Regional Relief and Recovery Fund
Community Futures Development Corporations across southern Ontario are here to help small businesses impacted by COVID-19 that have been unable to access other federal support. Applications ARE NOW OPEN for the new Regional Relief and Recovery Fund through your local CFDC, Community Futures Huron.
ONLINE APPLICATION OPEN
Please note: If you’d like to reach out to us at this time with any questions regarding the RRRF loan application, please contact Paul Nichol, General Manager at 226-889-8256 or email email@example.com.
Government Support for Canadians & businesses
The Government of Canada is taking action to help businesses facing hardship as a result of the COVID-19 outbreak. Read the full plan here.
What does this mean for businesses?
The Government will provide up to $27 billion in direct support to Canadian workers and businesses. These measures are being implemented in an effort to help stabilize the economy. There will be income support, flexibility for taxpayers, mortgage default management tools, among others, to help Canadians.
Here are the links to supports for business owners and their employees…HERE
Canadian Emergency Wage Subsidy (CEWS) Program: will 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. For more information about this and other programs designed to support Canadian Business Check out this link: Canada’s COVID-19 Economic Response Plan.
On Thursday, April 16, the Prime Minister announced that the CEBA program will now be available to businesses with payrolls worth between $20,000 and $1.5 million. Up to $10,000 of the loan is non-repayable. Previously, the interest-free loan was for those with payrolls between $50,000 and $1 million.
Canada Emergency Commercial Rent Assistance (CECRA) Program: The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. Implementation of the program will require a partnership between the federal government and provincial and territorial governments.
Canadian Emergency Wage Subsidy (CEWS) Program: Businesses still unable to access CEWS funding may still be eligible for the originally announced 10% wage subsidy, which has much broader criteria and no specific application process. Details on the subsidy can be found here.
The CRA will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses. For information on this program go here.
Additional Support for Canadian Businesses from the Economic Impact of COVID-19: The Government of Canada is making additional investments to support Canadian businesses from the economic impacts of COVID-19. These new investments provide support to financial institutions and allow them to quickly provide credit and liquidity options for a range of businesses.
These measures are a part of the Government of Canada’s COVID-19 Economic Response Plan, which provides direct support and tax deferrals to Canadian workers and businesses to help them in these difficult times.
Please click the image to download a PDF version of Huron County’s COVID-19 Support for Small Businesses pamphlet or go to the link below to access resources to support Huron County businesses, their employees and their families: https://bit.ly/2xGaBuw.
Visit Huron County Economic Development for complete and up-to-date Huron County COVID-19 resources for small businesses. Please visit: https://www.huroncounty.ca/economic-development/