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MKO: Support for Indigenous businesses during the COVID-19 pandemic

by ahnationtalk on July 27, 202024 Views

Jul 24, 2020

Indigenous businesses (First Nations, Inuit, Métis) have access to the business support programs offered by the Government of Canada during COVID-19. Visit innovation.canada.ca for a personalized list of business supports.

Support Targeted towards Indigenous Businesses

Funding for small and medium-sized Indigenous businesses, and Aboriginal Financial Institutions

  • Small and medium-sized Indigenous businesses and Aboriginal Financial Institutions that finance these businesses can access interest-free loans and non-repayable contributions
  • Up to $40,000 will be available to small and medium-sized Indigenous businesses in the form of:
  • An interest-free loan up to $30,000
  • A non-repayable contribution up to $10,000
  • Contact your Aboriginal Financial Institution to apply for support.

Indigenous tourism stimulus development fund

Support Measures for community-owned First Nation, Inuit and Métis businesses

  • $117 million will reach more community-owned businesses, and micro-businesses in First Nation, Inuit and Métis communities located in the provinces, that are not eligible for existing business support measures.
  • The application process for these funds will be announced soon

Support available for all businesses, including Indigenous businesses

Canada Emergency Business Account (CEBA)

  • The CEBA provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
  • Small businesses and not-for-profits should contact their financial institution to apply for these loans
  • See a list of participating financial institutions on the CEBA page.
  • The Government announced an expansion to the eligibility criteria that will soon allow businesses with total payroll below $20,000 to qualify, if they demonstrate having eligible non-deferrable expenses between $40,000 and $1.5 million in 2020. This includes sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends.
  • Small or medium-sized Indigenous businesses looking to apply for up to $40,000 in support must choose between CEBA or the AFI support program as both programs are for a similar purpose.

Canada Emergency Wage Subsidy (CEWS)

  • 75% wage subsidy for qualifying businesses
  • Employers of all sizes and across all sectors that have suffered a drop in gross revenues of at least 15% in March, and 30% in the following months are eligible.
  • Indigenous-government-owned corporations that are carrying on a business as well as partnerships where the partners are Indigenous governments and eligible employers are eligible for the CEWS.
  • Apply using your Canada Revenue Agency My Business Account or using the Web Forms application.

Regional Relief and Recovery Fund (RRRF)

  • The RFFF is targeted towards businesses that may require additional help to recover from the COVID-19 pandemic, but have been unable to access existing support measures.
  • Nearly $962 million will be provided through the RRRF
  • Apply to the RRRF through your local Regional Development Agency

Canada Emergency Commercial Rent Assistance (CECRA) for small businesses
• The CECRA provides forgivable loans to qualifying commercial property owners who in turn will lower rent by 75% for small businesses that have been affected by COVID-19.
• Go to the Canada Emergency Commercial Rent Assistance page for more information and to apply.

Canada Emergency Response Benefit (CERB)

  • The CERB provides a taxable benefit of $500 per week for a maximum of 16 weeks to eligible workers and the self-employed who have stopped working related to COVID-19.
  • Begin your application on the Canada Emergency Response Benefit page

NT5

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