We’ve started to notice a pattern with the influx of recent inquires. We have prepared the list below of frequently asked surrounding COVID-19 financial support. Please click here for fully detailed answers.
- Where can I receive financial support and funding to keep my business operating?
Both the Federal Government and Provincial Government have announced a range of financial programs to assist small businesses at this time. In most cases, these programs have been announced, but specifics on how the money will be distributed are not currently available.
- 10% Temporary Wage Subsidy for Employers
- Canada Emergency Wage Subsidy – CEWS
- Canada Emergency Business Account (CEBA)
- How can I ready my business to apply for Government financial support?
Right now, we know that government supports are coming to help business owners. We also know additional funding will be available through traditional lenders launching new financing options. What we don’t know are the specifics, or how people will qualify for this support. That doesn’t mean you can’t prepare in advance. Start by creating a spreadsheet that documents your fixed and variable expenses. Also, set up your business account online with the CRA website so there is no delay.
- Where can I find out more about Employee Insurance and COVID-19?
Visit the Canada Government dedicated CRA Employment Insurance page to apply for EI benefits. Afterward, you can apply to have the usual one-week waiting period waived by calling the government’s toll-free number at 1-800-206-7218. If there’s a need to lay off employees, ensure they’re receiving a record of employment as they will need this to apply.
- What if I don’t qualify for Employment Insurance?
The Government of Canada has announced the creation of an Emergency Response Benefit (CERB). The Canada Emergency Response Benefit will be accessible through a secure web portal starting April. Applicants will also be able to apply via an automated telephone line or via a toll-free number.
For full details including eligibility, please click here. If additional information, please do not hesitate to connect – we are here to support you.
