Highlights

To be eligible for this benefit, you must be at least 15 years of age and have earned, in 2019 or in the 12-month period prior to the date of the application, income of at least $5,000 from:

• a job
• self-employment
• parental leave benefits

Important: Shareholders employed by the company are not excluded, regardless of the percentage of shares they hold.

Expansion of eligible persons:

• Seasonal workers who have exhausted their employment-insurance regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak
• Workers who have recently exhausted their employment-insurance regular benefits and are unable to find employment or return to work as a result of the COVID-19 outbreak

These changes will be retroactive to March 15, 2020.

The Canada Emergency Response Benefit is available through a secure web portal. You can also apply through an automated phone line or a toll-free number.

Any false statement could result in the government recovering the benefit.

https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html

The student :

• For reasons related to the coronavirus disease 2019 and whether as an employee or in self-employment, they are unable to work, are seeking work and unable to find it, or are working but are paid less than the amount determined under the regulations (i..e $1,000 according to the April 22, 2020 announcement)
• They do not, in respect of any part of that four-week period, receive income from :
  • a job
  • self-employment
  • employment insurance
  • parental leave benefits
  • other sources of income (to be specified)

The amount would be of $1,250 per month or $2,000 per month for an eligible student whit dependants or has a permanent disability.

The CESB amount would be available from May to August, 2020.

CESB is taxable.

Applications for CESB must be submitted before September 30, 3030, by phone or online using CRA My Account.

Students seeking employment can register with the Government of Canada Job Bank at the following link:
https://www.jobbank.gc.ca/findajob/resources/cesb

https://www.canada.ca/en/revenue-agency/services/benefits/emergency-student-benefit/cesb-who-apply.html

Benefits for workers who agree to reduce their normal working hours because of developments beyond the control of their employers, extending the eligibility period for work-sharing agreements to 76 weeks.

Short-term disability plans will only cover disabled persons and individuals with a confirmed diagnosis of COVID-19. The quarantine period will be covered by EI.

The Bank of Canada has reduced its key interest rate to 0.25% bps to stimulate the economy currently affected by the COVID-19 crisis.

• a job
• self-employment (independent worker)
• parental leave benefits

Important: Shareholders employed by the company are not excluded, regardless of the percentage of shares they hold.

Expansion of eligible persons:

• Seasonal workers who have exhausted their employment-insurance regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak
• Workers who have recently exhausted their employment-insurance regular benefits and are unable to find employment or return to work as a result of the COVID-19 outbreak

Taxpayers who earn $1,000 or less while they have stopped working, as an employee or a self-employed person, will not lose their eligibility to CERB.

These changes will be retroactive to March 15, 2020.

The Canada Emergency Response Benefit is available through a secure web portal. You can also apply through an automated phone line or a toll-free number.

Any false statement could result in the government recovering the benefit.

https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html

The student :

• For reasons related to the coronavirus disease 2019 and whether as an employee or in self-employment, they are unable to work, are seeking work and unable to find it, or are working but are paid less than the amount determined under the regulations (i..e $1,000 according to the April 22, 2020 announcement)
• They do not, in respect of any part of that four-week period, receive income from :
  • a job
  • self-employment
  • employment insurance
  • parental leave benefits
  • other sources of income (to be specified)

The amount would be of $1,250 per month or $2,000 per month for an eligible student whit dependants or has a permanent disability.

The CESB amount would be available from May to August, 2020.

CESB is taxable.

Applications for CESB must be submitted before September 30, 3030, by phone or online using CRA My Account.

Students seeking employment can register with the Government of Canada Job Bank at the following link:
https://www.jobbank.gc.ca/findajob/resources/cesb

https://www.canada.ca/en/revenue-agency/services/benefits/emergency-student-benefit/cesb-who-apply.html

The federal government is offering certain employers a temporary wage subsidy for three months.

The subsidy is equal to 10% of the remuneration paid during this period, up to $1,375 for each employee to a maximum of $25,000 per employer.

Employers will be able to benefit immediately from this support measure by reducing the amount of income tax withheld from their employees’ remuneration.

For further details, click HERE.

Employers who qualify for the CEWS are entitled to a 100% refund for employer-paid contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan and the Quebec Parental Insurance Plan.

This refund covers 100% of employer-paid contributions for eligible employees for each week during which those employees are on leave with pay and for which the employer is eligible to claim for the CEWS for those employees.

In general, an employee is considered to be on leave with pay throughout a week if that employee is remunerated by the employer for that week but does not perform any work for the employer in that week. This refund is not available for eligible employees who are on leave with pay for only a portion of a week.

Employers must continue to collect and remit employer and employee contributions to each program as usual. They must apply for the refund through their CEWS application.

There is no limit to the amount that can be claimed.

Employers who benefit from the CEWS do not have to pay an insurance premium to the CNESST, both on the amount of the subsidy and on the additional amount they could pay during this period, for the weeks when workers don’t work. Consequently, no periodic payment must be made on these amounts and the necessary adjustments will be possible when the 2020 Statement of Wages is produced.

On the other hand, for the weeks in which workers provide work, even part-time, employers must declare the entire subsidy and the additional amount that they could pay to their workers in calculating the periodic payments.

This program provide 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.

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

For further details, click HERE

Businesses and non-profit organizations that are not eligible for other federal programs may have access to funding through the RRRF.

For more details, you can consult the following website:
https://dec.canada.ca/eng/programs/regi/coronavirus-rrrf/index.html

The major chartered banks and Desjardins have undertaken to work with their clients to provide them with tailored solutions that allow them to manage the difficulties arising from the current situation, such as child care due to school closures, and contracting COVID-19.

This support includes up to six months of mortgage deferral and the opportunity to postpone payments on other credit products.

If you are facing difficulties, you are asked to contact your bank directly to discuss possible solutions.

The federal government is offering certain employers a temporary wage subsidy for three months.

The subsidy is equal to 10% of the remuneration paid during this period, up to $1,375 for each employee to a maximum of $25,000 per employer.

Employers will be able to benefit immediately from this support measure by reducing the amount of income tax withheld from their employees’ remuneration.

For further details, click HERE.

Employers who qualify for the CEWS are entitled to a 100% refund for employer-paid contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan and the Quebec Parental Insurance Plan.

This refund covers 100% of employer-paid contributions for eligible employees for each week during which those employees are on leave with pay and for which the employer is eligible to claim for the CEWS for those employees.

In general, an employee is considered to be on leave with pay throughout a week if that employee is remunerated by the employer for that week but does not perform any work for the employer in that week. This refund is not available for eligible employees who are on leave with pay for only a portion of a week.

Employers must continue to collect and remit employer and employee contributions to each program as usual. They must apply for the refund through their CEWS application.

There is no limit to the amount that can be claimed.

Employers who benefit from the CEWS do not have to pay an insurance premium to the CNESST, both on the amount of the subsidy and on the additional amount they could pay during this period, for the weeks when workers don’t work. Consequently, no periodic payment must be made on these amounts and the necessary adjustments will be possible when the 2020 Statement of Wages is produced.

On the other hand, for the weeks in which workers provide work, even part-time, employers must declare the entire subsidy and the additional amount that they could pay to their workers in calculating the periodic payments.

The deadline for the second property tax payment has been deferred until September 1, 2020.

This program provide 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.

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

For further details, click HERE

Implementation of the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.

The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.

For further details, click HERE

To provide additional liquidity support for Canadian businesses, the Co-Lending Program brings the Business Development Bank of Canada (BDC) together with financial institutions to co-lend term loans to SMEs.

Eligible businesses may obtain incremental credit amounts up to $6.25 million.

These loans are available through your financial institution.

Please refer to your financial institution’s website for details on how to apply.

This measure is intended for companies operating in Quebec that have a satisfactory history of profitability but are currently experiencing a precarious situation and are in temporary financial difficulty because of COVID-19.

The program provides access to a working capital loan.

For detailed information on the program, contact your financial institution or visit the Investissement Québec website:
https://www.investquebec.com/quebec/en/financial-products/all-our-solutions/Concerted-temporary-action-program-for-businesses.html

The Bank of Canada has reduced its key interest rate to 0.25% bps to stimulate the economy currently affected by the COVID-19 crisis.

Revise your cash budget based on a lower income between now and July 2020. That way you can assess the impact on your cash flow (liquidity) to better predict your financial needs in the coming months.

Use an employee who is well-versed in collection and put them to work collecting your accounts receivable.

Ask for deposits from your customers, if possible.

Make credit less available to your customers and assess their ability to get through this crisis before delivering the merchandise.

Cut down on your expenses as much as possible.

Reassess your workforce needs while keeping in mind that governments have put in place programs and measures to help keep workers employed and help businesses.

Reduce your inventory or defer purchases, if possible. Try to liquidate part of your excess or obsolete inventory. The possibility of selling at a loss should be considered.

Ask your suppliers about their terms for payments made after 30 days.

If you anticipate financial difficulties, discuss with your landlord the possibilities of deferring the payment of your rent.

Delay paying tax instalments and tax balances until the allowable dates announced by the different levels of government.

Get a moratorium on repaying the principal of your current debts. Some financial partners have introduced measures for their clients that can apply for up to 6 months.

Refinance some of your assets and sell surplus assets for cash in order to boost your company’s working capital.

Evaluate if this is the right time to get involved in projects involving significant new expenses.

Get a working capital loan that allows you to continue operating during this crisis period.

The federal government is offering certain employers a temporary wage subsidy for three months.

The subsidy is equal to 10% of the remuneration paid during this period, up to $1,375 for each employee to a maximum of $25,000 per employer.

Employers will be able to benefit immediately from this support measure by reducing the amount of income tax withheld from their employees’ remuneration.

For further details, click HERE.

Employers who qualify for the CEWS are entitled to a 100% refund for employer-paid contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan and the Quebec Parental Insurance Plan.

This refund covers 100% of employer-paid contributions for eligible employees for each week during which those employees are on leave with pay and for which the employer is eligible to claim for the CEWS for those employees.

In general, an employee is considered to be on leave with pay throughout a week if that employee is remunerated by the employer for that week but does not perform any work for the employer in that week. This refund is not available for eligible employees who are on leave with pay for only a portion of a week.

Employers must continue to collect and remit employer and employee contributions to each program as usual. They must apply for the refund through their CEWS application.

There is no limit to the amount that can be claimed.

Employers who benefit from the CEWS do not have to pay an insurance premium to the CNESST, both on the amount of the subsidy and on the additional amount they could pay during this period, for the weeks when workers don’t work. Consequently, no periodic payment must be made on these amounts and the necessary adjustments will be possible when the 2020 Statement of Wages is produced.

On the other hand, for the weeks in which workers provide work, even part-time, employers must declare the entire subsidy and the additional amount that they could pay to their workers in calculating the periodic payments.

The deadline for the second property tax payment has been deferred until September 1, 2020.

This program provide 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.

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

For further details, click HERE

Implementation of the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.

The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.

For further details, click HERE

To provide additional liquidity support for Canadian businesses, the Co-Lending Program brings the Business Development Bank of Canada (BDC) together with financial institutions to co-lend term loans to SMEs.

Eligible businesses may obtain incremental credit amounts up to $6.25 million.

These loans are available through your financial institution.

Please refer to their website for details on how to apply.

This measure is intended for companies operating in Quebec that have a satisfactory history of profitability but are currently experiencing a precarious situation and are in temporary financial difficulty because of COVID-19.

The program provides access to a working capital loan.

For detailed information on the program, contact your financial institution or visit the Investissement Québec website:
https://www.investquebec.com/quebec/en/financial-products/all-our-solutions/Concerted-temporary-action-program-for-businesses.html

The Bank of Canada has reduced its key interest rate to 0.25% bps to stimulate the economy currently affected by the COVID-19 crisis.

Revise your cash budget based on a lower income between now and July 2020. That way you can assess the impact on your cash flow (liquidity) to better predict your financial needs in the coming months.

Use an employee who is well-versed in collection and put them to work collecting your accounts receivable.

Ask for deposits from your customers, if possible.

Make credit less available to your customers and assess their ability to get through this crisis before delivering the merchandise.

Cut down on your expenses as much as possible.

Reassess your workforce needs while keeping in mind that governments have put in place programs and measures to help keep workers employed and help businesses.

Reduce your inventory or defer purchases, if possible. Try to liquidate part of your excess or obsolete inventory. The possibility of selling at a loss should be considered.

Ask your suppliers about their terms for payments made after 30 days.

If you anticipate financial difficulties, discuss with your landlord the possibilities of deferring the payment of your rent.

Delay paying tax instalments and tax balances until the allowable dates announced by the different levels of government.

Get a moratorium on repaying the principal of your current debts. Some financial partners have introduced measures for their clients that can apply for up to 6 months.

Refinance some of your assets and sell surplus assets for cash in order to boost your company’s working capital.

Evaluate if this is the right time to get involved in projects involving significant new expenses.

Get a working capital loan that allows you to continue operating during this crisis period.

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

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

https://www.quebec.ca/en/health/health-issues/a-z/2019-coronavirus/answers-questions-coronavirus-covid19/

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

https://www.canada.ca/en/employment-social-development/services/work-sharing.html

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

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

https://www.quebec.ca/entreprises-et-travailleurs-autonomes/aide-urgence-pme-covid-19/

https://blogues.desjardins.com/press_release/2020/03/covid-19-desjardins-announces-relief-measures-for-personal-and-business-members-and-clients.php

https://www.scotiabank.com/corporate/en/home/media-centre/media-centre/news-release.html?id=3511&language=en

https://newsroom.bmo.com/2020-03-17-Canadas-Six-Biggest-Banks-Take-Decisive-Action-To-Help-Customers-Impacted-by-COVID-19

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

https://www.manulife.ca/business/news/group-benefits-news/coronavirus-precautions.html