There is Hope.
FEDERAL GOVERNMENT PROGRAMS
Recovery Hiring Program |
Read the full description in the link to the left. Budget 2021 introduced the new Canada Recovery Hiring Program (CRHP). This new program provides eligible employers with a subsidy of up to 50 percent on the incremental remuneration paid to employees between June 6, 2021 and November 20, 2021. Eligible employers can claim either the CRHP or the Canada Emergency Wage Subsidy (CEWS) for a particular period, but not both. The filing deadline is 180 days after the end of the qualifying period. _______________________________ |
Emergency Commercial Rent Assistance Program |
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Emergency Rent Subsidy |
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Work-sharing Program |
The Federal Government is extending the maximum duration of the Work-Sharing Program from 38 weeks to 76 weeks. The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers.
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Emergency Wage-subsidies for small businesses |
On March 27, 2020, the Federal government announced that the wage subsidy would be increased to cover up to 75% of an employee's wages. All businesses seeing a drop of 30% in revenue due to the pandemic will be eligible, according to Prime Minister Justin Trudeau. On April 8, 2020, Prime Minister Trudeau announced that the threshold to qualify would be eased to only a 15% drop in revenue, instead of 30%. Please visit the website for additional information. A good explanation of the changes in the program can be found on CBC's website. _______________________________ |
(income support) |
The Federal government will provide a taxable benefit of $500 per week for up to 16 weeks to:
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Small Business Financing Program |
The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders.
Small businesses or start-ups operating for profit in Canada, with gross annual revenues of $10 million or less are eligible.
Up to a maximum of $1,000,000 is available for any one borrower, of which no more than $350,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment.
Note that financial institutions deliver the program and are solely responsible for approving the loan.
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Large Employer Emergency Financing Facility |
New program announced May 11, 2020. Details to come. Read the CBC article here.
From the CBC article:
The federal government is offering bridge financing for big Canadian businesses across all sectors to help them keep employees on the payroll through the pandemic, but there are conditions attached — including a requirement that companies receiving the loans disclose their environmental plans. The large employer emergency financing facility (LEEFF) will provide support to employers with annual revenues of more than $300 million whose credit needs aren't being met through conventional financing. While he said today the details are still being worked out, Prime Minister Justin Trudeau stressed that the program is a bridge loan program, not a "bailout," and that the government is "a lender of last resort." _______________________________ |
Deferred GST & HST payments, duties, and taxes on imports |
The Federal government will allow businesses, including self-employed individuals, to defer until June 30, 2020 payments of the Goods and Services Tax / Harmonized Sales Tax (GST/HST), as well as customs duties owing on their imports.
The deferral will apply to GST/HST remittances for the February, March and April 2020 reporting periods for monthly filers; the January 1, 2020 through March 31, 2020 reporting period for quarterly filers; and for annual filers, the amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year. For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April and May. _______________________________ |
Sell Directly to the Federal Government |
Income generating opportunity: Are you a business that can supply products and services in support of Canada’s response to COVID-19? The Federal government wants to hear from you right away. _______________________________ |
Complete List of Support under Canada's Economic Response Plan |
Includes all info on programs for employees, businesses, and people who cannot work.
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ALBERTA GOVERNMENT PROGRAMS
Small and Medium Enterprise Relaunch Grant |
Eligibility change to the Small and Medium Enterprise Relaunch Grant for new businesses New businesses that began operations between March 1 and October 31, 2020 and meet the updated 30% threshold can apply for the grant starting February 4, 2021. Do not apply before the portal has been updated on February 4 to ensure your application isn't deemed ineligible. Background: The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta businesses, cooperatives, and non-profit organizations that were ordered to close or curtail operations, and that experienced a revenue reduction of at least 30%, as a result of the COVID-19 pandemic.
· The program offers 2 payments to eligible applicants, with up to $20,000 in available funding per eligible application.
· Application intake will remain open until March 31, 2021 _______________________________ |
Emergency Isolation Support |
Eligible working Albertans can receive a one-time emergency isolation support payment of $1,146 if they are required to self-isolate or are the sole caregiver of someone in self-isolation and they have no other source of pay or compensation.
This is a temporary program to fill the gap until the Federal government rolls out the Canada Emergency Response Benefit in April.
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(Emergency financial assistance) |
For employees
You can get help when:
- a situation is caused by unforeseeable circumstances beyond your control, and
- it presents a severe health risk, and
- you cannot access other resources or wait until your next pay-cheque or Income Support benefit cheque.
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Includes all info on tax changes, payment deferrals on various levies and taxes, and job leave protection.
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NO MATCHING FUNDING required: Featuring two streams, the Cooperative Investment Program has been launched to assist tourism operators and regions across Alberta restart consumer marketing activities and aid in the development of traveller products, experiences, and packaging in a COVID-19 travel environment. Grant application intakes are in June and September. |
FINANCIAL & ECONOMIC DEVELOPMENT AGENCY PROGRAMS
ATB Financial Customer Relief Program |
ATB Financial will be offering payment deferrals for small businesses up to 6 months. Other programs may be available.
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Canadian Bankers Association |
Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case‑by‑case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID‑19; childcare disruption due to school closures; or those facing illness from COVID‑19.
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Business Credit Availability Program (Business Development Bank of Canada and Export Development Canada) |
EDC and BDC will provide more than $65 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted.
Specific Elements of the Business Credit Availability Program include (these will be rolled out in the three weeks after March 27, 2020):
Business Development Bank of Canada will also provide flexible payments, low interest unsecured loans and support high-risk business. You must merely have been viable prior to the crisis. Contact the BDC directly for more information.
Immediate cash loans: BDC also has an on-line loan application option for Non-BDC clients; small businesses that have been in operation a minimum 2 years and where the shareholder has a strong personal credit score can apply for up to $100,000. This is an option for immediate cash needs.
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CF Central Alberta is deferring all payments for existing clients for up to 3 months, and will consider all applications from new clients on a case-by-case basis.
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FCC has received an enhancement to its capital base that will allow for an additional $5 billion in lending capacity.
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We will do what we can to help you
1. Business Impact Surveys
2. New Regional Business Support Hotline
3. Advice and Technical Assistance
4. Case Management Assistance for Certain Businesses
Pandemic Business Resilience Workshop
Join Sundre Economic Development and fellow business owners at the Sundre Golf Club banquet hall for an afternoon of learning about business development and resilience in the wake of the COVID-19 pandemic economic situation. The workshop will be followed-up by a delicious prime rib dinner.
WHAT: Pandemic Business Resilience Workshop
WHEN: Friday, September 11, 2020 @ 2pm until 7pm, including dinner
WHERE: Sundre Golf Club @ 5154 Hwy 27
COST: Free - First come, first served registration. Sorry, just 1 rep per business.
This is a FREE event for local small businesses. Due to COVID social distancing requirements, seating is limited, therefore just one ticket per business will be provided. There is room for only 18 seats (meaning just 18 businesses). Registration is on a FIRST COME FIRST SERVED basis.
Thank you to the event's sponsors:
Topics:
- Overview of current COVID-19 government support programs (presented by Sundre Economic Development)
- The Law and COVID-19 - what you need to know (presented by Kutz -Skorodenski Law)
- Managing your finances in the age of COVID - an accounting perspective (presented by MNP Accounting)
- Development planning and permitting - (presented by Town of Sundre Department of Planning & Development)
- Business Branding - How to grow your business through proper marketing and branding (presented by AdMaki Advertising)