Accord COVID-19 Resources2020-07-06T09:05:24+00:00

COVID-19 Government and Private Sector Resources

BELOW ARE HELPFUL LINKS OF INFORMATION ON GOVERNMENT AND PRIVATE SECTOR PROGRAMS AND RESOURCES TO COPE WITH COVID-19

Please check back here regularly for information on the various federal and provincial government programs offering assistance during this unprecedented time. We have also included links to private-sector sources of assistance, including banking and other institutions. We will be constantly adding additional information.

Updated: July 3, 2020 | 10:52 AM PST

Federal Government Announcements

The following is a summary of the Government of Canada’s Emergency Wage Subsidy Program.

This is a summary only. Click HERE for the Federal Government’s applicable website for full details.

PROGRAM HIGHLIGHTS AS PROPOSED AS OF MARCH 2, 2020. NOTE THAT THE PROGRAM IS NOT AS YET PASSED INTO LAW AND THUS IS SUBJECT TO CHANGE.

THIS IS IN ADDITION TO THE TEMPORARY WAGE SUBSIDY PROGRAM WHICH PROVIDES RELIEF EQUAL TO 10% OF GROSS WAGES PAID IN A PAY PERIOD VIA REDUCTION IN SOURCE DEDUCTIONS REQUIRED TO BE SUBMITTED TO CRA. 

NEW PROGRAM – Canada Emergency Wage Subsidy (CEWS):

  • As proposed, would provide a 75% wage subsidy to eligible employers for up to 12 weeks
  • Eligible wages will be retroactive to March 15, 2020
  • Earliest funds for this program will be available 6 weeks from now (Estimate as of date of writing – March 2, 2020)
  • Federal Subsidy to pay up to 75% of employee wages for up to 3 months to a maximum subsidy of $847 per week for each employee

Businesses that Qualify (again, as of current date, follow link or check back for updates as more information is provided): 

  • Small and medium-sized enterprises, charity or non-profit organizations that have seen at least a 30% drop in gross revenue due to the COVID-19 crisis
  • Sole proprietorship and partnerships included
  • Available to all types of corporations in Canada (except non-taxable corporations and public sector organizations)
  • Canadian subsidiaries of foreign-controlled companies
  • Eligibility will be based upon prior period revenue comparisons for the months of March, April, and May of 2020 vs 2019 respectively.

Application Process:

  • CRA will develop an online portal over the next 3 weeks to receive applications
  • If you don’t have a direct deposit account set up with CRA, it is recommended you set one up immediately at the CRA My Business Account portal
  • More details on the application process will be available as all aspects of the program are determined
  • Eligible businesses will receive payment through direct deposit
  • Businesses will be required to re-apply on a monthly basis to collect the subsidy.

REMINDER: A strict reminder and penalties are in place for any fraudulent claims for individuals, employers or business administrators providing misinformation to access or misuse the program.

COVID-19 Emergency Response Benefit

Business Support

As of June 26, the Government expanded the criteria to include sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends. To qualify under the new eligibility criteria, applicants with payroll lower than $20,000 would need:

  • A business operating account at a participating financial institution,
  • A Canada Revenue Agency business number,
  • To have filed a 2018 or 2019 tax return, and
  • Have eligible non-deferrable expenses of $40k-$1.5M.

Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. The expanded CEBA is being made available gradually by more than 230 financial institutions across the country, starting with the larger banks. Other participating financial institutions will start offering the program over the coming weeks.

Click here to learn more about Canada Emergency Business Account (CEBA)

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Have a question about business financing? We’re happy to help

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