DETAILS ON THE CANADA EMERGENCY RESPONSE BENEFIT – The portal for accessing the Canada Emergency Response Benefit will be available in early April.
Until then, EI eligible Canadians who have lost their jobs can continue to apply for EI online, and will automatically be enrolled into the Canada Emergency Response Benefit. This automatic enrolment also includes all Canadians who have already applied for EI or EI Sickness benefits since March 15, 2020.
To be clear, if someone has already applied, they do not have to worry about applying again. This new benefit will be paid in 4-week installments for up to 16 weeks. The new benefit will be available for weeks beginning March 15, 2020, and ending October 3, 2020.
The portal for accessing this new benefit will be available in early April. Until then, EI eligible Canadians who have lost their job can continue to apply for EI here
The benefit will be available to workers residing in Canada who:
* have earned at least $5,000 in 2019 or in the year prior to their application from any or a combination of the following sources: employment, self employment, Employment Insurance maternity and parental benefits, and/or similar benefits paid in Quebec under the Quebec Parental Insurance Plan (QPIP); and
* are without employment or self-employment income for at least 14 consecutive days in a four-week period, for reasons related to COVID-19, including if they have temporarily stopped working, lost their job, are sick or in quarantine, or need to care for a child or a family member.
Provisions in Prime Minister Trudeau announcement for small business:
o Providing an up to 75% wage subsidy for qualifying employers for up to 3 months;
o Allowing businesses to defer GST/HST payments, and customs duties until the end of June;
• More details on eligibility criteria will be shared before the end of the month.
Canada Emergency Business Account
- The new Canada Emergency Business Account will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses and not-for profits.
- These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital they need, so they can pay for rent and other important costs over the next couple of months.
- Valued at a maximum of $40,000 to qualifying businesses, the program will support Canadian employers – including not-for-profits – with $50,000 to $1 million in total payroll in 2019.
- Loans may be repaid over 2 years with no interest with an option for option for another three years with interest.
- Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
Loan Guarantee and Co-Lending Program
- To support their operations, we are launching two new programs which will help provide cash flow during this challenging time.
o EDC will guarantee new operating and cash flow term loans that financial institutions extend to SMEs, providing up to $6.25 million.
o BDC, together with financial institutions, will provide additional liquidity to businesses through a new Co-Lending Program providing up to $6.25 million.
- These new programs are part of our ongoing work to help businesses keep their employees, pay the bills, and weather the COVID-19 pandemic.
If you have a service or product that you think could help combat COVID-19, here is the link to federal government procurement:
Are you Travelling?
Register with travel.gc.ca so they know where you are. If you are stranded, there will be funds available for you through a $5,000 loan to help you deal with emergencies.
For the most up-to-date information on COVID-19, visit canada.ca/covid-19