The best sources for all COVID-19 Resources
Federal Government is: https://www.canada.ca
Government of Ontario: https:/www.ontario.ca
Municipal Government: www.toronto.ca
Changes to CEBA
The Government of Canada launched CEBA to ensure that small businesses have access to the capital they need to see them through the current challenges, and better position them to quickly return to providing services to their communities and creating employment.
This $55 billion program, implemented by eligible financial institutions in cooperation with Export Development Canada (EDC), provides interest-free loans of up to $40,000 to small businesses and not-for-profits.
Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
The expanded Canada Emergency Business Account (CEBA) is now open for applications. This means that more small businesses can access it.
As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. Applicants will have to demonstrate having eligible non-deferrable expenses between Cdn.$40,000 and Cdn.$1,500,000 in 2020.
The expanded CEBA is being made available gradually by more than 230 financial institutions across the country, starting with the larger banks. Other participating financial institutions will start offering the program over the coming weeks.
Canada Emergency Wage Subsidy (CEWS) The government of Canada recently announced that the CEWS would be extended to December 2020 to prevent further job losses and to allow employers to rehire staff who were layed off due to Covid-19 and to better position businesses now that we are in Phase 3 of Reopening. Canada Emergency Rent Assistance (CECRA) The CECRA has been extended to help eligible small businesses pay August rent. Those who qualified for CECRA based on existing program parameters will be able to apply soon for the additional one month based on having a 70% revenue decline for April, May and June without being reassessed for July and August. Resources for Small Businesses from Other Sources
The Board of Directors of the Weston Village BIA would like to take this opportunity to inform you about an exciting FREE program that is available to all BIA members, and has the potential to increase the presence and, especially during these challenging economic times.Digital Main Street (DMS)
Sponsored by the Governments of Canada and Ontario, Digital Main Street is a group of programs designed to assist small, main street, businesses with adoption of digital technology using easy to use tools and resources.
$2,500 grants are available to main street businesses to support you in purchasing and adopting digital tools and technology. The funds are available until Nov 30th or until they run out. There is a huge demand for this grant, so if you intend to apply, you should do so sooner rather than later.
Provides independent small businesses with a quick, easy and no-cost way to start selling online right away and offers hands-on assistance setting up and launching your online store. Amazon’s sales have increased 40% since the start of Covid-19 and the businesses that are doing best in these uncertain times are those who have been able to sell online as well as in store. Forecasts are that online sales (in Canada) will be more than $75 billion dollars in 2020.
Future Proofing is a program that assists businesses with identifying new markets, pivoting their business model, and developing and implementing a digital transformation plan.
To speed up the process of getting our Weston Village BIA businesses onboard with the Digital Main Street programs, we have arranged for you to book a time with Connor McDowell, one of the Digital Main Street specialists, through his calendar at: https://calendly.com/connor-digitalmainstreet or by emailing him at: email@example.com. Connor will be able to answer all your questions about the DMS programs as well as assist you in determining your digital needs.
Covid-19 Energy Assistance Program for Small Businesses
The Government of Ontario has pulled together $8 million to support small businesses that are struggling to pay their energy bills. The Ontario Energy Board has created the COVID-19 Energy Assistance Program for Small Businesses (CEAP-SB). The program will provide a one-time, on bill credit for electricity and natural gas accounts that have outstanding payments as of March 17, 2020.
The applications are open starting August 31st and funding will be distributed on a first come first serve basis.
Enbridge does not yet have a page up for the CEAP-SB program but expect it will be available in the coming days and will send that out once available.
For businesses that are billed by a 3rd party or unit sub-meter providers they will need to reach out to them directly.
To find out more about the program, please contact:
Nick Brown, CEM CMVP
Toronto Association of Business Improvement Areas
The Voice of Toronto's 84 BIAs, Representing over 70,000 Businesses
p. (416) 886-1244