New measures to support Canadian businesses
On April 16 and 17, the Prime Minister, Justin Trudeau, announced new measures to support Canadian businesses so they can keep their doors open and their employees on the job as well as new actions to protect Canadian jobs and provide more support to businesses and organizations dealing with the economic impacts of COVID-19.
The Government of Canada will among others:
- Expand the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous one of between $50,000 and $1 million, and will help address the challenges faced by small businesses to cover non-deferrable operating costs.
- Announce its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.
- Add $675 million to give financing support to small and medium-sized businesses that are unable to access the government’s existing COVID-19 support measures, through Canada’s Regional Development Agencies.
- Add $287 million to support rural businesses and communities, including by providing them with much-needed access to capital through the Community Futures Network.
- Add $250 million to assist innovative, early-stage companies that are unable to access existing COVID-19 business support, through the National Research Council of Canada’s Industrial Research Assistance Program.
- Add $20.1 million in support for Futurpreneur Canada to continue to support young entrepreneurs across Canada who are facing challenges due to COVID-19. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.
- Expand eligibility for the new Business Credit Availability Program announced on March 13, 2020, to help Canadian businesses get the financing they need during this period of uncertainty.
Call to action
Let us take action and help BIOQuébec get a message across to all levels of government. BIOQuébec sent a letter to the Minister of Economy and Innovation, Pierre Fitzgibbon, making recommendations in relation to the government assistance programs announced (whose eligibility criteria relate to revenues) and the SR&ED credit programs.
We invite you to read it and take part in the movement too by sending a personal letter inspired by it to your provincial and federal deputies to demonstrate the strong mobilization of our sector.
Call for project to fight against COVID-19
The COVID-19 Virtual Partnering event organized by Lyonbiopole, Inova, and Evaluate Ltd, and will leverage Inova’s market-leading matchmaking platform to efficiently organize one-to-one meetings. Support the fight against COVID-19 by participating in this event and spreading the word to your contacts that can help in the global effort to develop testing, treatment, or prevention solutions for the pandemic.
Other resources
NRC IRAP Innovation Assistance Program (IAP)
*The call for applications will close Wednesday, April 29, 2020
The Government of Quebec announces A More Effective Placement Service for Employers and Employees in Priority Sectors
AdvaMed launched a new COVID-19 Resource Center to provide important information to companies about the federal response to COVID-19, best practices and other valuable resources.
New information on Canada Emergency Wage Subsidy
Expanded access to Canada Emergency Response Benefit and support for essential workers
Additional support for small businesses
New support to protect Canadian jobs
Statistics Canada – Canadian Survey on Business Conditions (CSBC)