COVID-19 Support for Businesses
The COVID-19 pandemic has affected the Canadian economy and alongside the millions of individuals that are in need of financial support due to unemployment, small businesses have experienced dramatic challenges to their business, in a short period of time. The Government of Canada together with the Business Development Bank of Canada (BDC) and all chartered banks are working together to help ease this financial burden on individuals, families, business owners, and all those in need.
We are here to support all members of the Canadian Jamat through this period of uncertainty and are available to answer your questions on the economic impact that you, your families and business may be experiencing during the COVID-19 pandemic. Please refer to the resources below for information that is most relevant to your financial needs during this time.
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The information on this page and its contents are intended for general informational purposes only and are not intended to be professional advice nor the advice of the Shia Imami Ismaili Council for Canada or its boards, portfolios, or local councils, including the Aga Khan Economic Planning Board for Canada. Please seek the advice of a relevant professional advisor in relation to your specific situation.
- COVID-19: Supports for Canadian Businesses
- Access to capital and other liquidity support measures
- Measures to avoid or minimize the impact from layoffs
- Provincial/Territorial Measures
- Resources and Additional Information
- COVID-19: Soutien aux entreprises canadiennes
- Accès au capital et autres mesures de soutien des liquidités
- Éviter ou réduire au minimum les impacts des mises à pied
- Mesures provinciales/territoriales
- Ressources et renseignements supplémentaires
- Assessment Tool for Support for Business Owners
- Summary of Government of Canada financial support programs
- COVID-19 Government Funding for Canadian Businesses
- Canada Emergency Rent Subsidy (CERS)
- Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee
- Calculate your subsidy amount
- Canadian Federation of Independent Business
- Business Development Bank of Canada
- Selected Bank COVID-19 Canada Emergency Business Account (CEBA) Pages: BMO, RBC, TD, Scotia, CIBC, National Bank
You may be eligible for a subsidy to cover part of your employee wages. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease your business back into normal operations.
For each applicable claim period, eligible employers can claim one of the following, whichever gives the highest amount:
- Tourism and Hospitality Recovery Program
- Hardest-Hit Businesses Recovery Program
- Canada Recovery Hiring Program
- Canada Emergency Wage Subsidy
You may be eligible for a subsidy to cover part of your commercial rent or property expenses.
Depending on the period you are applying for, you may be eligible to claim your commercial rent or property expenses through one of the following:
- Canada Emergency Rent Subsidy
- Tourism and Hospitality Recovery Program
- Hardest-Hit Businesses Recovery Program
The Jobs and Growth Fund is a $700-million program that supports regional job creation and positions local economies for long-term growth. This includes up to $70 million dedicated to businesses created after January 2020.
The Fund will help businesses and organizations that:
- support the transition to a green economy
- foster an inclusive recovery
- enhance Canada's competitiveness through digital adoption to improve productivity and manufacturing processes
- strengthen capacity in sectors critical to Canada's recovery and growth
The Government of Canada has extended the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks for employers affected by COVID-19.
The Highly Affected Sectors Credit Availability Program provides businesses heavily impacted by COVID-19, access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs.
HASCAP is available to businesses that operate in sectors such as tourism and hospitality, restaurants and those that primarily rely on in-person services.
Business owners can apply for support until March 31, 2022
Through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized enterprises (SMEs).
This financing support is to be used for operational expenses and is available to both exporting and non-exporting companies.
This program is now available at various banks and credit unions.
This support is available until December 31, 2021.
Through the Business Credit Availability Program, Business Development Canada (BDC) is working with financial institutions to co-lend term loans of up to $6.25 million to SMEs for their operational cash flow requirements.
The program offers differing maximum finance amounts based on business revenues.
This program is now available at various banks and credit unions.
This support is available until December 31, 2021.
Through the Business Credit Availability Program, the Business Development Canada's (BDC) Mid-Market Financing Program will provide commercial loans ranging between $12.5 million and $60 million to medium-sized businesses whose credit needs exceed what is already available through the Business Credit Availability Program and other measures.
BDC anticipates that qualifying companies will have annual revenues in excess of approximately $100 million.
This support is available until December 31 2021.
Through the Business Credit Availability Program, EDC's Mid-Market Guarantee and Financing Program will bring liquidity to companies who tend to have revenues of between $50 million to $300 million, to sustain operations during this uncertain period. EDC will continue to work with Canadian financial institutions to guarantee 75% of new operating credit and cash-flow loans – ranging in size from $16.75 million to a maximum of $80 million.
These expanded guarantees are available to exporters, international investors and businesses that sell their products or services within Canada.
This support is available until December 31, 2021.
The Large Employer Emergency Financing Facility (LEEFF) provides bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going.
The additional liquidity provided through LEEFF allows Canada’s largest businesses, their workers and their suppliers to remain active during this difficult time, and position them for a rapid economic recovery.
This program is delivered by the Canada Development Investment Corporation, in cooperation with Innovation, Science and Economic Development Canada and the Department of Finance.
Navigate the Links Below to Access Additional Support by Sector:
- Aerospace
- Agriculture and agri-food
- Aquaculture and fisheries
- Culture, heritage and sport
- Energy
- Tourism
- Transportation
- Infrastructure
Other supports for your business may be available to you in your province or territory. Navigate to the appropriate resource page through the links below:
Use this tool to access a unique benefit finder to find the right government support for your business.
Please use this link to access valuable financial support resources curated by CFIB.
Please use this link to access the full range of benefits available to businesses by the Government of Canada.
Attached is the Economic and Fiscal Update for 2021. The Economic and Fiscal Update provides information on the current state of the economy and the Government of Canada’s continued support for Canadians and Canadian businesses during the COVID-19 pandemic.
