#CyberFit Financing
Canada

Access special funding in Canada to help your business survive and grow during challenging times

Canada Emergency Wage Subsidy (CEWS)

Program description
  • A 12-week program, from March 15 to June 6, 2020.
  • Provides a 75% wage subsidy to eligible employers ($847)
  • Prevents further job losses
  • Encourages employers to re-hire workers previously laid off as a result of COVID-19
  • Positions Canadian companies and other employers to more easily resume normal operations following the crisis
  • Learn more about the program
Eligibility
  • Eligible employers include individuals, taxable corporations, and partnerships consisting of eligible employers as well as non profit organizations and registered charities.
  • Those that see a drop of at least 15% of their revenue in March 2020 and 30% for the following months (see Eligible Periods).
  • In applying for the subsidy, employers are required to attest to the decline in revenue.
How to apply
  • Application through the Canada Revenue Agency’s "My Business Account" portal and via its web-based app.
  • Employers have to keep records demonstrating their reduction in arm’s-length revenues.
  • Learn more about the program

Business Credit Availability Program (BCAP)

Program description
  • Help Canadian businesses obtain financing during the current period of significant uncertainty.
  • Export Bank of Canada (EBC) and Business Dev. Bank of Canada (BDC) will provide more than $65 billion in direct lending and other types of financial support
  • BCAP includes the following programs:
    • Canada Emergency Business Account (CEBA): up to $40,000 with zero interest in the first year
    • SME Loan and Guarantee program
    • (a) BDC co-lending, up to $6.25 million, commercial interest rate, 10-year repayment period
    • (b) EDC guarantee, up to $6.25 million (Please, find all the information here )
  • These programs will roll out in mid-April, and interested businesses should work with their current financial institutions
  • Learn more about the program
Eligibility
  • All sectors, all regions covered, viable business model
How to apply
  • For additional information on any of the BCAP programs or to apply, businesses should contact their primary lender, where they have a pre-existing relationship.
  • Businesses that are impacted can contact them by phone or email to find out about their application process.
  • Learn more about the program

Income tax deferral

Program description
  • Allowance to businesses, including self-employed individuals, to defer until June 30, 2020 payments of the GST/HST, as well as customs duty owing on their imports.
  • Any GST/HST payment that becomes owing from March 27 until the end of May can be deferred until the end of June.
  • For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April, and May.
  • Learn more about the program
Eligibility
  • All businesses, including self-employed individuals.
How to apply
  • These amounts were normally due to be submitted to the Canada Revenue Agency and the Canada Border Services Agency as early as the end of March 2020.
  • Learn more about the program

Sales Tax Payment Deferral

Program description
  • Businesses, including self-employed individuals, can defer until June 30, 2020 payments of the Goods and Services Tax / Harmonized Sales Tax (GST/HST), as well as customs duties owing on their imports
  • The deferral will apply to GST/HST remittances for the February, March, and April 2020 reporting periods for monthly filers; the January 1, 2020 through March 31, 2020 reporting period for quarterly filers; and for annual filers, the amounts collected and owing for their previous fiscal year and installments of GST/HST in respect of the filer’s current fiscal year.
  • Learn more about the program
Eligibility
  • All businesses, including self-employed individuals
How to apply
  • These amounts were normally due to be submitted to the Canada Revenue Agency and the Canada Border Services Agency as early as the end of March 2020.
  • Learn more about the program

Business Loan Request - Purchase Order Financing

Program description
  • Covers up to 90% of the PO amount
  • Repayment schedule and amortization aligned with PO payment terms and conditions
  • Shorter terms than working capital loan
  • Interest-only payments with a balloon payment at loan maturity
  • Learn more about the program
Eligibility
  • Canadian citizen or permanent resident
How to apply
  • If you need less than $100,000, please check with this link