Supports for Small Business – Update April 21, 2020
Nova Scotia – Small Business Impact Grant
Open today! The Small Business Impact Grant will provide eligible small businesses and non-profits who have had to close or reduce operations because of the public health order a one-time, flexible (can be used for any purpose) grant. This grant is equal to 15% of the business’ revenue from sales, either from April 2019 or February 2020, up to a maximum of $5,000. To qualify, your business must have been established on or before March 15, 2020 and have an anticipated revenue loss for April 2020 of 30% or more. The deadline to apply is Saturday, April 25.
Nova Scotia – Worker Emergency Bridge Fund
The Worker Emergency Bridge Fund provides a one-time payment of $1,000 for Nova Scotians who are laid off or out of work (includes self-employed) as of March 16, 2020 because of COVID-19, who don’t qualify for Employment Insurance, and earn between $5,000 and $34,000. The fund can be combined with the Canada Emergency Response Benefit (CERB). Apply by calling 1-800-863-6582. The phone line is open 7 days a week (including holidays) between 8 a.m. and 8 p.m.
Federal – Canada Emergency Response Benefit
The CERB is now available if you earned $1,000 (before taxes) or less during an eligibility period. If this applies to your situation, you may be eligible to apply for a previous period, starting March 15, 2020.
Federal – Canada Emergency Business Account (CEBA)
Available now – The CEBA will provide an interest-free loan of $40,000 for qualifying businesses. Up to $10,000 may be eligible for loan forgiveness if $30,000 is fully repaid by December 31, 2022. To qualify, businesses will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.
Federal – Canada Emergency Wage Subsidy (CEWS)
This week, the federal government proposed further details on the eligibility criteria for the Canada Emergency Wage Subsidy. The CEWS provides a 75% wage subsidy to eligible businesses for up to 12 weeks, retroactive to March 15, 2020.