Last updated: July 15, 2020. For the most up-to-date information, see the Government of Canada’s COVID-19 Economic Response Plan and our Government Resources page
Small businesses can access credit and financing support from the federal government during the COVID-19 health emergency.
All text and resources on this page were originally researched and compiled by our project partner, the Vancouver Chinatown Foundation. The C19 Response Coalition has edited some passages for clarity.
Click here to find the Vancouver Chinatown Foundation’s printable list of COVID-19 resources for small businesses in BC. Available in English and Traditional Chinese.
Canada Emergency Business Account (CEBA)
Updated: July 15, 2020.
The C19 Response Coalition Team says...
Learn more about CEBA eligibility, the application process, and more through this detailed guide made by our coalition member, the Bảo Vệ Collective.
The federal government will provide interest-free loans of up to $40,000 (25% of the received loan is forgivable if the loan is fully repaid by December 31, 2022).
Who it’s for: small businesses and non-profit organizations with payroll.
- How to apply: through your financial institution.
- Eligibility: You must have paid at least $20,000 to $1.5 million in total payroll in 2019 to qualify.
Canada Emergency Commercial Rent Assistance (CECRA) (available starting mid-May)
Updated: July 8, 2020.
The C19 Response Coalition Team says...
Learn more about CECRA eligibility, benefits, and the application process through this detailed guide made by our coalition member, the Bảo Vệ Collective.
Eligible organizations would have at least a 75% reduction in rents for April, May and June 2020.
- 50% of the gross rental amount will be covered by a forgivable loan by the federal government.
- The remaining 25% will be covered by the commercial property owner.
- The commercial property owner must meet program requirements for the tenant to be eligible for this program.
How to apply: Please check this page for updates.
To qualify, tenants (businesses, non-profit organizations, and charities) must be:
- Paying less than $50,000 per month in rent; and
- Generate no more than $20 million in gross annual revenues; and
- Have temporarily ceased operations or have experienced at least a 70%drop in pre-COVID-19 revenues**
** To measure revenue loss, small businesses can compare revenues in April, May, and June of 2020 to that of the same month of 2019. They can also use an average of their revenues earned in January and February of 2020.
Learn More
- Summary of all federal relief as of May 1, 2020 from Baker Tilly.
- Canada Emergency Response Benefit FAQ from the Government of Canada.
- COVID-19 Business Resources by Vancouver Economic Commission.
- COVID-19: Support for Small Businesses by the BC Government.
- Additional Support for Canadian Businesses by the Canada Revenue Agency.
- You can call an advisor at Small Business BC at 1-800-667-2272. Services are available in Cantonese, Mandarin, and Vietnamese.