We’re here to support you with anything you need. Click here to read our summary of all the government relief programs available.

Our COVID-19 Response

OKR Financial has compiled a list of COVID-19 resources available to businesses and entrepreneurs:

 

·       Western Economic Diversification Canada (WD)- (Regional Relief and Recovery Fund (RRRF)- will provide eligible small- and medium-sized enterprises (SMEs) with an interest-free repayable contribution of up to $40,000 to help alleviate financial hardship resulting from COVID-19.

·       The Canada Emergency Response Benefit (CERB) started applications on April 6th, 2020 providing $2,000 a month for up to four months for workers, small business owners and entrepreneurs who are not receiving a paycheque as a result of COVID-19.

·       The Enhanced Work Sharing program is an agreement for workers to work a temporarily reduced work week while receiving EI benefits.

·       The Canada Emergency Wage Subsidy would provide a 75-per-cent wage subsidy to eligible employers for up to 12 weeks, between March 15 and August 29, 2020.

·       The Canada Emergency Business Account (CEBA) is a loan of up to $40,000, interest-free for the first year. For qualifying businesses, $10,000 of that amount will be forgivable. This is implemented by eligible financial institutions in cooperation with Export Development Canada (EDC).

·       Businesses, including self-employed individuals, can defer payments of the Goods and Services Tax / Harmonized Sales Tax (GST/HST), as well as customs duties owing on their imports until June 30, 2020.

·       If you pay less than $50,000/month for commercial rent, and have had to temporarily cease operations or have experienced a 70% drop in pre-COVID-19 revenues, the Canada Emergency Commercial Rent Assistance (CECRA) will provide a 75% reduction in payments for the months of April (retroactive), May and June 2020. Open for applications starting on May 25, 2020.

·       The Business Credit Availability Program (BCAP) provides support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) and they include:

o   Loan Guarantee for Small and Medium-Sized Enterprises

o   Co-Lending Program for Small and Medium-Sized Enterprises

o   BDC’s Mid-Market Financing Program. More details coming soon.

o   EDC’s Mid-Market Guarantee and Financing Program. More details coming soon.

·       The National Research Council (NRC) IRAP and Innovative Solutions Canada have more than 15 funding opportunities currently open here. Federal government commits additional $250 million in IRAP funding to support high growth start-ups.

·       The Large Employer Emergency Financing Facility (LEEFF) provides bridge financing for large companies to keep their employees on payroll. If your business makes over $300 million in annual revenues and you aren’t eligible for existing COVID-19 financing, you could get a loan to help cover your operational costs.

·       A $15 million investment will fund the certification of the facility for Good Manufacturing Practices compliance, and will enable production of material that will be used in humans, particularly for vaccines or therapeutics, including the $192 million in new projects that will be prioritized under the new Strategic Innovation Fund COVID-19 stream.

·       If you have an idea for a project, contact the Canada’s Digital Technology Supercluster. They are leading the development of solutions to some of the biggest issues created by COVID-19.

·       If your business is located in a rural community, and doesn’t qualify for the recently announced federal wage subsidy or other supports, the Community Futures Network of Canada can get financial assistance through your Regional Development Agency to help continue your operations.

·       If your business imported certain medical items into Canada on or after May 5, 2020, including PPE (masks, gloves, garments, sterilization products), you will not have to pay tariffs on those items.

·       With the Next Generation Manufacturing Supercluster (NGen) you could get up to $5 million to cover up to 100% of eligible costs for projects between April and June 2020 to build Canada’s supply of essential equipment, products and therapeutics.

·       If you have an idea for a project, Canada’s Digital Technology Supercluster is currently focused on solutions to protect the health and safety of all Canadians and our economy through the development, deployment, and scaling of digital technologies.

·       Non-repayable contribution to develop, adopt or adapt innovative or improved technologies with the Industrial Research Assistance Program (IRAP).

·       Extension for income tax filing and payment dates (CRA).

·       CanExport is offering money for international commercialization and funding to develop export markets.

·       NSERC Alliance COVID-19 grants of up to $50,000 for one year to collaborate on a project that addresses coronavirus-related research and technical challenges.

·       #CallingAllSuppliers if you produce masks, gloves, gowns, hand sanitizers, and services such as security, nursing, food, laundry, accommodation maintenance, and IT support, please complete this submission form.

·       #CallingAll Manufacturers that have equipment or facilities that can be rapidly re-tooled to meet medical needs and supplies please complete this form.

·       NRC’s Pandemic Response Challenge offers its capabilities and expertise to help fight against COVID-19, you could get financing to cover the costs of collaborative R&D projects.

·       For a limited time, Mitacs will support your small business could get increased funding to cover up to 75% of eligible project costs, instead of the usual 50% coverage.

·       $20.1 million will be provided in support for Futurpreneur Canada to continue supporting young entrepreneurs across Canada who are facing challenges due to COVID-19. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.

·       The Northern Business Relief Fund (NBRF) will provide short-term relief for operational costs in the form of a non-repayable grant ranging from $2,500 to a maximum of $100,000.

·       $15 million is being provided in new funding through the Women Entrepreneurship Strategy.

 


 

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