Atuqtuarvik Corporation understands the impact COVID-19 has on Nunavut Businesses. We have been working with our clients to ensure they are continuing to succeed through this pandemic. We have also been monitoring the news for resources that Nunavut businesses can apply for funding through.
Below is a list of resources that Nunavut Businesses can apply to for funding:
Canada Emergency Business Account (CEBA)
To qualify, organizations will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019.
The new Canada Emergency Business Account will provide 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.
Up to 25% ($10,000) of loan forgiveness is available in certain conditions.
This can be done through applying directly with your specific financial institution (RBC, CIBC, Scotiabank, etc.).
Canada Economic Response Plan (CERP)
Canadian Business Resilience Network
Canada Emergency Wage Subsidy (CEWS)
As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.
This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis.
The Regional Relief and Recovery Fund (RRRF) is a financial support initiative implemented by the six regional development agencies. In the territories, the Fund provides targeted relief and stabilization support in key sectors including, but not limited to, tourism, fisheries, the mining supply chain, local food production and processing, regional innovation ecosystems and community infrastructure, as well as support to Community Futures Networks in Nunavut and Northwest Territories and relevant stakeholders in Yukon.
Canada Emergency Response Benefit (CERB)
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.
Canada Temporary Wage Subsidy (CTWS)
The 10% Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA)
Business Credit Availability Program (BCAP)
Through the BCAP program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC), are making available $65 billion in direct lending and other types of ﬁnancial support. Businesses are advised to contact their ﬁnancial institution to apply.
Deferral of GST/HST Tax Remittances (CRA)
The CRA understands that businesses might be dealing with difficulties in making their GST/HST payments or remittances.
The CRA will allow all businesses to defer, until the end of June 2020, any GST/HST payments or remittances that become owing on or after March 27, 2020, and before June 2020. This means that no interest will apply if your payments or remittances are made by the end of June 2020.
Income Tax Deferal for Corporations
We are allowing all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
Canada Emergency Commercial Rent Account (CERCA)
The rent relief plan, to be funded jointly with the provinces, will provide nonrepayable loans to commercial property owners to cover 50 per cent of rent payments for April, May and June.
The loans will be forgiven if the property owner agrees to cut the rent by at least 75 per cent for those months and promises not to evict the tenant. The small business tenant must cover the remaining portion of the rent, which would be up to 25 per cent.
Government of Nunavut
Small businesses in Nunavut can now apply for a one-time grant from the territorial government of up to $5,000.
Small businesses are defined as any business that makes less than $500,000 in gross sales each year, or that has fewer than 10 employees
The grant is also available to Nunavut artists and craft persons and to harvesters who make all or most of their income through hunting or fishing through commercial quotas.”
Baffin Business Development Corporation (BBDC) / Kivalliq Business Development Corporation (KBDC) / Kitikmeot Community Futures Inc (KCFI)
July 28, 2020 – In response to the COVID-19 crisis, Nunavut Community Futures Association, through assistance provided by the Government of Canada, is taking action to ensure that Indigenous business owners impacted by Covid-19 have access to the support they require. The emergency loan program is a component of the Indigenous Business Stabilization Program (IBSP). The Emergency Loan Program (ELP) is designed as an emergency measure to support small business owners in meeting their immediate operating cash flow needs. These funds are not intended to replace or duplicate government or other bank/lender emergency financing/funds that are available to businesses in Canada. Maximum assistance is $40,000 comprised of a 75% loan and 25% non-repayable contribution. Indigenous owned businesses negatively impacted by COVID-19 can apply for this funding to support their immediate working capital and operational needs. Eligible expenses could include: non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property taxes and regularly scheduled debt service; and emergency measures such as health and safety improvements, workplace sanitizing, and procedures to secure the safety of employees and prepare for business opening.Funds may not be used to fund any payments or expenses such as prepayment /refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.
For any questions about the loan requirements and to get an application from Baffin Business Development Corporation, interested business owners can email Valerie Kosmenko at email@example.com or call 867-979-1303 or 1-800-263-2232.
For any questions about the loan requirements and to get an application from Kitikmeot Community Futures Inc., interested business owners can email Marg Epp at firstname.lastname@example.org or call at 867-983-7383 or 888-886-0260
For any questions about the loan requirements and to get an application from Kivalliq Business Development Corporation, interested business owners can email Mark Mcneill at email@example.com or call at 867-645-2126
With support from the Qikiqtani Inuit Association (QIA), Kakivak Association has allocated $1.5 million to create two new temporary COVID-19 programs to help address the needs of the smallest, most vulnerable Inuit- owned businesses in the Qikiqtani Region, and to help ensure that Inuit remain employed.
Kivalliq Inuit Association
COVID-19 Tracker (CBC)
Keep up-to-date with what is happening with the virus including local news and daily information.
Last updated: August 5, 2020