As the end of March draws near and the deadline for grant and funding applications grows closer, we would like to share some coast to coast opportunities for funding assistance that your dealership may qualify for.
In addition to these programs, be sure to check with your local economic development groups, chamber associations and other local business supports for any local grants and funding assistance.
Federal Grants- CEBA- The Canada Emergency Business Account is directed at hard hit small businesses and the application deadline is March 31, 2021. This program offers up to $60,000 loan. Additionally, if the original $40,000 loan has already been approved, an application may be submitted for the $20,000 expansion.
-CERS- Canada Emergency Rental Subsidy. Although most dealerships do not rent their property, some may have arrangements for a non-arm's length tenancy with a parent organization that can apply for relief. As well, the subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords. This program currently covers qualified applicants between September 27, 2020- June 2021.
-BCAP- Business Credit Availability Program. As part of the Small and Medium-Sized Enterprise Loan and Guarantee Program introduced by the Government of Canada, eligible businesses can access support through a new Business Development Bank of Canada (BDC) Business Credit Availability Program (BCAP). The program provides access to working capital to eligible businesses that have been impacted by COVID-19, and more information is available through your financial institution. This support is available until June 2021.
Additionally there are other programs available for specific groups impacted by COVID-19 including Aboriginal Business, Black Entrepreneurship and the Regional Relief and Recovery Fund. Information on these programs and other targeted relief can be found here.
Alberta- The province has launched a Relaunch Grant for small and medium enterprises. If you have experienced a revenue reduction of at lest 30% you may qualify to apply for funding before March 31, 2021.
- Alberta also has the Enhanced COVID-19 Business Benefit. To qualify, you must have less than 500 employees, have a revenue reduction of 60% or more and ensure that no more than 80% of revenue reported is from support programs.
British Columbia- The Small Business Relief Fund provides up to $5000 to qualified businesses for targeted operational costs.
-The Launch Online Grant provides funding to develop or improve e-commerce. Applications will be received until finding is depleted.
-Bill Relief- As previously announced, bill relief is available for BC Hydro, Fortis BC, ICBC by contacting your provider.
-Increased Employment Incentive- This program offers a refundable tax credit to qualified applicants starting March 2021 to encourages the creation of new jobs for B.C. workers or increases in payroll for existing low- or medium-income employees.
- Employer training Grant is available to supports skills training to address provincial labour market needs. The program is delivered by the Province of British Columbia and is funded by the Government of Canada through the Workforce Development Agreement (WDA).
Manitoba- Tax Fee Deferrals are available until Oct 1and include Hydro, CentraGas, MPI, WCB and some municipal interest payments. All other applicable provincial programs have passed the application deadline.
New Brunswick- The Small Business Working Capital Program targets businesses with less than 50 employees. If you qualify, application must be received by your Community Business Development Corporation.
- Interest deferrals and Waived penalties-Businesses are assessed on a case-by-case basis to defer payments on provincial loans and interest repayments and property tax late payment penalties.
Nova Scotia- The small business loan guarantee program is managed through Credit Union Financing and is a joint initiative of the Nova Scotia Co-operative Council, Atlantic Central, local participating credit unions, and the Province of Nova Scotia.
Ontario- The small business support grant is for businesses of less than 100 employees. Qualified businesses can apply in conjunction with other programs.
Main Street Relief Grant- provides small businesses ( less than 20 employees) with assistance for providing PPE.
Energy Assistance Program provides energy relief through your provider by completing the appropriate application form.
PEI- The Emergency Working Capital Financing is for small businesses requiring a COVID 19 related working capital loan.
Quebec- The province has multiple programs geared towards various industries and operational sizes. To find out what programs your dealership qualifies for, take the online assessment provided by the provincial government. To access the assessments in French please click here.
Saskatchewan- SRAR- The Strong Recovery Adaptation Rebate application must be submitted no later than March 31, 2021 and is provided to assist in meeting the financial obligations of workplace adaptation for COIVD 19 requirements.
RSTS- The Re-Open Saskatchewan Training Subsidy application must be received no later than March 31, 2021. This program is open to critical public services and allowable businesses during the emergency period.
Yukon - The territory has a number of relief programs, rebates and support loan programs available. Information on the programs that may apply to your dealership can be found under the "Business" and "Employer" headings by clicking here.
If you would like to know more about how we can assist in maximizing your Human Capital investment, please contact us at info@dealerpilothr.com.
Comments