PME MTL Web site. 

 

 

 

Montréal – Small Businesses Assistance (June 8, 2020) 

On June 8, 2020, the Québec government and the Mayor of Montréal announced an additional $50 million of assistance to support Montréal businesses.

Through the Regional Relief and Recovery Fund (RRRF), the federal government plans to grant up to $30 million aid for Montréal businesses that are not eligible for the other federal measures related to COVID-19 that are already in place.

The Québec government is contributing $20 million to the fund for the City of Montréal under the Aide d’urgence aux petites et moyennes entreprises program to come to the assistance of the Montreal SME's facing financial hardship due to COVID-19.

The City of Montréal’s business support network, PME MTL, will administer these funds.

 

 

 

Canadian Bankers Association (CBA) – Mortgage Deferral Plan

The Canadian Bankers Association announced that the six Canadian major banks have introduced programs to offer deferral of mortgage payments.

Customers impacted economically by the COVID-19 can apply for mortgage relief to their respective banks.

A mortgage deferral implies an interruption of payments in this period of time, during which interest which would otherwise be part of the deferred payments is added to the outstanding balance of the mortgage. The added interest is incorporated into the monthly payment, either when payments resume at the end of the deferral period or upon renewal at the end of the mortgage’s term.

 

For more information directly from the banks, please visit:

 

 

Regional Relief and Recovery Fund (RRFF) 

The government of Canada has invested $1.5 billion to assist financially, organizations in the following sectors: 

  • Manufacturing 
  • Technology 
  • Tourism and others.

This supplemental financial aid is given to organizations that have not been able to access other support measures to recover from this pandemic.

Click here to your Application Procedure.

 

 

Program to support Black-led business organizations through the National Ecosystem Fund

The Government of Canada has provided an investment of $53 million to help black-led business organizations across the country. This program provides funding and capital, along with mentoring and financial planning assistance to train entrepreneurs in business management. This is part of the Black Community Entrepreneurship Program.

 


More details to follow in the coming weeks.

 

 

 

 

Program supporting Black business owners and entrepreneurs through the Black Entrepreneurship Loan Fund

The Government of Canada has provided an investment of $93 million through the Black Community Entrepreneurship Program. This provides loans to business owners from $25,000 to $250,000.

 

 

More details to follow in the coming weeks.

 

 

 

 

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