Financial Supports For Existing Businesses Amidst COVID-19
Likely your business has been affected by COVID-19. If you are looking for financial support as a result of the pandemic, we recommend reviewing this list of options.
Keep in mind, some of these programs have made changes to their processes and eligibility requirements since their original implementation.
Ontario’s Skill Development Fund
Designed to address the challenges brought by COVID-19 and reduce obstacles in hiring, training, and retaining workers, this fund provides financial assistance to small businesses and other organizations to train workers. *deadline of first application round is Feb 28th
Canada United Small Business Relief Fund
Together RBC, the Federal Government, and other Canada United partners are offering grants of up to $5000 to help small businesses offset the costs of reopening and adopting technologies.
Canada Emergency Business Account (CEBA)
Provides interest-free loans of up to $60,000 to small businesses and not-for-profits. These funds are available through different financial institutions.
*application deadline March 31st
Ontario Small Business Support Grant
Small businesses that have closed or significantly restricted their operations due to the December province-wide shutdown can receive up to $20,000 to supplement their revenue.
Regional Relief and Recovery Fund (RRRF)
RRRF provides interest-free loans of up to $60,000 to incorporated businesses and economic development organizations with employees who are facing funding pressures due to COVID-19.
Canada Recovery Benefit (CRB)
Self-employed individuals can apply to receive $1000 per 2 week period if they have ceased operations or have seen a 50% reduction in average weekly income due to the pandemic. Applicants must not be eligible for EI.
Black Entrepreneurship Loan Fund (from BEP)
This partnership between black-led businesses, financial institutions and the Federal Government will provide loans up to $250,000 to black business owners.
The Highly Affected Sectors Credit Availability Program (HASCAP)
HASCAP gives businesses the opportunity to access low-interest loans to cover operation costs by providing a loan guarantee to financial institutions. It also includes up to a 12-month postponement of principal payments.
Canada Emergency Rent Subsidy (CERS)
Businesses, non-profits and charities who have seen a decrease in revenue can receive funds to cover part of their rent or property expenses. Landlord participation is not required.
Canada Emergency Wage Subsidy (CEWS)
Subsidies are available for employers to re-hire and help prevent further job losses for businesses that have had revenues decrease due to COVID-19. *deadlines vary
Ontario’s Main Street Relief Grant: PPE
Small businesses with 2 to 19 employees can receive a one time grant of up to $1000 for the cost of personal protective equipment. This grant is available to select industries.
Property Tax and Energy Cost Rebates
Businesses who are/were required to shut down or significantly restrict services in accordance with Ontario’s mandates are eligible to receive rebates/grants to cover costs for property tax and energy bills.
The outbreak of coronavirus disease 2019 (COVID-19) may cause anxiety and stress. The Ontario Chamber of Commerce has put together mental health resources to help you during this time.
For Resources click HERE