How to access program: Businesses seeking support through BCAP should first contact their financial institutions for an assessment of their situation. Financial institutions will refer to EDC and BDC their existing clients whose needs extend beyond what is available through the private sector alone.
Provides credit and cash flow term loans to small and medium-sized Canadian businesses in all sectors that were otherwise financially viable and revenue generating prior to the COVID-19 outbreak
Financial institutions can issue operating credit and cash flow term loans of up to $6.25 million to existing clients, with 80 per cent guaranteed by EDC
See list of the 38 financial institutions offering the BCAP Guarantee here
Please contact your financial institution for application details
Additional EDC Supports:
EDC also provides support through their insights, tools and advice offerings like Export Help Hub. Through a MyEDC account Canadian businesses can access free services and information. Standard EDC programs are also available to support Canadian companies with international trade.
Allow banks to give up to $40,000 in government-backed loans to most owner-operated small businesses, to help them cover their operating costs during this time when their revenues are temporarily reduced. There is zero interest on the loan until December 31, 2022. By repaying 75% of your loan on or before December 31, 2022, you can keep the remaining 25% (up to $10,000). If the loan cannot be repaid by December 31, 2022, it can be converted into a 3-year term loan with an interest rate of 5%. Contact your primary financial institution to apply.
The business is Canadian-based and in operation as of March 1, 2020
The business’s 2019 payroll was between $20,000 and $1.5 million
The loan is used to continue or resume operations
You have not previously used the program and will not apply for it at a different financial institution
Offered through the Industrial Research Assistance Program (IRAP)
IRAP IAP provides a wage subsidy to eligible employers for up to 12 weeks.
SMEs pursuing technology-driven innovation who have been unable to secure funding under the Canada Emergency Wage Subsidy (CEWS) are eligible and can apply for financial assistance under IRAP IAP.
November 6, 2020 update: The Government of Canada announced over $155 million to extend Innovation Assistance Program funding for existing recipients. Over the coming weeks, existing IAP recipients will be contacted with more information.
Canadian businesses, non-profits or charities who lost revenue due to COVID-19 may qualify for a subsidy (up to 65%) to cover part of commercial rent or property expenses. The program runs from September 27, 2020 until June 2021.
If you are eligible for the base subsidy, you may also qualify for lockdown support if your business location is significantly affected by a public health order for a week or more.
Applications now open: As of November 23, 2020, you can submit applications for the first period of the program (September 27 to October 24, 2020). A CERS application must be filed no later than 180 days after the end of a claim period. You can apply for the next period (October 25 to November 21, 2020) as of November 30, 2020. See the CERS Technical Guidance page for support.
Loans of up to $50,000 will be available to small and medium-sized businesses that are either ineligible for, or unable to access, existing federal and provincial COVID-19 response initiatives for small businesses.
Loans will be available through Aboriginal Financial Institutions.
Up to 50% of each loan will be in the form of a non-repayable grant, with no interest due on the loan portion until December 31, 2022.
This adjustment program is designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer.
What’s new: The Government of Canada will enhance this program at an estimated cost of$12 million to help employers who are experiencing a downturn in business due to COVID-19, and their workers.
You are an eligible employer if you have seen revenues decrease by 15% in March 15 to April 11 (claim period 1) or 30% for following claim periods due to COVID-19.
Eligible employers includes individuals, taxable corporations, partnerships consisting of eligible employers as well as non‑profit organizations and registered charities.
See details on claim periods, and how revenue is calculated here.
October 4 update: A proposal has been made to continue the CEWS until June 2021, including possible changes to the rates and top-up calculation.
August 21 update: extension for furloughed employees by 4 weeks – from August 30 to September 26.
July 27 update: changes to program have been approved: extension of the subsidy to December 19, 2020 and changes to the eligibility requirements and subsidy amounts (goal to make the subsidy more accessible to a broader range of employers). Further details on the new program structure can be found here.
A three-month measure allows eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA)
10% of the remuneration you pay from March 18, 2020 to June 19, 2020, up to $1,375 for each eligible employee to a maximum of $25,000 total per employer
Note: this is a separate program from the Canadian Emergency Wage Subsidy
You are eligible if you are a Canadian-controlled private corporation (including a cooperative corporation) eligible for the small business deduction, an individual, partnership, non-profit corporation, or registered charity;
have an existing business number and payroll program account with the CRA on March 18, 2020; and
pay salary, wages, bonuses, or other remuneration to an eligible employee
For further information, please see this FAQ page.
Added flexibility for corporate taxes
T2 Corporation Income Tax Returns: The CRA will allow all businesses to defer T2 corporation income tax returns otherwise due in June, July or August, to September 1, 2020. As previously announced, any income tax balance due on or after March 18 and before September 1 will also be due by September 1, 2020.
The Canada Emergency Response Benefit (CERB) gives financial support to employed and self-employed Canadians who are directly affected by COVID-19
If you are eligible, you can receive $2,000 for a 4-week period (the same as $500 a week).
Who have stopped working because of reasons related to COVID-19 or are eligible for Employment Insurance regular or sickness benefits or have exhausted their Employment Insurance regular benefits or Employment Insurance fishing benefits between December 29, 2019 and October 3, 2020;
Who had employment and/or self-employment income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and,
Who have not quit their job voluntarily.
Note: The CERB was announced on March 25, 2020 as a more accessible combination of the previously announced Emergency Care Benefit and Emergency Support Benefit.
A tax-free quarterly payment that helps individuals and families with low and modest incomes offset all or part of the GST or HST that they pay. It may also include payments from provincial and territorial programs.
Support in assessing and navigating funding options