Whether you are a business owner or an individual dealing with the strain of an unprecedented economic situation, we know that it can be difficult to make sense of all of the options for financial relief available to you.
This page will help you break down and understand the full range of programs from the Government of Canada and responses from our insurance carriers designed to help you with the economic difficulties of the pandemic.
If you still have questions after reviewing this information, we invite you to use one of the forms to request assistance. We are happy to provide you with further guidance to make sure you know how to access the resources that are right for you.
This page will be continuously updated as new information becomes available so be sure to check back regularly.
+-Resources for Individuals (Click to Expand)
+-Insurance Carrier Resources
Payment Flexibility – our insurance carriers are working with us to offer flexible payment options to customers experiencing financial difficulty on a case by case basis. Customers on payment plans may request a deferral of their payment without penalty and carriers are offering more leniency with waiving NSF fees.
+-Government Programs for Individuals
| Program | Last Updated | Description | Period | Requirements | Open To | Other Matters | Applications | Access to Funding |
|---|---|---|---|---|---|---|---|---|
| Canada Emergency Response Benefit (CERB) | 4/16/2020 | $2,000 payment per month for individuals currently earning $1000 or less a month. | Paid every 4 weeks for up to 4 months | Must be at least 15 years old; stopped work because of COVID-19. Had at least $5,000 employment or self- employed or regular dividend income in last 12 months prior to application. OR Currently working but earning $1000 or less a month. |
Individuals earning $1000 or less a month, are out of work, or have exhausted EI benefits. | Individuals on EI should not apply. Recipients eligible for BC Emergency Benefit of $1,000 if they qualify for CERB. |
Apply online through My Service Canada account https://www.canada.ca/en/employment-social-development/services/my-account/gckey.html | CERB will be paid out by Service Canada. |
| Mortgage Support | 4/13/2020 | Individuals affected by COVID-19 can apply for mortgage relief. | 6 months | Must be in good standing. | Speak with your financial advisor. |
+-Resources for Businesses (Click to Expand)
+-Insurance Carrier Resources
Payment Flexibility
Our insurance carriers are working with us to offer flexible payment options to customers experiencing financial difficulty on a case by case basis. Customers on payment plans may request a deferral of their payment without penalty and carriers are offering more leniency with waiving NSF fees.
Reducing Premiums
There are various policy changes that may be considered to reduce premiums such as:
• Auto Fleet Adjustments – if your fleet of vehicles is parked we can consider coverage suspensions for the parked vehicles or coverage adjustments.
• Stock & Equipment Limits – reducing limits on stock & equipment may be appropriate should your business be closed or operating at a reduced capacity.
• Reduction in Revenue, Receipts, Payroll – if your business is greatly impacted by the crisis and revenues, receipts, and/or payroll are expected to be substantially reduced, providing the projected figures to the insurance carrier may reduce premiums.
Renewal Rate Strategy
Some carriers have adjusted rating strategies to temper rate increases on renewal. Certain customers are already facing dramatic downturns in their business; we continue to advocate to insurers on behalf of our clients to reduce or eliminate rate increases for most affected segments of business.
Please contact your broker to discuss any of the above measures – we are here to help you and your business during this very difficult time.
Our insurance carriers are working with us to offer flexible payment options to customers experiencing financial difficulty on a case by case basis. Customers on payment plans may request a deferral of their payment without penalty and carriers are offering more leniency with waiving NSF fees.
Reducing Premiums
There are various policy changes that may be considered to reduce premiums such as:
• Auto Fleet Adjustments – if your fleet of vehicles is parked we can consider coverage suspensions for the parked vehicles or coverage adjustments.
• Stock & Equipment Limits – reducing limits on stock & equipment may be appropriate should your business be closed or operating at a reduced capacity.
• Reduction in Revenue, Receipts, Payroll – if your business is greatly impacted by the crisis and revenues, receipts, and/or payroll are expected to be substantially reduced, providing the projected figures to the insurance carrier may reduce premiums.
Renewal Rate Strategy
Some carriers have adjusted rating strategies to temper rate increases on renewal. Certain customers are already facing dramatic downturns in their business; we continue to advocate to insurers on behalf of our clients to reduce or eliminate rate increases for most affected segments of business.
Please contact your broker to discuss any of the above measures – we are here to help you and your business during this very difficult time.
+-Government Programs for Businesses
| Program | Last Updated | Description | Period | Requirements | Open To | Other Matters | Applications | Access to Funding |
|---|---|---|---|---|---|---|---|---|
| Canada Emergency Wage Subsidy (CEWS) | 4/22/2020 | 75% of wage up to $1,125 per week. Maximum subsidy is $847 per week, per employee |
March 15 to June 6 (12 weeks) | Revenues in current year month must have decreased by at least 30% from the same month in the preceding year. | All employers of all sizes except public sector employers. | Employers to make best effort to top up salary to 100%. Monthly application for March/April/May |
Calculate your subsity amount with the CRA's Online Calculator |
Subsidy will be paid by CRA. |
| Temporary Wage Subsidy for Employers (TWS) | 4/13/2020 | 10% of wages $1,375 per employee to a maximum of 25,000 per employer. | March 18 to June 19 | Have existing payroll account on March 18. Must pay salaries during this period. | Eligible employers including individuals, partnerships, NPO, Charity or CCPCs (eligible for SBD) | No application | Reduce current remittance of Federal and Provincial Income Tax from RP Payments by amount of the subsidy. | |
| Business Credit Availability Program (BCAP) | 4/13/2020 | Access to funding for Canadian Businesses through BDC and EDC loans; from $100,000 to $2 million. | Businesses | Interest rate of 3.3%; repayment terms over 30 months. Interest only payment first 12 months. | Speak with your financial advisor. | |||
| Canadian Emergency Business Account (CEBA) | 4/17/2020 | Loans up to $40,000; zero interest. | Must have paid between $20,000 and $1.5 million in payroll in 2019. | Businesses and not for profits | Interest free Until Jan 1, 2023, then 5% If loan repaid by Dec 31, 2022, 25% of the debt will be forgiven. Loan is intended to be used for operating costs. |
Apply online through your financial institution. |