LAST UPDATE: MARCH 31, 2020

COVID-19

AID MEASURES

BDC

ABOUT  

  • Relief measures are to complement services offered by other financial institutions, with whom BDC will continue to collaborate. 

ELIGIBILITY

  • Applicants must demonstrate that business was viable prior to the impact of COVID-19. 

RELIEF MEASURES  

  • Postponement of payments for up to 6 months for existing BDC clients with total BDC loan commitment of $1,000,000 or less, contact account manager. 

  • For loans over $1,000,000, contact account manager for available solutions. 

  • Working capital loan 

    • Up to $ 2,000,000 ($100,000 or more). 

    • 3-year term. 

    • Effective variable rate of approx. 3.30% (base less 1.75%). 

    • No capital repayment for the first 12 months. 

    • 40% of loan payable over 24 months following the first 12-month period. 

    • 60% balloon payment at the end of the 36-month period. 

    • Standard fees apply (loan processing, legal fees, waiting fees). 

    • Guarantees apply (determined on a case-by-case basis). 

    • Additional questionnaires & documents will be required for the application process. 

 

LINK

    https://www.bdc.ca/en/pages/special-support.aspx?special-initiative=covid19 

 

 Business Credit Availability Program (BCAP)

ABOUT  / RELIEF MEASURES  

  • The federal government established the BCAP through which BDC and EDC will deploy $10B+ in additional support to qualifying businesses affected by COVID-19. 

  • Businesses may contact the BDC or EDC directly if already have a relationship.  However, they are encouraged to first communicate with their existing lender (refer to above).  

  • For non-BDC or non-EDC clients, their current lender will suggest EDC and/or BDC after assessing their situation. 

LINK

https://www.canada.ca/en/department-finance/economic-response-plan.html 

 Canada’s Regional Development Agencies (RDA) 

ELIGIBILITY

  • For tourism operators or small/medium-sized businesses/organizations who have received RDA funding and are impacted by COVID-19.  

RELIEF MEASURES

  • Additional funding and/or flexible arrangements. 

  • Determined on a case-by-case basis. 

  • Contact your local RDA office. 

  • Advice and pathfinding services to other federal programs and services available. 

LINK

http://www.ic.gc.ca/eic/site/icgc.nsf/eng/07677.html 

 Chartered Banks 

ELIGIBILITY

  • Businesses seeking financial relief who currently have existing facilities with a financial institution should first contact their account representative for an assessment of their situation. 

RELIEF MEASURES

  • Most financial institutions are offering up to a six-month moratorium for mortgages, and the opportunity for relief on other credit products for businesses impacted by COVID-19. 

  • Case-by-case basis.

  • Information to provide:               

    1. Year-end external financial statements for the last 3 years. 

    2. Latest available interim statements. 

    3. Action plan. 

    4. Additional questionnaires & documents may be required.

 

  • For their businesses whose needs extend beyond what is available through their bank, their account manager will refer them to EDC and BDC for the Business Credit Availability Program (BCAP) and to IQ for the Concerted temporary action program for businesses, established by the Federal and Quebec governments last week. 

LINK

Contact your account representative

 City of Montreal 

RELIEF MEASURES

  • Business support hotline - Monday to Friday from 8 a.m. to 5 p.m.  (514 394-1793). 

  • 6-month moratorium on interest and capital for PME MTL loans. 

  • Contact account representative directly.

LINK

https://montreal.ca/en/articles/covid-19-support-measures-montreal-businesses 

https://pmemtl.com/en/actualities/covid-19-our-services-are-maintained 

 Concerted Temporary Action Program for businesses 

 

ABOUT

  •  Via IQ, the Quebec government put together an action plan for Quebec-based businesses whose liquidities have been impacted due to COVID-19. 

  • Proposed relief measures are to complement services offered by other financial institutions, with whom IQ will continue working. 

ELIGIBILITY

  • Applicants must demonstrate that business was viable prior to the impact of COVID-19.

RELIEF MEASURES

 

Loan guarantees on lines of credit or other business financing from a chartered bank. 

  • Intended for working capital 

  • Minimum intervention of $50,000. 

  • Must demonstrate that liquidity problems or shortfalls are due to supply chain issues or inability to deliver good & services. 

  • Excludes refinancing. 

  • Files will be reviewed on a case-by-case basis. 

  • Excludes businesses in the following industries: 

    1. Arms manufacturing or distribution. 

    2. Gambling. 

    3. Tobacco or drugs other than pharmaceuticals. 

    4. Activity whose main purpose is protected by the Canadian Charter of Rights and Freedoms (religion, politics, advocacy, etc.). 

    5. Any activity deemed immoral. 

LINK

https://www.investquebec.com/quebec/en/financial-products/all-our-solutions/Concerted-temporary-action-program-for-businesses.html 

 EDC 

RELIEF MEASURES

  • Details still remain to be finalized but will likely include Purchase Order financing and some sort of Accounts Receivable insurance.  

  • We will provide update as details become available.

LINK

https://www.edc.ca/en/campaign/coronavirus-covid-19.html 

 Facebook Small Business Grants Program 

RELIEF MEASURES

 

$100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries. We will provide update as details become available.

LINK

https://www.facebook.com/business/boost/grants 

 Fondaction  

RELIEF MEASURES

3-month moratorium on capital and interests for portfolio businesses affected by COVID-19. 

  • Contact account manager directly. 

LINK

https://www.fondaction.com/nouvelles/fondaction-annonce-un-repit-de-trois-mois-pour-les-entreprises-de-son-portefeuille/

 Fonds de Solidarité FTQ 

RELIEF MEASURES

6-month moratorium on capital and interests for eligible businesses affected by COVID-19. 

  • Contact account manager directly. 

LINK

https://www.fondsftq.com/en/salle-de-presse/liste-communiques-de-presse/communique.aspx?nom=20200319-mesures-financieres-covid19  (in French only) 

Hydro-Québec

RELIEF MEASURES

  1. No service interruption for non-payment. 

  2. As of Monday, March 23, administration fees for unpaid invoices for all customers are suspended

LINK

https://www.hydroquebec.com/covid-19-en.html 

Montreal Restaurant Workers Relief Fund 

RELIEF MEASURES

The aim of the Montreal Restaurant Workers Relief Fund (MRWRF) is to provide emergency economic relief to restaurant employees who are facing economic hardship due to COVID-19. MRWRF will provide aid by transferring direct financial relief to eligible applicants. 

LINK

https://docs.google.com/document/d/1jDgXwFgtOZB8hhc2e5fgDBKdq46jjjKk3eBfl-c7Gko/mobilebasic 

Report des versements de TPS-TVQ /

GST-QST Remittance Deferral

RELIEF MEASURES

  • Afin d’offrir un soutien aux entreprises canadiennes pendant cette période économique sans précédent, le gouvernement reporte les versements de la taxe sur les produits et services/taxe de vente harmonisée (TPS/TVH) et des droits de douane jusqu’au 30 juin 2020.

  • In order to provide support for Canadian businesses during these unprecedented economic times, the Government is deferring Goods and Services Tax/Harmonized Sales Tax (GST/HST) remittances and customs duty payments to June 30, 2020.

LINK

https://www.canada.ca/fr/ministere-finances/nouvelles/2020/03/soutien-supplementaire-aux-entreprises-canadiennes-pour-faire-face-aux-repercussions-economiques-de-la-covid19.html 

Prêts sans intérêt

Interest-free Loans

RELIEF MEASURES

  • Prêts sans intérêt jusqu’à concurrence de 40 000 $ aux petites entreprises et aux organismes à but non lucratif, en vue de les aider à payer leurs coûts de fonctionnement pendant une période où leurs revenus ont été temporairement réduits, en raison des répercussions économiques du virus COVID-19.

  • Interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.

LINK

https://www.canada.ca/fr/ministere-finances/nouvelles/2020/03/soutien-supplementaire-aux-entreprises-canadiennes-pour-faire-face-aux-repercussions-economiques-de-la-covid19.html

Subventions salariales jusqu’à 75% 

Wage Subsidy up to 75%

RELIEF MEASURES

  • 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll.

  • More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared before the end of the month.

  • Subvention salariale au taux maximal de 75 % pour les entreprises admissibles. Cette subvention d’une durée maximale de 3 mois qui prend effet rétroactivement au 15 mars 2020 aidera les entreprises à conserver leurs employés ou à les reprendre.

  • Des renseignements supplémentaires sur les critères d’admissibilité, en commençant par celui de l’incidence de la COVID-19 sur les ventes, seront communiqués avant la fin du mois en cours.

LINK

https://www.canada.ca/fr/ministere-finances/plan-intervention-economique/covid19-entreprises.html

 

Prestation canadienne d’urgence (PCU)

RELIEF MEASURES

  • Cette prestation imposable permettra d’offrir 2 000 $ par mois pendant quatre mois au maximum aux travailleurs et travailleurs autonomes qui perdent leur revenu à cause de la pandémie de COVID-19 qu’ils soient admissibles ou non à l’assurance-emploi. 

  • Les demandeurs commenceront à recevoir leurs paiements de PCU dans les 10 jours suivant la présentation de leur demande. La prestation sera versée toutes les quatre semaines et serait offerte du 15 mars 2020 au 3 octobre 2020.

LINK

https://www.canada.ca/fr/ministere-finances/nouvelles/2020/03/instaure-la-prestation-canadienne-durgence-pour-venir-en-aide-aux-travailleurs-et-aux-entreprises.html 

The new Canada Emergency Response Benefit (CERB)

ELIGIBILITY

  • Workers and self-employed workers who are losing their income due to the COVID-19 pandemic, whether or not they qualify for employment insurance

 

RELIEF MEASURES

  • This taxable benefit will provide $ 2,000 per month for up to four months 

  • Applicants will begin receiving their CERB payments within 10 days of submitting their request. The benefit will be paid every four weeks and would be offered from March 15, 2020 to October 3, 2020. 

LINK

https://www.canada.ca/en/department-finance/news/2020/03/introduces-canada-emergency-response-benefit-to-help-workers-and-businesses.html

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