COVID-19 Resources for Businesses
As we navigate this unprecedented time, here are some consolidated resources on available supports.
This page summarizes government programs that are critical to your business during this time. Please check back on this page for regular updates.
75% Wage Subsidy Benefit: This is a 3-month subsidy, retroactive to March 15, 2020. For employers that have seen a drop of at least 30 per cent of their revenue. More info here: https://www.canada.ca/en/department-finance/news/2020/04/the-canada-emergency-wage-subsidy.html
Canada Emergency Response Benefit: Taxable benefit of $2,000 a month for up to 4 months to eligible workers who have lost their income due to COVID-19. More info here: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html
Economic Response Plan: GST/HST payments, as well as duties and taxes owed on imports, will be deferred until June. More info at: https://www.canada.ca/en/department-finance/economic-response-plan.html
Canada Emergency Business Account (CEBA): Banks will offer loans up to $40,000, guaranteed by the government, to qualifying businesses. The loan will be interest free for the first year, and if you meet certain conditions, $10,000 will be forgivable. More info at: https://www.bdc.ca/en/pages/special-support.aspx
Canada Emergency Commercial Rent Assistance (CECRA): This program will lower rent by 75 per cent for small businesses that have been affected by COVID-19.The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.
The loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.
Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations.
Applications are now being accepted at: https://cecra-apply.ca/account/login?ReturnUrl=%2F
Hydro rate relief – prices will be held to off-peak rates for a 45 day period. This discount will be applied automatically to electricity bills without the need for customers to fill out an application form.
A proposed temporary increase to the Employer Health Tax (EHT) exemption, which would cover approximately 90% of Ontario businesses. Eligible businesses would not have to pay any EHT for the duration of the exemption
Five months of interest and penalty relief for businesses to file and make payments for the majority of provincially administered taxes.
Stop the Spread Business Information Line is now open at 1-888-444-3659 – call during business hours for any information you need on provincial programs.
Markham Offers Tax and Fee Relief for Residents and Businesses
Benefits for Businesses:
– No late payment (penalty and interest) charges for non-residential property taxpayers from October 1, 2020 to December 31, 2020
– Deferral of the 2020 Stormwater Fee, a savings of $560 for a property valued at $2M
– Elimination of the April 1, 2020 water rate increase of 7.8%
– Suspension of the Municipal Accommodation Tax from April 1, 2020 to December 31, 2020, to provide relief to hoteliers
More COVID-19 information from Markham Small Business Centre:
We are here to help! If you need help understanding any of the government programs, please contact us at firstname.lastname@example.org.
If you have social media posts or updates for your business that you would like the BIA to share on our social media channels, please tag us or send us an email.
DIGITAL MAIN STREET
If you haven’t had the opportunity to learn about how Digital Main Street can help grow your business digitally, now is the time. Please visit their website at https://digitalmainstreet.ca for more information. This is the PERFECT time to learn!
Visit the York Regional Police COVID-19 information page for information about how to keep yourself & your business safe during these challenging times: https://www.yrp.ca/en/community/COVID-19.asp