Delivered through Enterprise Renfrew County, applications for the COVID-19 Business Assistance Fund are available starting June 15, 2020 and will be received until July 3, 2020.
In partnership with the County of Renfrew, the City of Pembroke, and the Ottawa Valley Tourist Association, this fund will support businesses as they look to pivot, recover and succeed in a business environment affected by the COVID-19 pandemic.
The efforts of the Renfrew County Economic Task Force recognized early on that business owners were seeking funds that would assist them to find new technologies, methodologies, or procedures that would assist them with adjusting to a new model of serving their customers. In response, funds have been dedicated towards a fund that will provide some assistance towards these goals and will be available within a short turnaround period so that interested companies may quickly make changes and allow them to generate revenue and, in some cases, retain or hire employees.
The fund will provide up to $5,000 (non-repayable) per business and will focus on the following areas of transformation:
Renfrew County Community Futures Development Corporation (RCCFDC) is currently offering a Special “Relief Loan” at the Prime Rate (2.95%) to qualifying existing and new small business clients. As part of the Relief loan, all payments will be deferred and interest forgiven to July 31, 2020. This loan is to assist with working capital or other expenses you expect to have an economic impact on your business due to COVID -19 To apply for the Relief Loan, go to www.rccfdc.org/financing to request the loan application.
The subsidy generally covers 75% of an employee's wages – up to $847 per week - for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.
The program originally in place for a 12-week period, from March 15 to June 6 and now extended to August 29th, 2020.
Employers who are eligible for the CEWS are entitled to receive a 100% refund for certain employer contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan, and the Quebec Parental Insurance Plan paid in respect of employees who are on leave with pay.
For employers that are eligible for both the CEWS and the 10% Temporary Wage Subsidy for a period, any benefit from the Temporary 10% Wage Subsidy for remuneration paid in a specific period will generally reduce the amount available to be claimed under the CEWS in that same period.
Ontario and Canada Helping Small Businesses Go Digital - $57 Million Investment in Digital Main Street Will Help Businesses Reopen, Recover and Grow Long after COVID-19
Businesses will be able to take advantage of three new programs to support their digital transformation:
In addition, the Recovery Activation Program, operated through the Toronto Region Board of Trade, will help businesses grow and digitize their operations with custom consulting sessions, online resource sharing, learning webcasts and business planning. As a result of the investment announced today, the program will be offered province-wide and at no cost to businesses.
The governments of Canada and Ontario are investing up to $10 million in emergency assistance for beef and hog farmers. The funding will help cover the increased costs of feeding market ready cattle and hogs due to COVID-19 related processing delays, while redirecting surplus pork products to help those in need. This program will help ensure the country's food supply chain will remain strong and ready to recover as the economy gradually and safely reopens.
The beef cattle set-aside program will provide beef farmers with up to $5 million in support. Farmers can claim $2 per head of cattle per day to help pay for additional maintenance costs should they have to keep their market-ready animals on their farms for extended periods of time.
The hog sector support program will also provide hog farmers with up to $5 million to help cover additional maintenance costs. Ontario is also providing up to $1.5 million to process and package surplus pork for food banks, to provide those in need with fresh, locally produced pork products. This will assist the pork processing industry with managing capacity while helping those in need.
Both the beef cattle set-aside and hog sector support programs are being offered through AgriRecovery initiatives, under the Canadian Agricultural Partnership. The provincial contributions are part of Ontario's Action Plan: Responding to COVID-19.
This targeted application intake features two funding streams:
Funding for projects to implement occupational health and safety measures related to COVID-19 on farms with intensive use of labour. Available Cost-share of 70 %, up to a maximum of $7,500 per project.
Funding for Provincially Licensed Meat Processors to implement COVID-19 measures to maintain a safe workplace. Support is also available for employees who require mandatory isolation, work-site mobility and transportation that is in line with public health guidelines. Available Cost-share of 75 %, up to a maximum of $20,000 per business.
To stop the spread of COVID-19 and keep people safe, the Ontario government is launched a $50 million Ontario Together Fund to help businesses provide innovative solutions or retool their operations in order to manufacture essential medical supplies and equipment, including gowns, coveralls, masks, face shields, testing equipment and ventilators. This new Fund will support the development of proposals submitted by businesses and individuals through the Ontario Together web portal.
Business Loan Programs:
The Business Credit Availability Program (BCAP) provides additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
BDC and EDC are working with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exports and tourism.
This program includes:
Applications can be made through your bank or credit union.
Businesses that paid between $20,000 and $1.5 million in total payroll in 2019 are now eligible for CEBA. Applications can be made through your bank or credit union.
This program provides 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).
Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. It offers forgivable loans to eligible commercial property owners to:
The application process is through the Canada Housing and Morgage Corporation (CMHC): Apply now: https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business
The deadline to apply is August 31, 2020.
CMHC will provide forgivable loans to eligible commercial property owners. Funds will be transferred to the property owner’s financial institution.
Total Rent to be covered by: Tenant - 25%, Landlord - 25%, CMHC - 50% (forgivable loan)
The RRRF is specifically targeted toward those that may require additional help to recover from the COVID-19 but have been unable to access existing support measures such as the Canada Emergency Wage Subsidy (CEWS) or the Canada Emergency Business Account (CEBA).
The RRRF is now accepting applications from businesses and communities. Details on eligibility and how to apply can be found through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
Applications are now being accepted under two streams:
In order to provide targeted assistance to the small towns and communities they serve, CFDCs, who will deliver this stream of funding, will focus on assisting “main street” businesses, such as retail shops, restaurants and corner stores, etc., and businesses of strategic importance to their communities, with loans up to $40,000.
Apply directly to the Renfrew County Community Futures Development Corporation: www.rccfdc.org
If you have stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. The CERB provides $500 a week for up to 16 weeks.
May 4, 2020 - CERB reminder: Canadians who were among the first to receive the Canada Emergency Response Benefit must now reapply. CERB offers $500 per week for Canadians who lost work due to the COVID-19 pandemic, but recipients must confirm their eligibility for the program every four weeks. (Courtesy CTV News)
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