Business & Personal Government Assistance Programs Update- re: Covid-19

The government is putting programs into place to assist small businesses during this unprecedented and uncertain time. Some of the programs are still being set up so they may not be available right away. Some are already here. There are also programs to help assist your employees that are being laid-off.

Here is a link to the Canada.ca page where you can find out more information about the small business assistance: https://www.canada.ca/en/department-finance/economic-response-plan.html#business

As business owners, who temporarily closed their businesses, there is income assistance. Here is a link to what the government has set up for this: https://pm.gc.ca/en/news/news-releases/2020/03/18/prime-minister-announces-more-support-workers-and-businesses-through

This is a new area of research for our office as these programs have only just become available due to Covid-19. Here is some information on how to apply for the Business Credit Availability Program (BCAP) : https://www.canada.ca/en/department-finance/programs/financial-sector-policy/business-credit-availability-program.html

One of the biggest items to note is the ability to pay business and personal taxes later than the original deadlines. If you owe taxes you may have an extension. This may also include previously outstanding taxes due. Again these items are still being researched for confirmation and each case may need to be clarified by calling CRA directly.