Summary of Government Relief Programs
Government loan payments deferral — until June 30, 2020
Includes loans under the Farm Loan Board, Fisheries and Aquaculture Loan Board, Jobs Fund, Nova Scotia Business Fund, Municipal Finance Corp. and Housing Nova Scotia.
Small business fees deferral — until June 30, 2020
Includes business renewal fees and workers compensation premiums (a complete list of fees will be posted in the coming days).
premiums are being deferred until July 2020.
Small Business Credit and Support Program — until June 30, 2020
Qualifying small businesses may be granted loans up to $25,000 in the form of a term loan of up to 10 years, or a line of credit up to seven years. The maximum guarantee supplied by the Province of Nova Scotia will be 100 percent of the value of all facilities granted.
Link to information
Worker Emergency Bridge Fund
A $20 Million Worker Emergency Bridge Fund to help the self-employed and those laid-off workers who do not qualify for Employment Insurance. Government will provide a one-time, $1,000 payment, to bridge the gap between layoffs and closures and the federal government’s Canada Emergency Response Benefit.
The Small Business Impact Grant
$20 million to fund a new program -- the Small Business Impact Grant. Eligible small businesses and social enterprises will receive a grant of 15 per cent of their gross revenues -- either from April 2019 or February 2020, up to a maximum of $5,000. This flexible, one-time, upfront grant can be used for any purpose necessary.
Canada Emergency Wage Subsidy
Provides a 75% wage subsidy (on the first $58,700 — up to $847 a week) for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. Eligible businesses can now show a 15%* drop in revenue in March due to COVID-19. Update. April 1st: portal will be up in 3-6 weeks through Canadian government website. *Rather than having to show a 30% decline in revenues for January and February.
The Business Credit Availability Program (BCAP)*
The Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $65 billion of additional support.*businesses should apply through their financial institution.
Canada Emergency Business Account (CEBA)*
The new Canada Emergency Business Account 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. *businesses should apply through their financial institution. Scotiabank | RBC | TD | CIBC | BMO | Credit Union
Deferral of payments to federal partners — for 3 months
All Regional Development Agencies, including ACOA, will apply a deferral of three months on all payments due to the government, as of April 1, 2020.
Deferral of Sales Tax Remittance and Customs Duty Payments — until June 30, 2020
Defer payments of the Goods and Services Tax / Harmonized Sales Tax (GST/HST), as well as customs duties owing on imports.
The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18, 2020 and before September 2020.
Canada Emergency Commercial Rent Assistance (CECRA)
Access to the Canada Account
Providing support to Canadian companies through loans, guarantees or insurance policies.
Work-Sharing (WS) Program
For employers affected by the downturn in business due to COVID-19, extending the duration of Work-Sharing agreements by an additional 38 weeks, for a total of 76 weeks.
Supplemental Unemployment Benefit Program
Employers can increase their employees’ weekly earnings when they are unemployed due to a temporary stoppage of work, training, illness, injury or quarantine.
Small Business Loan Guarantee Program
Up to $500,000 from a credit union in the form of a loan, line of credit or working capital to start or grow a business.
Canada Emergency Response Benefit (CERB)
If you stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. The CERB provides $500 a week for up to 16 weeks. Available April 6, 2020.