COVID-19: Economic Relief Measures Announced to Date

  • The Business Credit Availability Program (BCAP) is targeted at small and medium-sized businesses. The Government of Canada defines small businesses as companies having less than 99 employees and medium-sized businesses as companies with between 100 and 499 employees. For more information, see the Government of Canada’s website[34]. The BCAP will provide more than $10 billion in support.
  • The program is a collaboration between Export Development Canada, the Business Development Bank of Canada (BDC), and private sector lenders. The goal is to provide credit solutions for individual businesses in sectors such as oil and gas, air transportation, and tourism.
  • On April 17, 2020, the Government of Canada announced that the BCAP will be expanded[35] to support medium-sized businesses with larger financing needs, beginning with companies in Canada’s energy sector.
  • On May 11, 2020, the Prime Minister of Canada announced the expansion of the Business Credit Availability Program (BCAP) to mid-sized companies with larger financing needs.
  • The program is expanded to include loans of up to $60 million per company, and guarantees of up to $80 million.
  • For more information, see the Government of Canada’s “Business Credit Availability Program” website, and the Prime Minister’s news release of May 11, 2020.[36][37]

Flexibility and support for registered charities and non-profits

  • The Government of Canada, along with the United Way Centraide Canada, the Canadian Red Cross and the Community Foundations of Canada, announced a $350 million Emergency Community Support Fund for charities and non-profits that are helping vulnerable communities affected by COVID-19. As of May 19, 2020, these organizations are able to apply for funding to support a variety of activities. Eligibility criteria and how to apply will be posted on the respective websites of United Way Centraide Canada, Canadian Red Cross and Community Foundations of Canada.
  • For more information, see the Government of Canada’s news release of May 16, 2020. [38]
  • The filing deadline for all charities with a Form T3010, Registered Charity Information Return, due between March 18, 2020 and December 31, 2020 is postponed to December 31, 2020.
  • For more information, see the Government of Canada’s “Charities and giving” webpage.[39]

Canada’s Regional Development Agencies (RDAs)

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