Western Economic Diversification Canada (WD) provides full details here
Two Streams – Funding of $60,000, and Funding From $60,000 – $1,000,000
Eligibility – Funding of $60,000:
- Fewer than 500 full-time employees
- Located in Western Canada
- Not located in an area served by a Community Futures office (there are alternate programs available for businesses located in rural locations)
- Not eligible for the Canada Emergency Business Account
- Was operational as of March 1, 2020
- Have suffered financially because of the COVID-19 pandemic
- Intend to continue operations in Western Canada
- NOT organized as a sole proprietorship
- NOT a not-for-profit organization
Parameters
- Interest-free loan with no scheduled payments required until after December 31, 2022
- Up to $20,000 of the loan will be forgiven
- If not repaid by December 31, 2022 the full loan will be repayable by December 31, 2025
- The loan is included in income for tax purposes when received, repayments are deducted when made
Key points – This financing is available to a business that doesn’t have any employees and pays its owner dividends.
Eligibility – Funding of $60,000 – $1,000,000:
- Fewer than 500 full-time employees
- Incorporated to operate in Canada
- Located in Western Canada
- Have suffered financially because of the COVID-19 pandemic
- Has revenue of less than $10 million
- Has applied for other federal COVID-19 support measures
- Intend to continue operations in Western Canada
- Must apply by June 30, 2021
- Can describe the financial impact that COVID-19 has had on its operations, and outline how the funding will help support the Western Canadian economy to:
- Retain diverse and valuable talent
- Maintain capital flow
- Maintain critical supply chains and increase capacity to withstand supply chain disruptions
- Protect technologies and processes that improve resilience, productivity, and/or competitiveness
- Protect vital intellectual property
Parameters
- The support must be repaid
- No scheduled repayments until December 31, 2022
- Full balance must be repaid by December 31, 2025
- The loan is included in income for tax purposes when received, repayments are deducted when made