Sustain your business through loans, financing, and programs

Back to COVID-19 main page

Financial support measures are being rolled out across all levels of government to help businesses through the COVID-19 pandemic and into economic recovery. Below are the measures availble through:

 

Federal Government COVID-19 Response Plan

Avoiding layoffs & rehiring employees   Access to credit   Support for self-employed & employees   Indigenous businesses  

Avoiding layoffs and rehiring employees

  • Canada Recovery Hiring Program 
    Provides a subsidy on eligible salary or wages to help hard-hit businesses hire the workers they need to reocver and grow as local economies open.  Learn More
  • Canada Emergency Wage Subsidy
    Provides support to eligible employers to cover part of their employees' wages.  Learn More
  • Extended Work-Sharing Program
    The maximum duration of the Work-Sharing program has been extended from 38 weeks to 76 weeks for employers affected by COVID-19. This measure will provide income support to employees eligible for Employment Insurance who agree to reduce their normal working hours because of developments beyond the control of their employers.  Learn More

 

Access to credit

  • Canada Emergency Rent Subsidy
    Provides rent and mortgage subsidy for eligible expenses to qualifying businesses, charities and non-profits. This support is available directly to tenants and property owners. Qualifying businesses and other organizations that have been significantly restricted by a mandatory public health can receive an additional 25% in rent support through the Lockdown Support. Learn More
  • Highly Affected Sectors Credit Availability Program (HASCAP) | Available until Dec 31, 2021
    Provides businesses heavily impacted by COVID-19, access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs. HASCAP is available to businesses that operate in sectors such as tourism and hospitality, restaurants and those that primarily rely on in-person services. Learn More
  • Loan Guarantee for Small and Medium-Sized Enterprises | Available until Dec 31, 2021
    Through the Business Credit Availability Program, Export Development Canada is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized enterprises (SMEs).  Learn More
  • Co-Lending Program for Small and Medium-Sized Enterprises | Available until Dec 31, 2021
    Through the Business Credit Availability Program, Business Development Canada is working with financial institutions to co-lend term loans of up to $6.25 million to SMEs for their operational cash flow requirements.  Learn More
  • Mid-Market Financing Program | Available until Dec 31, 2021
    Through the Business Credit Availability Program, the Business Development Canada’s Mid-Market Financing Program will provide commercial loans ranging between $12.5 million and $60 million to medium-sized businesses whose credit needs exceed what is already available through the Business Credit Availability Program and other measures.  Learn More
  • Mid-Market Guarantee and Financing Program | Available until Dec 31, 2021
    Through the Business Credit Availability Program, EDC’s Mid-Market Guarantee and Financing Program will bring liquidity to companies who tend to have revenues of between $50 million to $300 million, to sustain operations during this uncertain period. EDC will continue to work with Canadian financial institutions to guarantee 75 % of new operating credit and cash-flow loans – ranging in size from $16.75 million to a maximum of $80 million. Learn More
  • Large Employer Emergency Financing Facility (LEEFF)
    This program provides bridge financing to Canada's largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. The additional liquidity provided through LEEFF allows Canada's largest businesses, their workers and their suppliers to remain active during this difficult time, and position them for a rapid economic recovery.   Learn More

 

Support for self-employed individuals & employees

  • Canada Recovery Sickness Benefit 
    A benefit of $500 per week for up to two weeks, for workers who cannot work because they are sick or must self-isolate for reasons related to COVID-19.  Learn More
     
  • Canada Recovery Caregiving Benefit 
    A benefit of $500 per week, for up to 26 weeks per household to eligible workers who cannot work because they must provide care to children or family members due to the closure of schools, day cares or care facilities  Learn More

 

Indigenous businesses

  • Indigenous Community Business Fund
    Provides non-repayable financial contributions to help support First Nations, Inuit and Métis community- or collectively-owned businesses and microbusinesses whose revenues have been affected by the COVID-19 pandemic.  Learn More

 

Read Canada's full COVID-19 Economic Response Plan

 

Back to top


 

Provincial Government BC Economic Recovery Plan

  • COVID-19 Paid Sick Leave
    Employers are required to offer employees 3 days of paid sick leave if they need to stay home as a result of circumstances related to COVID-19. If your workplace does not have an existing sick leave program, the Province will reimburse up to $200 day. Starting Jan 1, 2022, workers can take up to 5 days of paid leave for any personal illness or injury. Learn more
  • B.C. Increased Employment Incentive
    A refundable tax credit for employers which encourages the creation of new jobs for B.C. workers or increases in payroll for existing low- or medium-income employees. The tax credit is calculated at 15% of the amount that the employer’s qualifying B.C. remuneration exceeds the employer’s base B.C. remuneration. Learn more
  • B.C. PST rebate on select machinery and equipment
    A temporary provincial sales tax (PST) program where corporations can apply to receive an amount equal to the PST they paid between September 17, 2020 and March 31, 2022 on qualifying machinery and equipment. Learn more
  • New fund to scale up new B.C. businesses
    Launching a new $500 million strategic investment fund — called InBC — to help B.C. businesses scale up. B.C.’s investment. Investment strategy and criteria anticipated to be published Spring 2021.  Learn more

Learn more about StrongerBC, B.C.'s Economic Recovery Plan

Back to top


 

Surrey Economic Action and Recovery Plan

  • Parking to Patio Program Fees Waived & Facade Enhancement Grant
    The City of Surrey has approved the waiving of fees for the Parking to Patios initiative. Through this program, restauranteers can expand their operations onto privately-owned parking lots and city road right-of-ways. Restaurants will also be able to apply for temporary patio installations through the Facade Enhancement Grant program, where the City will provide eligible restaurants with a grant matching 30% of eligible costs to a maximum of $3,000. Learn More
  • 50% reduction in many fees relating to development
    New and in-stream projects that have a construction value of greater than $25 million will benefit from a 50% reduction of many fees relating to the development.
     
  • Deferral of business licence late payment penalties
    Late penalty fees for business licence fees have been deferred and will be applied 30 days after the Provincial State of Emergency comes to an end.

Learn more about the Surrey Economic Action and Recovery Plan