Provincial Resources & Supports
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Work Sharing Program: Work-Sharing (WS) is an adjustment program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer. The measure provides income support to employees eligible for Employment Insurance benefits who work a temporarily reduced work week while their employer recovers. Work-Sharing is a three-party agreement involving employers, employees and Service Canada. Employees on a Work-Sharing agreement must agree to a reduced schedule of work and to share the available work over a specified period of time.
Employment Insurance: The Government of Canada will waive the one-week waiting period for people who are in quarantine or have been directed to self-isolate and are claiming for Employment Insurance (EI) sickness benefits, at an estimated cost of $5 million. The Government of Canada will also introduce enhancements to the WorkSharing Program at an estimated cost of $12 million to help employers who are experiencing a downturn in business due to COVID-19, and their workers. We are exploring additional measures to support other affected Canadians, including income support for those that are not eligible for EI sickness benefits.
Small Business Loan: up to $100,000 can be obtained online
Working Capital Loan: get extra funds to bridge cash flow gaps and support everyday operations
Purchase Order Financing: Increase your cash flow to fulfill domestic or international order with very flexible terms
Support for Entrepreneurs: additional measures put in place for Canadian entrepreneurs
BUSINESS CREDIT AVAILABILITY PROGRAM - BDC & EDC
The program will further support financing in the private sector through the BDC and EDC. Under this program, BDC and EDC will enhance their cooperation with private-sector lenders to coordinate financing and credit insurance solutions for Canadian businesses. This will allow BDC and EDC to provide more than $10 billion of additional support to businesses. The Office of the Superintendent of Financial Institutions (OSFI) is lowering the Domestic Stability Buffer requirement for domestic systemically important banks by 1.25% of risk-weighted assets, effective immediately. This action will increase the lending capacity of Canada's large banks and support the supply of credit to the economy during the period of disruption related to COVID-19. The release of the buffer will support in excess of $300 billion of additional lending capacity. Contact: firstname.lastname@example.org / 1-800-229-0575
- Prime Minister Justin Trudeau has unveiled a sweeping $27-billion emergency aid package that offers immediate and direct help to Canadians and businesses, plus $55-billion in tax deferrals, to help them survive the severe economic downturn caused by the coronavirus pandemic.
- The massive stimulus package will inject cash into businesses to keep workers on the payroll even if they have been sent home and bolstering federal benefits and employment insurance programs.
- "The measures we are announcing today will provide up to $27-billion in direct support to Canadian workers and businesses, plus $55- billion to meet liquidity needs for Canadian businesses and households through tax deferrals to help stabilize the economy," he said. "This $82-billion in support represents more than 3 per cent of Canada's GDP."
In order to support the continuous functioning of financial markets, the Bank of Canada (Bank) is announcing its intention to launch the Bankers' Acceptance Purchase Facility (BAPF). The Bankers Acceptance market is one of Canada's core funding markets and a key source of financing for small- and medium-size corporate borrowers.
In the coming weeks, the Bank of Canada will launch the Standing Term Liquidity Facility (STLF). Announced in November 2019, the STLF complements the Bank's current tools for the provision of liquidity and will strengthen the Bank's efforts to enhance the resilience of the Canadian financial system. Under the STLF, the Bank could provide loans to eligible financial institutions in need of temporary liquidity support and where the Bank has no concerns about their financial soundness.
Canada's big six banks will allow mortgage payment deferrals for up to six months as part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic.
Loan deferral options for Business Owners including commercial and agricultural loans.
Trudeau announces important new measures to support farmers and agri-food businesses in Canada facing financial hardship due to the impacts of the COVID-19.
Ontario is temporarily slashing hydro rates for families, farmers and small businesses amid the COVID-19 crisis.
To support workers and help businesses keep their employees, the government has proposed legislation to establish the Canada Emergency Response Benefit (CERB).
New $50 million Ontario Together Fund will support the development of essential equipment and supplies.
The governments of Canada and Ontario are investing up to $1 million in new funding to connect workers with in-demand jobs in the agrifood sector to keep the nation's supply chains strong and store shelves stocked during the COVID-19 pandemic.
The federal government is providing rent relief to businesses that can’t afford to pay their landlords at a time when their operations are seriously curtailed or shut down due to the COVID-19 pandemic.
Families will have more choice when buying food and plants online.
Province takes critical steps to help businesses adapt to new environment.
The additional time will ensure the province has the necessary tools and health care capacity to contain COVID-19, while gradually reopening businesses, services, and amenities safely.