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COVID-19: SUPPORTS FOR SMALL AND MEDIUM BUSINESSES IN B.C.

29 Apr
Leo Chrenko April 29, 2020 0
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Resources for Small Businesses Affected by Coronavirus

The Provincial and Federal Governments are providing a wide-range of supports for businesses in British Columbia which are facing hardship as a result of the global COVID-19 outbreak.

This list of supports is subject to change. Please contact support providers directly for eligibility and application details!

1. Work Sharing Program

The government is extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks. Employers can temporarily reduce employees’ work schedules and provide them with a reduced income, while Service Canada will provide income support to employees eligible for Employment Insurance. Learn more here.

2. Temporary Wage Subsidy

  • 75% Canada Emergency Wage Subsidy (CEWS)

Employer whose business has been affected by COVID-19 may be eligible for a subsidy of 75% of employee wages for up to 12 weeks. This wage subsidy enables businesses to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position them to resume normal operations following the crisis. To be eligible to receive the wage subsidy, you must have experienced a 30% reduction in revenue. To check your eligibility and apply, visit the CEWS website.

  • 10% Wage Subsidy

The Temporary 10% Wage Subsidy is a three-month measure that will allow eligible employers to reduce the amount of payroll deduction required to be remitted to the Canada Revenue Agency (CRA). To apply, click here.

3. Canada Emergency Commercial Rent Assistance (CECRA)

CECRA will lower rent by 75% for small businesses that have been affected by COVID-19 for April, May, and June. Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations. It is expected that CECRA will be operational by mid-May. Read more here.

4. Credit & Financing Options

  • Business Credit Availability Program (BCAP)

Though the Business Credit Availability Program (BCAP), Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) more than $10 billion in direct lending and other types of financial support at market rates will be provided to Canadian businesses. Please contact your financial institution directly, and it will contact EDC and BDC where appropriate. Learn more about this program, here.

  • Canada Emergency Business Account (CEBA)

CEBA provides interest-free loans of up to $40,000 to eligible small businesses and not-for-profits to help cover their immediate operating costs such as payroll, rent, utilities, insurance, property tax, or debt service. This program is now available at various financial institutions and credit unions. To learn more and apply, click here.

5. Tax-filing and Payment Deadline Extention

Tax filing deadline for businesses has been extended to Aug 31, 2020. Learn more about these changes here.

B.C. Business COVID-19 Support Service offers information to support businesses during COVID-19. Visit them at https://covid.smallbusinessbc.ca/hc/en-us or call +1-833-254-4357.

Latest updated version of Supports for Businesses and Individuals in B.C. is available for download here.

The list of supports for businesses in British Columbia can be found here.

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