CEBA, CERB, and BC Hydro Relief Fund
Posted In: Entrepreneurial Wealth Management

Canadian Emergency Business Account (CEBA)

What is the Canada Emergency Business Account?

The newly created Canada Emergency Business Account (CEBA), will provide capital to small businesses who need it to cover their operating costs, as a result of the COVID-19 pandemic.

This program will provide loans of up to $40,000 to small businesses and not-for-profits.  The loans will be interest-free for a period of one year, with the potential of up to $10,000 of loan forgiveness (25%), if the balance of the loan is repaid on or before December 31, 2022.

What Businesses will qualify?

CEBA will benefit many Canadian small businesses who:

  • Demonstrate that they have paid $50,000 to $1M, in total payroll in 2019

How to apply for the CEBA?

Eligible businesses interested in applying for the CEBA will apply directly with their financial institutions.  This program is implemented by the eligible financial institutions, in cooperation with Export Development Canada.

Canadian Emergency Response Benefit (CERB)

What is the Canada Emergency Response Benefit

If you have stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. The CERB provides $500 a week for up to 16 weeks. 

Who is eligible?

The benefit will be available to workers:

  • Residing in Canada, who are at least 15 years old; 
  • Who have stopped working because of COVID-19 and have not voluntarily quit their job or are eligible for EI regular or sickness benefits;
  • Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
  • Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment or self-employment income.

How to apply for CERB?

Visit the CRA online portal if you have your personal CRA online account

Apply for Canada Emergency Response Benefit (CERB) with CRA – Canada.ca

Can apply via an automated toll-free line at 1-800-959-2019 (will need to have SIN and postal code to verify identity)

BC Hydro Covid-19 Relief Fund for Small Business

What is the BC Hydro Covid-19 Relief Fund?

The Relief Fund waives your electricity use charges for up to three months and you will not have to pay this back

Who is Eligible?

  • You need to be a business account holder and have had your account prior to March 31, 2020
  • Your account must be on the Small General Service (SGS) rate, which includes rate schedules: 1300, 1301, 1310, 1311, 1234 and 1205 (exclusions apply, see below)
  • You have closed your business, ceased most operations, and are not earning any revenue due to a government order or because of a reduction in business due to COVID-19
  • You must upload information to demonstrate that your business is closed, such a photo of the business being closed, a screenshot of the closure message on your business’ website or social media channel, or a customer notification email or text message
  • If you have more than one eligible business account on the SGS rate, you need to submit an application for each account. You can apply to get the charges waived for up to 10 accounts.

How to apply?

The application window opens soon, and you can apply until June 30, 2020 by visiting here.

All businesses are also eligible to defer payments or arrange a flexible payment plan to help pay their BC Hydro bills.

We are in this together and we will continue to keep you updated with policies and assistance programs to help our small business clients and community.