COVID-19 Financial Resources Available for Businesses
The COVID-19 pandemic has created immense challenges for businesses across Canada. In response, the federal government has implemented a variety of financial relief programs to support business owners and help them navigate through these unprecedented times. Whether you’re struggling with rent, payroll, or operational expenses, there are numerous resources available to help keep your business afloat. Below is an overview of key relief programs that may benefit you.
The CERS is a federal rent relief program designed to help businesses cover their rent or property expenses during the pandemic. This program offers a direct subsidy without needing to go through landlords, making it easier for tenants to access critical funds. Extended until June 2021, the CEWS is a wage subsidy that covers up to 75% of eligible employee wages for businesses affected by COVID-19. This program helps employers keep their workforce intact while facing decreased revenues.
To support businesses with operational expenses, the CEBA program offers interest-free loans up to $60,000. For businesses that have already accessed CEBA, additional funds may be available, providing further financial relief. The RRRF plays a significant role in stabilizing Canadian businesses that have been hit hard by the pandemic. With an additional $600 million in funding, the RRRF addresses urgent financial needs across various regions, ensuring businesses continue to receive support.
To maintain Canada’s food supply chain, Farm Credit Canada has received $5 billion in additional lending from the government. This program is designed to support farmers and agri-businesses in meeting their financial requirements to keep food production running smoothly. The IAP has been extended by $155 million to provide continued support for Canadian businesses affected by the economic impacts of COVID-19. This program offers targeted relief for innovative businesses that have faced financial hardship during the pandemic.
Adapting to Changing Circumstances
As the pandemic evolves, so too does the government’s response. These relief measures reflect the Canadian government’s commitment to protecting businesses and jobs during these uncertain times.
At Geo Pallet, we recognize and deeply appreciate the efforts of the Canadian federal and provincial governments for their continuous support during the pandemic. These resources have played a crucial role in helping our business navigate the challenges brought by COVID-19. We remain committed to fulfilling our obligations under government guidelines, ensuring the safety of our employees and customers.
If you’re a business owner in Canada, it’s essential to stay informed about the various relief programs available to you. Take advantage of these resources to help stabilize and strengthen your business during this critical period.
