Funding and Financial Support for Business

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FEDERAL AND PROVINCIAL - COVID-19 - FINANCIAL SUPPORT FOR BUSINESSES

The Government of Canada and the BC government have resources, programs and services to support Canadian businesses facing financial hardships due to COVID 19. These include:

Emergency Business Account
(CEBA)

Intended to help small businesses pay immediate operating costs through an interest-free loan

 

  • Applies to business and non-profit employers with 2019 payroll from $20,000-$1.5M
  • Financial institutions are able to provide up to $40,000 interest-free loan
  • If loan is repaid by December 31, 2022, 25% of loan is forgiven. If not repaid by that date, remaining balance is converted into 3-year loan at 5% interest 
For more information, contact your financial institution

Emergency Commercial Rent Assistance (CECRA)

Intended to provide short-term commercial rent relief

 

  • Applies to businesses with monthly rent of less than $50,000, are temporarily closed, and experiencing at least 70% drop to pre-COVID-19 revenues
  • Also applies to non-profits & charitable organizations
  • Applicable to April, May, June 2020
  • Provides forgivable loans to qualifying mortgaged property owner who must sign agreement to reduce tenants’ rent by 75% and to not evict them during period. The business/tenant must cover the remainder, up to 25% of the rent 

Applications open May 25, 2020

Learn more

Emergency Wage Subsidy
(CEWS)

Intended to help businesses avoid layoffs & rehires

  • Covers up to 75% of employee wages ($847/week) for businesses that have experienced at least 15% drop in gross revenues in March, and 30% drop in April and May
  • Applicable for 24 weeks, from March 15 - August 29, 2020
  • BC employers eligible for CEWS are also entitled to receive 100% refund for employer contributions to Employment Insurance and Canada Pension Plan
Apply here

10% Wage Subsidy (Temporary)

Intended to reduce payroll deduction remittance to CRA

  • Allows eligible employers to reduce the amount of payroll deductions that must be remitted to the Canada Revenue Agency (CRA)
Learn more

Loan Guarantee

Intended to provide credit & cash flow loans

  • Applies to small & medium-sized businesses that were generating revenue & financially viable prior to COVID-19
For more information, contact your financial institution

Loan / Co-Lending Program with Business Development Bank

Intended to provide loans for operational and cash flow needs

  • Applies to small & medium-sized businesses that were generating revenue & financially viable prior to COVID-19
  • Provides interest-only loans for first 12 months, with a 10-year repayment period
For more information, contact your financial institution

Large Employer Emergency Financing Facility (LEEFF)

Intended to provide bridge financing to large Canadian employers

  • Applies to large Canadian employers with significant operations and workforce in Canada. With annual revenues of $300 million or more.
  • Large for-profit enterprises in all sectors except for those in the financial sector.
  • Certain not-for-profit enterprises.
Learn more and register

Regional Relief and Recovery Fund

Support for businesses not eligible for CEBA

  • Applies to businesses have applied for other federal relief measures and have not been able to secure fund.
  • Businesses that have accessed COVID-19 relief measures and continue to experience hardships.
  • Eligible businesses can receive a conditionally repayable contribution up to $40,000.
Learn more and apply
Indigenous Businesses 
  • Applies to small and medium-sized indigenous businesses.
  • Allow for short-term, interest-free loans and non-repayable contribution through Aboriginal Financial Institutions.
Learn more

Agriculture and food industry
Loan deferrals and other financing products

Loan deferrals and other financing products

  • Applies to producers, agribusinesses and food processors.
  • Farm Credit Canada offering loan deferrals and other financing products
Learn More
Canadian Seafood Stabilization Fund
  • Applies to fish and seafood processing sector
  • Will be delivered through Western Economic Diversification Canada in BC
Learn more

Energy Sector Support

Credit and financing support

  • Applies to small & medium-sized  energy companies at risk due to COVID-19
Learn more

View the latest information on supports for businesses in BC.

Small Business BC – COVID-19 Support Centre 

To help business owners navigate the available provincial and federal resources, advisors are available Monday to Friday, from 8:00am to 6:00pm and Saturday from 10:00am to 4:00pm at 1-833-254-4357. Inquiries can also be emailed to covid@smallbusinessbc.ca, or raised on the live-chat feature available on Small Business BC

Support is available in multiple languages and a call-back feature will be in place to help manage high call volumes.

BC Provincial Government - COVID-19 - Financial Support for Businesses

The Government of British Columbia announced the COVID-19 Action Plan which will provide $5 billion in income supports, tax relief and direct funding for people, businesses and services.