In this blog, Tembo will outline some of the programs and measures in place to support small businesses for those in need. We recognize that many of our readers, clients, and stakeholders are small business owners, have entrepreneurial family or friends, or are just interested in what governments have done to support our businesses get through the pandemic.
- Up to $196.10 in EI premium reduction for short-term disability benefits per employee per year through the EI Premium Reduction Program.
- Up to 65% of eligible expenses through the CERS (Canada Emergency Rent Subsidy), open until December 19, 2020.
- Cost-recovery basis PPE for sale through the national Essential Services Contingency Reserve if you can’t acquire PPE through other means.
- Contact your Regional Development Agency for a review of your situation and potential supports.
- Waiving of tariffs on any imported PPE or medical items a business procured after May 5th.
- Up to $100,000 in business loans through the BDC Small Business Loan with 5 day approval, apply online with the BDC.
- Up to $40,000 in interest free loans through the Canada Emergency Business Account (CEBA), applications close on Dec. 31, 2020.
- Up to $6.25 million in cash flow term loans through the EDC Loan Guarantee program (BCAP), applications close on Jun. 1, 2021, apply through your bank.
- From $1-$12.5 million in cash flow term loans through the BDC, apply through your bank.
- Up to $5,000 through the Canada United Small Business Relief Fund to buy PPE, renovate your business space, or boost e-commerce capabilities.
- $1,000 Main Street grant to buy PPE
- $2,500 Digital Main Street Grant to help build a website and enhance e-commerce activities for businesses without one
Tax Credits & Levies
- Through the Small Business Tax Credit, tax rates for companies with revenues less than $500,000 are reduced
- Up to $9,945 through higher Employer Health Tax exemptions when you file your taxes if you qualify.
- Up to $3,000 or a refundable tax credit of 30% through the Co-Operative Education Tax Credit if a co-op student is hired.
- Up to $2,000 per year for each apprentice hired through the Apprenticeship Job Creation Tax Credit.
Contact your local MP or MPP for more details on help in applying and accessing these supports. Keep in mind that most of the loans outlined in this blog post are in the hands of the BDC and EDC (Business Development Canada and Export Development Canada banks).