COVID-19: Government Financial Support During Lockdowns
Please note: the federal government is constantly updating their website as new information is announced. Remember to check Canada’s official coronavirus webpage to stay up to date.
As some provinces re-enter strict lockdowns to combat the spread of COVID-19, here are the financial assistance options currently available to Canadians and Canadian businesses from the federal government:
- the Canada Emergency Wage Subsidy (CEWS), a wage subsidy to help businesses keep and re-hire employees and avoid layoffs. The CEWS has been extended until June 2021.
- the Canada Emergency Business Account (CEBA) provides interest-free, partially forgivable, loans to small businesses and not-for-profits that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs, such as rent, utilities, insurance, taxes and wages. The deadline to apply for CEBA is Thursday, December 31, 2020.
- the Canada Recovery Benefit (CRB) provides income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. You can apply for a maximum of 13 periods out of the total 26 periods available between September 27, 2020 and September 25, 2021. The 13 periods do not have to be taken consecutively.
- the Canada Recovery Sickness Benefit (CRSB), for workers who are unable to work due to the effects of COVID-19. You may apply for up to a total of two weeks between September 27, 2020 and September 25, 2021.
- the Canada Recovery Caregiving Benefit (CRCB), for workers who are forced to take care of a family member for reasons related to COVID-19. You may apply up to a total of 26 weeks between September 27, 2020 and September 25, 2021.
- the Canada Emergency Rent Subsidy (CERS), which provides rent subsidies directly to businesses, rather than landlords, with a base subsidy rate of up to 65% available on eligible expenses until March 13, 2021.
- the Business Credit Availability Program (BCAP), to provide additional support through the Business Development Bank of Canada and Export Development Canada.
