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COVID-19 Resources

With all eyes on the COVID-19 pandemic and how its impact will be felt over the coming weeks and months, people are being bombarded with all kinds of noise and speculation..

Between a deadly virus, looming economic effects, government shutdowns, recovery programs etc. it's clear that a fertile breeding ground has been created for misinformation, rumors, conspiracy theories, hot takes, and other potentially misleading content.

Business Support Business Support

CEWS - Canada Emergency Wage Subsidy

If you are a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020. This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis.

Are you an eligible employer?

To be eligible to receive the wage subsidy, you must:

  • Be an eligible employer
  • Have experienced an eligible reduction in revenue, and
  • Have had a CRA payroll account on March 15, 2020
Who are eligible employees?

An eligible employee is an individual employed in Canada by you (the eligible employer) during the claim period, except if there was a period of 14 or more consecutive days in that period where they did not receive any pay (eligible remuneration) by you.

Employee eligibility is based on whether the person is employed in Canada, not where they live.

Retroactively hiring and paying employees

Employees who have been laid off or furloughed can become eligible retroactively, as long as you rehire them and their retroactive pay and status meet the eligibility criteria for the claim period. You must rehire and pay such employees before you include them in your calculation for the subsidy.

What is eligible remuneration
Calculate your subsidy amount

When you apply for the CEWS, you will be asked to enter amounts such as the number of eligible employees and gross payroll. To get ready, you can determine these amounts and preview your subsidy claim now, based on information you enter. The calculator is a tool to help you estimate the amount of your wage subsidy.

How the subsidy is calculated
Input your information and calculate now
How to apply

Beginning April 27, applications will be open for the Canada Emergency Wage Subsidy.

  • Most businesses may apply using My Business Account
  • If you represent a business, you may apply using Represent a Client
  • Alternatively, you may apply using a separate online application form (available April 27) The CEWS will be processed at the payroll program (RP) account level, so you will have to file a separate application for each RP account.

Get your personalized account information in My Business account

Canadian Government's Support for Small Businesses:
CEBA - Canada Emergency Business Account

Business Loans

We're giving small businesses loans of up to $40,000 interest-free for one year.

URGENT: Prepare requirements ASAP!

See Application requirements Now!
Wage Subsidy

We're providing a wage subsidy of up to 75% to make sure employers can keep employees on the payroll.

Supporting for Business

We're making $40 Billion available to support businesses with operational cash flow gaps.

Deferring Taxes

We're deferring GST and HST payments, duties, and taxes owed on Imports until June.

Loan $40,000 Interest-Free for 1 Year

A $40,000 government‑guaranteed loan to help eligible businesses pay for operating expenses, payroll and other non‑deferrable expenses which are critical to sustain business continuity.

Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000.

After December 31, 2020, any outstanding balance on the revolving $40,000 line of credit will be converted into a non‑revolving 5‑year term loan maturing on December 31, 2025, at which time the balance must be paid in full.

No interest applies until January 01, 2023.

When can I enroll for CEBA?

Online enrollments will start on the week of April 6, 2020.

What do I need to do IMMEDIATELY? | 3 Application Requirements

  1. Signup or Update your email and contact details on your RBC Online Banking for Business profile.
  2. Locate your 2019 T4 Summary of Remuneration Paid statement. You can also contact the Canada Revenue Agency to have them re‑issue your 2019 statement. Information on this document will be required for the enrollment process.
  3. Ensure that the person enrolling your organization for CEBA has the authority to attest on behalf of the organization and bind the organization to the terms of the CEBA loan agreement.

Completing these steps today will help ensure a smoother, faster experience once the enrollment process launches in the coming days.

Am I eligable for this?

The eligibility criteria are as follows, per the Government of Canada's requirements:

  • You have an existing RBC business deposit account, which is your primary financial institution, and your account was opened prior to March 01, 2020. Please note, to enroll for the Canada Emergency Business Account through RBC, RBC must be your primary financial institution.
  • Your business has been a registered and operational business on or before March 01, 2020.
  • The person enrolling for the Canada Emergency Business Account must have the ability and authority to bind the organization.
  • Your payroll expense is between $50,000 and $1 million. To confirm this, you will be required to provide the following information:
    • Your employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid.
    • Your employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid.
    • A copy of your 2019 T4 Summary of Remuneration Paid, if requested.
  • As per the requirements set out by the Government of Canada, you will agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, debt payments and property tax.
Go to CEBA Information Page

SBA Disaster Relief Programs from the US Government

Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

Economic Injury Disaster Loan (EIDL)

SBA's viital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

This program is for any small business:

  • With less than 500 employees (including sole proprietorships, independent contractors and self-employed persons)
  • Private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA's size standards for those industries.

Due to the Lapse in Appropriations, EIDL is currently closed for new applicantions. EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

See Updates in EIDL Relief Page
Paycheck Protection Program (PPP)

This assistance program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.

Load More About PPP

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