Wage subsidies, up to 75% for up to 3 months, for qualifying businesses have been announced. Subsidies will be retroactive to March 15, 2020 with the goal of helping businesses keep and return works to payroll.
The Business Credit Availability Program (BCAP) will provide more than $65 billion in lending and financial support at market rates to businesses whose access to financing would otherwise be restricted. To access BCAP funds, businesses should work directly with financial institutions with whom a relationship already exists.
Work-Sharing is a program that aims to help businesses avoid layoffs when there is a temporary reduction in the normal workload beyond the control of the business. Work-Sharing is a three-party agreement between the employer, employee, and Service Canada. In this arrangement all parties agree to reduce and share available work over a specified period of time.
The Business Development Bank of Canada has made available a number of financing programs to assist businesses affected by the COVID-19 pandemic. Below are programs available through BDC.
Facebook is offering $100 million in cash grants and ad credits to 30,000 eligible small businesses in over 30 countries.
Google is giving small and medium-sized businesses (SMB’s) worldwide $340 million in ad credits. Businesses that have had active Google Ad accounts since the beginning of 2019 will automatically see notifications of credits in the coming months.