Financing and Export Support
Business Credit Availability Program (BCAP) has been established to help Canadian businesses obtain financing during this difficult time. The BCAP will support access to financing for Candian Businesess in all sectors and Regions. More details are available on the FAQ page.
The Canada Emergency Business Account will provide up to $40 000 in interet-free loans to qualifying businesses, with up to $10 000 of the sum forgivable if the business meets certain conditions. To qualify, these organizations will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019. Business owners may apply for this support through their banks and credit unions. More details available on the federal FAQ site.
The Government of Canada recently announced the establishment of a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. This support will not be used to resolve insolvencies or restructure firms, nor will it provide financing to companies that otherwise have the capacity to manage through the crisis.
Export Development Canada: is helping Canadian exporters access capital, secure financing, and grow their capital. With a suite of financial and insurance solutions, get expert insights and trade information.
Western Economic Diversification Canada: has a page dedicated for funding recipients, including businesses, whose projects on trade, export or events have been delayed as a result of COVID-19.
Industrial Research Assistance Program (IRAP): helps Canadian SMEs increase their innovation capacity and take ideas to market, now has a $250 million fund to assist businesses that are unable to access other COVID-19 business supports.
Business Development Bank of Canada offers tailored solutions to help entrepreneurs impacted by COVID-19. Their programs include the Small Business Loan, Working Capital Loan, and Purchase Order Financing.
Tax Relief for Businesses
The following provincial taxes have been deferred, delayed or reduced:
- Deferred Tax Payments for Businesses
- Delayed PST Budget 2020 Tax Changes
- Delayed Carbon Tax Increase
- Reduced School Tax for Businesses