The Canada Emergency Business Account (CEBA) will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Several updated have been announced for the CEBA since its initial announcement:
To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need:
The Government of Canada has established a Business Credit Availability Program (BCAP) to provide $65 billion of additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). BDC and EDC are working with private-sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exportation and tourism. This program includes:
The Business Development Bank of Canada has developed “COVID-19: Supports for Canadian Businesses”, a compilation guide of federal and provincial government support measures for businesses.
The Business Development Bank of Canada has created a toolkit of templates to help businesses minimize the risk that an emergency poses to operations and bottom line.
The Province of Nova Scotia has announced details on the Small Business Credit and Support Program as a temporary stream for access to credit, cash grants and support delivered through participating credit unions. To be eligible, small businesses must have a payroll less than $20,000 in the previous fiscal year and have experienced a decline in revenue from sales of at least 15 per cent in March or at least 30 per cent in April, May or June.
Eligible small businesses can get a loan of up to $25,000 through participating provincial credit unions. The loan application will be available from 29 April to 30 June 2020.
If approved for the loan, eligible businesses will also be eligible for:
The program will be available starting Wednesday, April 29
ACCESS APPLICATION AND ELIGIBILITY
The Small Business Loan Guarantee Program is a joint initiative of the Nova Scotia Co-operative Council, Atlantic Central, local participating credit unions, and the Province of Nova Scotia, designed to deliver financial assistance for the start-up and expansion of small businesses. The Small Business Loan Guarantee Program supports provincial business owners with creating and maintaining rewarding careers for Nova Scotians each year.
Grant Thornton has developed and launched an online hub to help guide businesses through COVID-19’s impacts. The hub includes a number of videos, insights, and links.
Grant Thornton has also developed a summary document on the Canada Emergency Wage Subsidy which can be found below.
The Sydney Credit Union has developed a summary document detailing various business relief programs, including deferrals, new capital, grants, labour & employment, wage subsidies, and other solutions.