COVID-19 Financial Support and Resources in Ontario and Canada
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Financial Support and Resources for Business in Ontario and Canada
Federal and provincial government financial supports: Government Support for businesses
- Ontario-Canada Emergency Commercial Rent Assistance Program
- Canada Emergency Rent Subsidy (CERS)
- Canada Emergency Wage Subsidy (CEWS) program: The Canada Emergency Wage Subsidy (CEWS) covers 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.
Frequently asked questions – Canada emergency wage subsidy (CEWS) - 10% Temporary Wage Subsidy (TWS) – The 10% Temporary Wage Subsidy for Employers (TWS) is a 3-month measure that allows eligible employers to reduce the amount of payroll deductions they need to remit to the Canada Revenue Agency (CRA).
- Canada Emergency Business Account (CEBA) program: – The Canada Emergency Business Account offers 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.
- Support for Indigenous Businesses
- Business Credit Availability Program
- Young Entrepreneurs – $20.1 million in funding is going towards supporting Futurpreneur Canada to continue supporting young entrepreneurs across Canada who are facing challenges due to COVID-19. The Funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.
- Regional Relief and Recovery Fund (RRRF)
- Canada Emergency Business Account
- Work-Sharing Program – COVID-19
- EDC Guarantee Program for SMEs – EDC is working with financial institutions to issue new operating credit and cash flow term loans of up to $6.25 million to SMEs.
- BDC Working Capital Loans – BDC is working with financial institutions on co-lending term loans to SMEs for operational cash flow requirements.
- Canada Emergency Response Benefit – CERB – Closed
Additional Support for Canadian Businesses from the Economic Impact of COVID-19
- New Loan Programs for Businesses
- Administrative tax measures
- Trusts, Partnerships and NR4 Information Returns
- Objections
- Extending the deadline for filing an objection
- Canada Pension Plan/Employment Insurance (CPP/EI) appeals to the Minister
- Deadlines for charities
- Suspending collections on new debt
- Suspending audit activities
- Requirement to pay (RTP)
- Taxpayer relief requests
- Deferral of Sales Tax Remittance and Customs Duty Payments
Financial Assistance Programs and Resources:
- BusinessTO Support Centre: One-on-one virtual support to help businesses complete government assistance applications and navigate reopening
- Digital Main Street: Provides support for businesses interested in adopting technologies to help their businesses
- ShopHERE powered by Google: Help with setting up and launching a Shopify online store quickly, easily and at no cost
- Digital Transformation Grant: $2,500 grants available to businesses to help implement new technologies
- Business licensing and permit application portal
Contact the accountants at Hogg, Shain & Scheck for more information on the government supports available for your business during the Covid-19 pandemic.