The Government of Canada and the Government of British Columbia have introduced many relief programs designed to soften the economic effects of the Covid-19 pandemic on Canadian businesses, which include:
Applications for the CEBA program are being accepted until March 31, 2021. This includes the full $60,000 loan program, and the $20,000 expansion that came into effect on December 4, 2020 for those who have already received $40,000 loans under the original program.
Further details are available on the CEBA program’s website here.
The CERS program began on September 27, 2020 and ends in June 2021. This program replaced the Canada Emergency Commercial Rent Assistance program. CERS provides a subsidy to cover part of commercial rent or property expenses for businesses, non-profit organizations, and charities that experience a qualifying decline in revenue.
Further details are available on the CERS program’s website here and our newsletter .
The CEWS provides a subsidy covering a portion of employee compensation when the business has experienced a qualifying decline in revenue. Applications for periods 6 through 11 are being accepted, with period 11 covering the period from December 20, 2020 to January 16, 2021.
This Government of British Columbia program provides grants to between $10,000 and $30,000 to small and medium business affected by Covid-19. Additional grants of between $5,000 and $15,000 are available to eligible tourism-related businesses. The program runs to March 31, 2021 or earlier if the available funds are allocated.
This program has detailed application criteria and requires applicants to develop and submit a formal, written recovery plan. Additional details are available here.
Launched on February 4, 2021, HASCAP is designed to provide loans to small and medium-sized businesses that have lost more than 50% of their revenue, due to Covid-19, for at least three of the previous eight months. Applicants generally must have received payments under the CEWS or CERS programs, though other applications may be considered. Loans are available from $25,000 to $1 million, interest is charged at 4%, and there is a ten-year repayment term commencing up to one year from receipt of the loan.
This program has detailed application criteria and is administered by participating banks with a guarantee provided by the Business Development Bank of Canada. Additional details are available here.
The Province of British Columbia has introduced a 15% refundable tax credit for employers who increased their qualifying payroll for eligible low and middle-income B.C.-based employees from the third quarter of 2020 to the fourth quarter of 2020. The credit is applied to reduce any balance due for B.C. Employer Health Tax, with any excess amount being refundable.
The program is available to private sector, B.C.-based employers including most charities and not-for-profit organizations. Applications may be made beginning in March 2021. More information is available here.
The Government of Canada and the Government of British Columbia have also introduced relief programs for individuals in certain specific circumstances. These programs include:
The CRB program replaced the CERB program and provides a benefit of up to $900 for each 2-week period for up to 13 eligibility periods. More information is available here.
The CRCB program provides a benefit to employed and self-employed individuals who are unable to work because they must care for a child under age 12 or a family member who need supervised care. The CRCB program provides a $500 weekly benefit for each 1-week period for up to 26 weeks. More information is available here.
The CRSB program is similar to the CRCB and applies to individuals unable to work because they are sick, need to self-isolate due to Covid-19, or because they have an underlying health condition that puts them at greater risk of getting Covid-19. The CRSB program provides a $500 weekly benefit for each 1-week period for up to 2 weeks between September 27, 2020 and September 25, 2021. More information is available here.
The BC Recovery Benefit provides a one-time, tax-free payment of up to $1,000 for eligible families and single parents, and up to $500 for eligible individuals. Applications may be made until June 30, 2021. More information is available here.
Each program has different eligibility criteria, and such criteria can change from time-to-time as programs are expanded or narrowed. New programs also continue to be introduced. You can check for ongoing provincial updates here and federal updates here.News