Last updated August 25, 2020. We will update blog posts when more information is released.
The province has announced new programs for business owners experiencing economic hardship because of COVID-19. The province is releasing updates on their website. We will provide you with more information as soon as it’s released.
SUPPORT FOR BUSINESSES
1. Small Business Credit and Support Program: APPLICATIONS FOR THIS PROGRAM ARE NO LONGER BEING ACCEPTED.
A summary is provided below for reference.
Applications already submitted are being assessed and processed. If you have questions on the status of your application, contact the credit union you're working with.
- Eligible small businesses can get a loan of up to $25,000 through participating provincial credit unions.
- If you are approved for the loan, you will also be eligible for:
- a one-time grant of up to $1,500
- a business continuity voucher, administered by Nova Scotia Business Inc of up to $1,500 that can be used to access professional advice and support to help adapt or recover from the effects of COVID-19. The voucher program will be available until May 29, 2020.
2. Small Business Impact Grant: APPLICATIONS FOR THIS PROGRAM ARE NOW CLOSED.
The Small Business Impact Grant was a flexible, one-time grant program available to small businesses affected by COVID-19, equal to 15 per cent of revenue from sales either from April 2019 or February 2020, up to a maximum of $5,000. Information on the grant can be found on the Nova Scotia COVID-19 Response Council website.
Applications closed on April 25, 2020
3. The Small Business Loan Guarantee Program will be enhanced to make it easier for businesses to get credit up to $500,000. If a business does not qualify for a loan, the government will guarantee the first $100,000. Contact your credit union branch for more information.
4. Payments for all government loans will be deferred until June 30th, which includes loans in the following categories:
- Farm Loan Board
- Fisheries and Aquaculture Loan Boar
- Jobs Fund
- Nova Scotia Business Fund
- Municipal Finance Corp.
- Housing Nova Scotia
5. Effective March 2020, Workers' Compensation Fees are deferred until further notice
- Premiums will accrue but late payment and interest will be waived.
- Late payment and interest fees on outstanding balances prior to March 20, 2020 will be deferred.
- Benefits will continue to paid during this time.
6. Small business fees were deferred until June 30th, including:
- Business registration and renewal fees
- The list of deferrable fees are available on the Nova Scotia Government website
SUPPORT FOR INDIVIDUALS
Worker Emergency Bridge Fund
NOTE: THIS PROGRAM IS NOW CLOSED.
The province will provide a one-time payment of $1,000 to workers who have been affected by COVID-19.
The Worker Emergency Bridge Fund can be combined with the Canada Emergency Response Benefit.
The payment counts as taxable income and will need to be included on 2020 tax returns.
Nova Scotians residents qualify if they:
- Are 18 years of age and older
- Were employed and laid off, or self-employed and lost all revenue because of COVID-19 on or after March 16, 2020
- Don’t qualify for Employment Insurance and earned between $5,000 and $34,000
- Have applied (or plan to apply) for the Canada Emergency Response Benefit (CERB)
Workers do not qualify if they are:
- Receiving Employment Insurance benefits
- Eligible for Employment Insurance benefits
- Receiving Income Assistance
- Receiving any income or benefit (like salary, sick leave, disability insurance or workers’ compensation) for reasons other than COVID-19
- Incarcerated in a federal or provincial institution
How Do I Apply?
The fund is administered by the Canadian Red Cross.
If you meet the eligibility criteria, you must call 1-800-863-6582 to speak to an agent and register for the program. Agents are available 7 days a week (including holidays), 8 am to 8 pm.
The Canadian Red Cross will determine if your application will proceed to the next step.
If it does, you’ll receive an email in a couple of days with a link to an application form. If your application is approved, you’ll receive an e-transfer of $1,000 within a couple of days.
If you’d like to learn more about this or other COVID-19 programs for Canadian businesses, please call us at 1-800-265-1002 or email [email protected]
Unlimited consultation related to tax matters is a key benefit of FBC Membership. You can also book a free online consultation.
Disclaimer: The material above is provided for educational and informational purposes only.