Avoiding layoffs, rehiring, and creating new jobs
- Work-Sharing program is expanding from 38 weeks to 76 weeks. This is available to workers who agree to reduce their normal working hours.
- Canada Emergency Wage Subsidy (CEWS) covers up to 75% of eligible employee wages and is available until June 5, 2021.
- Canada Summer Jobs (CSJ) program is creating 120,000 job opportunities for students until February 26, 2022. Employers can apply for a wage subsidy that covers up to 100% of the provincial minimum hourly wage for non-profit organizations and up to 75% for public and private sectors.
Access to credit
- Establishing a Business Credit Availability Program provides $65 billion in support to businesses through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). This program includes:
- Canada Emergency Business Account which provides up to $60,000 of interest free loans to small businesses and not-for-profits. The application deadline for CEBA is now June 30, 2021.
- Loan Guarantee for Small and Medium-Sized Enterprises (SMEs) through the EDC which could issue loans up to $6.45 million until June 2021.
- Co-Lending Program for Small and Medium-Sized Enterprises through the BDC which will co-lend and issue loans to up to $6.25 million through financial institutions. This support is available until June 2021.
- Canadian Emergency Rent Subsidy (CERS) provides direct and easy to access rent and mortgage subsidies to qualifying businesses, charities and non-profits until June 5, 2021. The program also includes Lockdown Support for qualifying organizations that have been restricted by a mandatory public health order.
- Highly Affected Sectors Credit Availability Program (HASCAP) provides businesses significantly impacted by the COVID-19 pandemic access guaranteed, low interest loans of up to $1 million to cover operational cash flow needs. This program is available to business operating in the sectors of tourism and hospitality, restaurants and other in-person services.
- Regional Relief and Recovery Fund (RRRF) provides over $1.5 billion of relief to support businesses and organizations who are key to local economies in sectors such as manufacturing, technology, tourism and others
- Black Entrepreneurship Loan Fund supports Black business owners and entrepreneurs with loans between $25,000 and $250,000. More details on eligibility requirements and how to apply will be available soon. Applications will begin being accepted in May 2021.
- Mid-Market Financing Program provides commercial loans ranging between $12.5 million and $60 million to medium-sized businesses whose credit needs exceed what’s available through the Business Credit Availability program and others. This support will be available until June 2021.
- Business Credit Availability Program, brings liquidity to companies with typical revenues between $50 million and $300 million to sustain operations during this uncertain period.
- Large Employer Emergency Financing Facility (LEEFF) provides bridge financing to Canada’s largest employers whose needs during the pandemic aren’t being met through conventional financing, in order to keep their operations going.
Support for farmers
Farm Credit Canada will be issuing an additional $5 billion in credit to help Ag producers, agribusinesses and food processors.
- Mandatory Isolation Support for Temporary Foreign Workers Program (MISTFWP) provides support of $1,500 to each temporary foreign worker to ensure isolation requirements are fully met.
- AgriStability is increasing interim payments from 50% to 75%.
- Emergency On-Farm Support Fund provides funding to improve health and safety on farms and in employee living quarters to prevent and respond to the spread of COVID-19.
- AgriInsurance is expanding include labour shortage as an eligible risk for the horticulture sector. This would insure against lost production due to an insufficient workforce.
- Canadian Seafood Stabilization Fund assists fish and seafood processing sectors.
- Employment Insurance (EI) for fishing benefits supports self-employed fish harvesters and share persons.
Supporting financial stability
- Short-term Compensation Fund Initiative compensates independent production companies for the lack of insurance coverage for COVID-19 related filming interruptions and production shutdowns.
- Emissions Reduction Fund supports workers and reduce emissions in Canada’s oil and gas sector, with a focus on methane.