How to access federal, provincial financial help during COVID-19 pandemic

Updated on April 6, 2020

As the COVID-19 pandemic forces business closures and quarantines people at home, many are questioning how the access assistance programs put together by the federal and provincial government.

Details on some programs are still emerging. The Canadian Federation of Independent Businesses (CFIB) is hoping to learn more about the federal government’s new 75 per cent wage subsidy program by March 30. Services assisting people with applications to employment insurance are still waiting for detailed information on how applications to the new Canada Emergency Response Benefit (CERB) will be processed.

For those looking for help, here is a collection of resources to get things started.

Employment Insurance

The first step for individuals who have lost income due to self-isolation orders, quarantine, caring for a loved one with COVID-19 or for those who have lost their jobs is to simply apply for Employment Insurance.

For those who qualify for basic EI, they’ll receive somewhere around 55 per cent of their average weekly earnings, with a maximum of $573 a week.

Those who apply now and don’t qualify won’t have to re-apply for the CERB, listed below.

To apply to Employment Insurance, click here.

Canada Emergency Response Benefit (CERB)

The new program announced by Prime Minister Justin Trudeau is meant to benefit people who have contracted COVID-19, those who are caring for someone with the virus, those who lost their jobs and aren’t eligible for EI and those who are quarantined after travel.

It provides up to $500 a week for up to 16 weeks for successful applicants.

The application went live on April 6, though people who have applied for EI won’t have to re-apply for CERB if their application hasn’t been processed.

Due to the high number of applications expected, CERB is specifying that people can only apply on certain days of the week based on their birthday:

January, February and March birthdays can apply on Mondays
April, May and June birthdays can apply on Tuesdays
July, August and September birthdays can apply on Wednesdays
October, November and December birthdays can apply on Thursdays
Those born in any month can apply on Fridays, Saturdays and Sundays

Saskatchewan Self-Isolation Support Program

If someone is not covered by any of the federal EI support programs, the Saskatchewan government is offering support for those who have or show symptoms of COVID-19, those who have been in contact with a person who has COVID-19 or those who have to self-isolate after returning from international travel.

The program offers $450 a week for two weeks.

You can apply for the program here.

Businesses

75 per cent wage subsidies

Trudeau announced on March 27 his government would be offering 75 per cent wage subsidies to small and medium-sized businesses for up to three months.

Businesses that have lost 30 per cent or more of their revenue due to the COVID-19 pandemic. That revenue loss is done by comparing the same time periods from 2020 and 2019.

The subsidy applies to an individual employee’s pre-crisis earnings, with a maximum of $847 a week per employee.

Employers are also eligible for up to a 75 per cent wage subsidy on any new employees hired during the pandemic.

Trudeau has indicated employers should work to maintain their employee’s full pay during the crisis. He’s also indicated any business who takes advantage of the program improperly would face serious legal consequences, though those penalties haven’t been specified.

Any business applying for the subsidy would have to re-apply each month.

The application portal is expected to be ready sometime in April or early May.

Canada Emergency Business Account (CEBA)

This new loan program, announced Friday, will allow interest-free loans of up to $40,000 for businesses to help cover operating costs while revenue is being lost during the COVID-19 pandemic.

If the loan is paid by the end of 2022, 25 percent of it will be forgiven — up to a maximum of $10,000.

The federal government said the loans will be administered through eligible financial institutions, such as major banks.

Business Credit Availability Program

This $10 billion fund is designed to expand credit access for small and medium-sized businesses, but with no loan forgiveness as with the CEBA program. It requires “viable business plans,” though opens the door to businesses that would otherwise have credit restricted.

The federal government advises business owners to contact their financial institution about the program.

The Business Development Bank of Canada can also be reached at 1-877-232-2269.