COVID-19 Small Business Credit and Support Program Online Applications Opens Today

The temporary program is to help small businesses affected by COVID-19. It includes a loan, a grant, and business advice and support.

The loan:
  • $25,000 through credit unions
  • The loan application will be available from 29 April to 30 June 2020
  • If approved for the loan, businesses will also be eligible for a one-time grant of 10% of the loan amount, up to $1,500 and a business continuity voucher of up to $1,500. The voucher supports businesses in accessing professional advice and support to help adapt to, or recover from, the impacts of COVID-19.

To be eligible under the COVID19 Response Stream, a borrower must meet the following criteria:
  • The Borrower’s wages and salaries paid in the 2019 calendar year was less than $20,000, or if a new business, is projected to pay less that $20,000 in 2020. The calculation of total wages and salaries does not include dividends paid to business owners.
  • Has not received a loan through the Canada Emergency Business Account program.
  • Experienced a decline in revenue of at least 15% in March 2020 or at least 30% in April, May or June 2020 for the same period in the 2019 or, if a new business, is projected to lose revenue in the month of application.
  • Business established before March 1, 2020.
  • Be a sole proprietorship, partnership, corporation, co-operatives, society, social enterprise, not for profit, charity in business, and other similar organizations.

Online applications will open today, at

Member Survey
Keep an eye on your email for a survey coming to you today.

Canada Emergency Commercial Rent Assistance
More details on this program were discussed on calls yesterday, they are supposed to be public today.

Canadian Seafood Stabilization Fund Announced
On April 25, the Government of Canada announced the creation of a $62.5 million fund to help businesses: 
  • access short-term financing to pay for maintenance and inventory costs;
  • add storage capacity for unsold product;
  • comply with new health and safety measures for workers;
  • support new manufacturing/automated technologies to improve productivity and quality of finished seafood products; and,
  • adapt products to respond to changing requirements and new market demands.
In our region the  Canadian Seafood Stabilization Fund  will be delivered through the Atlantic Canada Opportunities Agency. Details on when and how to apply have not been released.

Self-employed small business owners eligible for the CERB
Self-employed business owners eligible to receive the CERB provided they stopped working due to COVID-19 and do not earn more than $1000 in a period of at least 14 consecutive days in the first benefit period and for the entire four-week benefit period of any subsequent claim.

In determining their eligibility for the Canada Emergency Response Benefit:
  • Owners who take a salary from their business should consider their pre-tax salary;
  • Owners who rely on business income should consider their net pre-tax income (gross income less expenses);
  • Owners who rely on dividend income should consider this as self-employment income provided it comes from non –eligible dividends (generally, those paid out of corporate income taxed at the small business rate).

Loan program available to municipalities
A new operating loan program is being introduced to help municipalities with financial losses due to COVID-19.

The $380 million loan program, which was developed in collaboration with the Nova Scotia Federation of Municipalities and the Association of Municipal Administrators, will be available through the Municipal Finance Corporation.

Municipalities interested in accessing a loan will first need to determine their revenue shortfall. Municipal councils will be required to pass a resolution and submit it to the Department of Municipal Affairs and Housing. The department will analyze requests and if approved will forward the approval to the Nova Scotia Municipal Finance Corporation. Upon approval by the corporation’s board of directors it will administer a loan agreement.

The full news release is available at: .

Canada Emergency Wage Subsidy: Applications Open
The Government of Canada is now accepting applications for the Canada Emergency Wage Subsidy. Applications can be made through your ‘My Business Account’ or ‘Represent a Client’ (for tax preparers) portals. Alternatively, businesses may apply via the CRA website with their access code. There is no rush to apply; all applications will be processed on May 4.
We have created a new page for all information we have related to COVID-19.

As things continue to change we will update this website in addition to sending out updated via email that have updated and new information.

Be sure to save this page and refer back to it as this situation progresses.
Slides and a recording of yesterday's webinar will be available by this morning on APEC's website at .

Topics will included:
  • Tracking new cases and the implications for the duration of The Great Shutdown
  • Overall economic impacts
  • Industry impacts
  • Fiscal impacts
  • Policy considerations

Follow them on  Twitter  and  LinkedIn  for the latest APEC research updates, or  subscribe now for email updates

If you are not already an APEC member, consider  joining  to benefit from APEC’s insights and ideas and support Atlantic Canada’s independent voice on economic issues.
Financial Institution Webinar
Wednesday, April 29 - 9:30am

Join us for a discussion with local financial institutions with regards to what they are doing to help businesses through this crisis. This will be a wide ranging conversation that will certainly help you plan as we start to look to the end of this crisis. We expect this webinar to last one hour, panelists will open with remarks followed by Q&A’s.

Open Members Call
Thursday, April 30 - 9:30am

Join us for an open call where we will hope to hear from our elected officials and will take your questions and listen to your concerns so we can continue to advocate on your behalf.

The Yarmouth & Area Chamber of Commerce as a member of the Nova Scotia Business and Labour Economic Council worked with group and Saltwire to get this poster in the flyers and the articles linked below distributed to over 250,000 households. I encourage you to read this and watch for this to come out through Saltwire's flyer distribution this week.
Sign up for direct deposit with the CRA or through your financial institution to get the Canada Emergency Wage Subsidy faster!
Are you a business applying for the  Canada Emergency Wage Subsidy ? Sign up for direct deposit now to ensure your payment arrives sooner! To be eligible to enroll for CRA direct deposit for businesses, your business must have a  valid 15 digit business number  and a  payroll account (RP) . Direct deposit is a fast, convenient and secure way to get the following CRA payments directly into your bank account at a financial institution in Canada:
·         corporation income tax refund
·         goods and services tax/harmonized sales tax refund
·         refund of excise tax or other levies
·         refund of payroll deductions
·         the new Canada Emergency Wage Subsidy
New! Sign up through financial institutions
The CRA has partnered with many Canadian financial institutions to offer a new service to Canadian employers that allows employers to register their business payroll accounts for direct deposit with the CRA directly through their bank portals. This new service is available as of April 27, 2020 with some banks. Other financial institutions will provide the service within a few days.
For more information, visit .
Apply for the CEWS
The CRA is launching the Canada Emergency Wage Subsidy (CEWS) application process on April 27, 2020.  As of today, employers can apply for the CEWS through  My Business Account  or through the CRA’s online application portal , and their representatives can apply through  Represent a Client
To apply:
·         Use the  CEWS calculator function  to prepare to apply and use the printable statement feature to enter required information into your application quickly and easily.
·         Sign up for  My Business Account  or  Represent a Client . You can watch  this video  for instructions on registering for My Business Account. Alternatively, you can apply via our  web forms  (similar to when filling an information return) with your web access code.

·         Once fully registered for  My Business Account , sign up for  CRA email notifications . This will allow you to receive correspondence such as notice of assessments and most statements and letters electronically. You will also get an email when there is new mail to view in My Business Account, or when there is an important change made to your account such as your address or banking information. 
·        If you are expecting a payment of $25 million or more, you will have to get your payment through the large value transfer system (LVTS). To do this, you have to be enrolled in direct deposit on your payroll account and be registered for the LVTS. If you are not already set up for LVTS,  begin the registration process.
Additional resources for the CEWS and COVID-19 fiscal measures:
·         Webpage:   Canada Emergency Wage Subsidy
·         Coronavirus disease (COVID-19)
·         CRA digital services My Business Account  and  Represent a Client

New Resource Web Page From Finance Canada 
Finance Canada has produced a refined search tool to help businesses find the financial supports they may be eligible for, including direct financial support programs, access to credit and more.

Five Keys To Reopening The Economy
Businesses want to ramp up economic activity quickly and safely in a way that allows Canadians to get back to work while protecting employees, customers and the general public. As they implement public health measures, businesses will need time to procure personal protective equipment and change how they operate. Policymakers need to develop clear, predictable measures that are coherent domestically and aligned internationally where possible, and that minimize unintended consequences. Doing so will give Canadians the confidence to return to their workplaces and patronize businesses in their communities.

First Ministers Statement On Restarting The Economy
This afternoon, Canada’s First Ministers released a joint statement. It includes a set of common principles for restarting the economy and acknowledges the need for a gradual approach that prioritizes public health and allowing for differences between provinces.

The Business Of Business: Financing Available During COVID-19
In this edition of The Business of Business, Hon. Perrin Beatty, our President and CEO, has a conversation with Tara Benham, Partner and National Tax Leader, Grant Thornton. They discuss the financing available to businesses and employees due to COVID-19 as well as the impact the pandemic will have on our economy.
The  CBDC Yarmouth  is making available a new Working Capital Loan Program. The program is for businesses in Yarmouth County who are in need of working capital to keep their business afloat or to change the way they do business, RIGHT NOW.

The Working Capital Loan offers:
- Up to $25,000
- Up to 1 year of interest only payments
- Affordable interest rates
- Flexible/seasonal repayment schedules
- No penalty payout
- Streamlined application process

Contact CBDC to get started.
Provide your perspective on government policy/programs, enrol in the  Atlantic IMPRESSIONS Atlantique   survey participant list.