Covid 19 Help
As you have probably heard a million times already, we are experiencing unprecedented times. Covid 19 has dramatically changed our daily lives. While some things remain out of our control there are steps that can be taken to mitigate the effects via Provincial programs and funding. Below you will find a list that breaks down that available programs in each province.
Alberta
-90 day deferral on all Utilities/Gas bills (small commercial included)
-Student loans paused as of March 30, 2020
-Banks accepting applications for six month deferrals on loans
– Residential education property tax frozen at last year’s level (Businesses deferred for six months)
-WCB payment deferrals and assistance (depending on size of business)
– Corporate Income tax deferred
British Columbia
-One time payment of $1000.00
-Climate action tax credit to be paid in July (low to moderate income $218.00 per adult, $64.00 per child)
-Evictions suspended/$500.00 benefit paid to landlords
– Student loans frozen for six months
– Hydro Payment plans, or $600.00 grant via Customer Crisis Fund
-ICBC Deferred payment up to 90 days
-Taxes, Deferred tax payments for businesses, delayed PST 2020 tax changes, delayed Carbon Tax increase, reduced school tax for businesses
British Columbia Website Links
Manitoba
Until October 1, 2020, Manitoba Hydro, Centra Gas, and MPI will not charge interest or penalties on missed payments or enforce disconnections. MPI to relax ordinary practices on renewals and collections. WCB to extend relief on penalties for late payments. Working with municipalities to not charge interest on Provincial Education taxes and school division fees.
-Rental freeze between April-May 31,2020.
-Effective July 1st removal of PST from residential/business insurance
New Brunswick
Businesses can apply for working capital loans up to $100,000.00 via NB Small Business Emergency Working Capital Program
-larger businesses up to 1,000,000.00 via Opportunities New Brunswick
-loan and interest payments deferred on existing provincial loans for six months
-Property tax late payment penalties waived (on case by case basis)
-Work Safe NB payment deferred for three months without interest
-One time benefit of $900.00 for workers/self employed (closes April 30,2020)
Newfoundland/Labrador
Provincial student loans suspended until September 30,2020.
-Workplace NL deferring payments, penalties and interest until June 30,2020
Newfoundland/Labrador Website Link
Nova Scotia
-Additional $50.00 to anyone receiving Income Assistance
-Provincial Student loans suspended with no interest until September 30,2020
-Landlords are not allowed to evict/change locks of businesses that have closed due to Covid
-Worker Emergency Bridge Fund(Possibly Closed)
-Small Business Impact Grant maximum of $5000.00
-Government loans deferred until June 30,2020
-Small business fees deferred until June 30, 2020
-Changes to Small Business Guarantee Program to make loans more accessible
Ontario
-Mortgage assistance via personal banks/credit unions (case by case basis)
-Hydro time of use rates suspended
– One time payment of $200.00 to $250.00 to offset cost of homeschooling
-Provincial Student Loan payments and interest deferred until September 30,2020
Prince Edward Island
-Income Support Fund (one time payment of $750.00)
-Emergency Income Relief for the Self Employed ($500.00 per week for March 16-29, 2020)
-Temporary Rental Assistance Benefit
-Emergency Working Capital Financing
Quebec
-Second installment of property taxes deferred until July 2, 2020
-Support and funds for businesses and self employed
Saskatchewan
-Provincial Student Loan payments and interest deferred until September 30,2020
-3 month relief from PST penalties and interest charges for businesses
-0 interest bill deferral on utilities
-WCB waiving penalties until June 30, 2020
Covid 19 and Your Business’ Future
Keep in mind that most programs have a deadline and are continually changing. There are also Federal programs available like CERB that can help if you cannot work. Also there are programs that are being offered via your bank from reduced interest to access to federally backed loans. Now is the time to come up with a 90 day plan and see what your business will need to weather the storm and get to work!
