• April 2, 2020

Governments Announce New Stimulus Programs | Stay Informed on Fundingportal

The Government of Canada is moving forward with its promise to increase stimulus funding to counter the economic downturn caused by the COVID-19 pandemic.

  • In 2019, Fundingportal identified over $32.5B in grants and business incentives awarded by federal and provincial governments to businesses and other organizations to stimulate economic activities. 
  • This funding was applied to broad economic priorities including innovation, R&D, and job creation, as well as particular regional and sectorial objectives. The latter included 5G and broadband, cleantech and alternative energy, agritech, biotech, and ICT.  
  • Now, in 2020, government incentives are expected to reach unprecedented levels. In fact, an additional $10B in funding has already been committed by the federal government on Friday. See the details below.  

As the need for support and the level of incentives funding both reach historic highs, this may be the best time for applicants to invest in understanding the grants and incentives that exist for their organization, and to apply for this funding.

Applicants that are able to achieve real economic benefits with the funding will be the strongest candidates. Projects that are likely to attract incentives are industry and enterprise projects such as wide-scale R&D, municipal infrastructure projects, ICT investments, regional broadband networks, and job protection measures within small and medium enterprises (SMEs). COVID-related projects will also attract funding. Above all, this funding will go to those who ask.

Here is how we are helping organizations like yours put this money to work:

  • Book a Consultation. Book a consultation or order a custom report on the top incentives for your organization. We will write the applications. Book >
  • Subscribe to Alerts. Subscribe to our custom alerts subscription service to be notified when a new program for your organization is announced. Subscribe >
  • Register for our Webinar. Register for our free April 1st webinar on how to secure funding from these important new measures. Register >
  • Follow Fundnews. Read our Stimulus Series to stay informed as new measures are announced. 

FUNDINGPORTAL | STIMULUS MEASURES | AS OF MARCH 17 | 12 P.M.

FEDERAL PROGRAMS

Business Financing  

  • $10B for Financing and Credit Solutions. The new Business Credit Availability Program (BCAP), administered by the Business Development Bank of Canada (BDC) and Export Development Canada (EDC), provides $10B in additional support to businesses in the form of financing and credit insurance solutions. This initiative will be rolled out in cooperation with private-sector lenders. Under the program, credit-worthy Canadian businesses seeking financing to support their operations and maintain jobs can contact their existing BDC, EDC or private bank account manager to obtain more details. Loans are expected to be provided at current market rates.
  • Canadian Credit Supply Increased by $300B. The Domestic Stability Buffer requirement for important domestic banks is lowered by 1.25% of risk-weighted assets, which means Canada’s large banks have an additional $300B in lending capacity to stimulate the economy.
  • Additional Banking Measures to Increase Liquidity. 
    • A new Bankers’ Acceptance Purchase Facility supports financing for SMEs. 
    • The government’s bond buyback program is broadened to increase market liquidity. 
    • Shorter Term Repo operation terms are temporarily in place for interbank funding. 
    • A Standing Liquidity Facility will be launched in the coming weeks.  

Employment Stability

  • Special Work-Sharing Measures. Work-Sharing is an adjustment program administered by Employment and Social Development Canada that helps employers avoid layoffs when there is a temporary reduction in the level of business activity. Under the program, employees eligible for Employment Insurance receive income support while temporarily working reduced workweeks. The Government has temporarily extended the maximum duration of work-share agreements from 38 to 76 weeks for employees affected by the COVID-19 downturn, as well as those in the forestry and steel sectors. Employers and employees must apply together. Book a consultation on our grant writing services to get started.

COVID-19 R&D

  • $302M for Research. This funding will support research on medical countermeasures to the virus, including antivirals and vaccine development. This money will go to 47 previously-designated research teams across Canada.

Forthcoming Measures

  • Economic Actions to Be Announced Today. Prime Minister Justin Trudeau announced that a more fulsome package of financial supports will be released Wednesday. Parliament may also be recalled to bring in emergency economic measures. Look out for the next issue of our Federal Stimulus Series on Thursday morning and subscribe to our Grants Alerts service to stay up-to-date on the latest funds for your organization. 
  • Tax Season Changes. Changes for the upcoming tax season will be announced by the end of the week. Businesses are expected to have more flexibility in making their tax payments.

PROVINCIAL PROGRAMS

AB 

  • $500M for Frontline Support. This additional funding will be released after the legislation is passed.

BC

  • Stimulus Package in the Works. The Province announced Friday it is working on a stimulus package that will include support for industry, in particular small businesses and vulnerable sectors. Supports for affected employees will also be forthcoming.

ON

  • $304M in Relief Funding. Money will flow to hospitals, frontline workers, long-term care homes, retirement homes, residential facilities, and Indigenous communities.
  • Economic Update. Instead of the Budget, an economic and fiscal update will be released on March 25. Funding is expected to be provided for hospitals, schools, and municipalities, in particular.
  • Job Protection. The Government is planning on providing job-protected leave to employees in isolation or quarantine, or those that need to be away due to child care. Legislation is in progress.

PE

  • $25M Emergency Contingency Fund. This new fund supports workers and small businesses affected by the pandemic. Additional details on the program have not yet been released.

QC

  • $2B Package Expected. A $2B package was expected to be announced before the end of day Tuesday. Additional details will be forthcoming.
  • Temporary Support for Workers. The new Programme d’aide temporaire aux travailleurs (PATT COVID-19) (PATT COVID-19 Temporary support program for workers) provides financial support for workers who are not admissible to employment insurance programs and are currently affected by isolation measures. Employees can directly apply to this program without assistance from their employer.
  • Tax Measures. The deadline for businesses to pay taxes due as of Tuesday is pushed back to July 31.  

YT

  • Stimulus Package Announced. This new package, which does not yet have a disclosed budget, will support workers, cancelled events, local businesses, and the tourism and cultural sectors. 

Visit fundingportal.com or call 1.855.850.FUND (3863) today to learn more about how your business or organization can get funding.

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