Financial Resources Available for COVID-19
In response to the known and unknown economic impacts of the COVID-19 pandemic, the First Nation – Municipal CEDI program has identified an opportunity to create a Knowledge Product/Tool to support First Nation – municipal neighbours to collaborate on economic stimulus and recovery action. This resource will be informed by Indigenous and non-Indigenous subject matter experts, and will reference best practices in post-disaster economic recovery and resilience strategies. The CEDI program expects to release this Tool on First Nation-Municipal Economic Recovery Collaboration in August 2020.
In advance of this, we have gathered a list of financial resources and economic relief measures available for businesses, Indigenous and non-Indigenous communities. The resources listed below include economic relief measures and supports that are available from the federal government and each provincial government, as well as community and private foundations. The list does not include supports for individuals or other forms of financial supports such as tax relief or rent deferrals. To find more information about the full list of supports available, please see COVID-19: Economic relief measures announced to date, which was compiled by McCarthy Tetrault.
• The Fund will help to mitigate the financial pressure experienced by businesses and organizations to allow them to continue their operations, including paying their employees, as well as supporting projects by businesses, organizations and communities to prepare now for a successful recovery. Applications are made through Regional Development Agencies.
o Funding requests up to $40,000: Interest-free loans of up to $40,000, with up to $10,000 forgivable if repaid before December 31, 2020
o Funding requests over $40,000: Interest-free loans of up to $1 million, with no scheduled monthly repayments required until after December 31, 2022
• Provides funding to First Nations communities so they can build resiliency, prepare for natural hazards and respond to them using the 4 pillars of emergency management.
• These new funds will provide Indigenous leadership with the flexibility needed to design and implement community-based solutions to prepare for and react to the spread of COVID-19 within their communities. These funds could be used for measures including, but not limited to:
o support for Elders and vulnerable community members
o measures to address food insecurity
o educational and other support for children
o mental health assistance and emergency response services
o preparedness measures to prevent the spread of COVID-19
• Up to $40,000 will be available to small and medium-sized Indigenous businesses:
o an interest-free loan up to $30,000
o a non-repayable contribution up to $10,000
• For small businesses, provides relief for small businesses experiencing financial hardship due to COVID-19. It offers unsecured, forgivable loans to eligible commercial property owners to:
o reduce the rent owed by their impacted small business tenants
o meet operating expenses on commercial properties
• Provides short term support, in the form of a non-repayable grant, for ongoing operational costs to small- and medium-sized territorial businesses impacted by economic disruptions due to COVID-19.
• This wage subsidy will enable the re-hiring of 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. May be eligible for a subsidy of 75% of employee wages for up to 24 weeks, retroactive from March 15, 2020, to August 29, 2020.
Community and Private Foundations
• The Community Foundation of Canada is providing for any Indigenous-led organization or Indigenous-serving organization working to foster resilience in Inuit, Metis and First Nations communities anywhere in Canada can apply for resiliency funds ranging from $5,000 to $30,000.
• A comprehensive list of financial supports for both individuals and businesses from the Canadian and British Columbian governments, broken down by sector.
• A resource created and managed by the BCEDA that includes both federal and provincial financial supports available to all businesses, broken down by sector.
• This funding stream is to provide emergency management personnel with cultural safety and humility training in order to more effectively partner with and provide assistance to Indigenous communities during times of emergency.
• Government will provide a one-time grant funding of up to $25 million for eligible projects and services to enhance community mental health and addiction recovery supports and services. Approved projects are eligible for up to $500,000.
• The Métis Nation of Alberta and Rupertsland Institute provide target wage subsidy funds to support Métis communities impacted by COVID-19.Funds from the program can be used to hire workers like drivers to deliver essential goods and supplies, and clerical staff to help apply for pandemic relief programs while providing a stimulus to the local economy.
• Payments are based on 15% of a business's monthly sales revenue in either April 2019 or February 2020. Businesses may select either of these months to calculate their payment.
o The maximum payment is $5,000 per business per eligibility period.
o Payments can be used for any purpose, including paying fixed costs or expenditures related to re-opening the business following the pandemic.
• Provides a one-time $6,000 non-interest bearing forgivable loan to Manitoba small and medium-sized businesses that have experienced hardships in Manitoba as a result of the COVID-19 pandemic and related public-health orders. The loan is forgiven on December 31, 2020 if recipients declare at that time that they have not received any non-repayable COVID-19 federal supports greater than $6,000.
• Promotes the hiring of high school and post-secondary students who have been impacted by the COVID-19 pandemic. The program provides wage subsidies to employers from the private and not-for-profit sectors to employ students aged 15 to 29. In addition to traditional summer jobs, students can help organizations and businesses adapt their workplaces and public spaces to the public health requirements of COVID-19.
• Charities and non-profit organizations will receive $6,000 in additional financial assistance if they’ve hired at least one summer student through the Summer Student Recovery Jobs wage subsidy program.
• A comprehensive list of provincial financial supports for both individuals and businesses.
Concerted Temporary Action Program for Businesses
• Eligible businesses, including cooperatives, non-profits and social economy enterprises carrying out commercial activities, are eligible for financial support to address the cash shortfall associated with COVID-19 due to:
o a problem in the supply of raw materials or products (goods or services);
o an inability or substantial decreased ability to deliver goods, products or services.
• With few exceptions, businesses in all activity sectors are eligible for this program. Financial assistance, of a minimum amount of $50,000, is provided in the form of a loan guarantee, but may also take the form of a loan.
• The purpose of the emergency aid for small- and medium-sized businesses program is to support eligible business experiencing financial difficulties that need less than $50,000 in cash.
• The purpose of this program is to support businesses with temporary cash problems with renewable credits, loans and loan guarantees. Eligibility criteria include: be a legally incorporated for-profit or not-for-profit entity that works primarily in the SODEC’s fields of activity.
• A comprehensive guide of financial supports from the governments of New Brunswick and Canada that outlines relief measures for businesses.
• A comprehensive guide of financial supports from the Nova Scotia Government that outlines relief measures for businesses.
COVID-19 Supports for Businesses in Prince Edward Island
• A comprehensive guide of financial supports from the Prince Edward Island Government that outlines relief measures for businesses.
• A comprehensive guide of financial supports for businesses and employers from the Government of the Northwest Territories.
• The Government of Nunavut Department of Economic Development and Transportation Services is providing immediate short-term relief to Nunavut businesses through its Small Business Support Program. Eligible businesses can apply for up to $5,000 in support.
• The Yukon Business Relief Program provides relief to Yukon businesses affected by the COVID-19 pandemic. The program provides non-repayable grants to cover specific fixed costs.
For More Information:
Senior Program Officer, Cando
T: (778) 628 2180
CEDI Program Manager
Federation of Canadian Municipalities