Government Programs

The Ontario Government is helping businesses recover costs for personal protective equipment and providing extra support for businesses required to close or significantly restrict services as a result of provincial public health measures.

*WFCU Credit Union/ECU – A Division of WFCU Credit Union is providing this as information. These programs are not funded by the credit union.

Your business can apply online for funding from one or more of the following initiatives:

Ontario Small Business Support Grant – The new Ontario Small Business Support Grant, which will help small businesses that are required to close or significantly restrict services under the new Provincewide Shutdown.

Main Street Relief Grant for Personal Protective Equipment (PPE) providing up to $1,000 for PPE costs to eligible small businesses across Ontario with 2 to 9 employees.

Property Tax and Energy Cost Rebate Grants for businesses that were required to shut down or significantly restrict services due to provincial public health measures.

For additional information and to apply for these Government Grants, please click here.

 


Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee

This loan program has ended as of March 31, 2022.

After two years of pandemic restrictions, public health agencies across the country have announced a lifting of those restrictions over the coming weeks. This is great news for business owners, especially those in sectors most impacted by the pandemic.

As a result, the Government of Canada has decided that the Highly Affected Sectors Credit Availability Program (HASCAP) will end on March 31, 2022.


Canada Emergency Wage Subsidy (CEWS)

In light of the COVID-19 crisis and the introduction of the Canada Emergency Wage Subsidy (CEWS). the Canada Revenue Agency (CRA) wants to make it easier for Canadian business owners to sign up for its direct deposit service or change their existing account information by creating an enrolment process that can be accessed through financial institutions.

This enrolment service in now available to WFCU Credit Union members, giving you the ability to simply and securely transmit your direct deposit enrolment information to the CRA when you log onto our online banking.

We encourage you to use direct deposit to avoid any delays in receiving your Canada Emergency Wage Subsidy (CEWS). and receive all your CRA payments faster.

CEWS CRA Direct Deposit Questions & Answers

When can I access the CRA direct deposit for businesses service through WFCU Credit Union/ECU – A Division of WFCU Credit Union?

We will be offering the CRA direct deposit for businesses enrolment effective June 23, 2020. Through this service, your business can simply and securely submit your direct deposit enrolment information to the CRA.

Please note: Applications for the CEWS benefit must be made directly through the CRA​. Once you are approved for the CEWS benefit, registering for the CRA direct deposit for businesses service helps ensure your CEWS payment from CRA is quickly and securely deposited into your business payroll account .

Who is eligible to enrol for CRA direct deposit for businesses?

To be eligible to enrol in CRA direct deposit for businesses, you must have a business account with WFCU Credit Union or ECU – A Division of WFCU Credit Union that was opened on or before March 1, 2020. You must have a valid 15-digit business number and a Payroll account (RP). In addition, the legal name of the business on file with us and your business owner details must match what the CRA has on file, or the direct deposit enrolment may not be successfully processed by CRA. To avoid any discrepancies which could result in rejection by the CRA, the owner of the business can complete the direct deposit registration and can fill in the optional fields for SIN # and DOB as these fields give CRA other criteria to do matching against.

The following links provide further detail on eligibility:

What information will I have to provide when I sign up for CRA direct deposit for businesses through WFCU Credit Union/ECU - A Division of WFCU Credit Union?

Enrolment is completed using (where available) existing customer information on-file at WFCU Credit Union/ECU – A Division of WFCU Credit Union including: business name, owner name, 15-digit business number, SIN, and bank account info. Customer identity is verified without the customer having to log into the MyCRA website or contact the CRA directly.

What happens if the enrolment fails?

You can attempt to enrol again in direct deposit with WFCU Credit Union/ECU – A Division of WFCU Credit Union or via the CRA My Business Account.

What happens if the Business Number is not correctly formatted?

Our enrolment form will not allow for invalid characters to be inputted into the filed. The format will be required only to allow 9 numbers, the letters Rr or Pp, and then 4 subsequent numbers. Ex. 123456789RP0001.

If an invalid character is entered, an error message will be displayed.

To avoid any discrepancies, which could result in rejection by the CRA, the owner of the business can complete the direct deposit registration and can fill in the optional fields for SIN # and DOB as these fields give CRA other criteria to do matching against.

What if I don’t see the updated bank account information for my business after 48 hours?

Contact the CRA at 1-800-959-5525.

How will the deposit show up in my accounts?

The deposits will show as being made by the Receiver General. The description on your statement will read Federal Payment FED.

What CRA business payments are captured in the direct deposit enrolment through WFCU Credit Union/ECU - A Division of WFCU Credit Union?

Our CRA direct deposit for businesses enrolment feature will currently enable direct deposits in support of CEWS which will be paid into your business payroll account. It will not apply to direct deposit requests for the corporation income tax refund and GST sales tax refund at this time..

Can I have the payments go into my USD account?

No, the payments are paid in CAD and must be directed to a CAD account.

When can I apply for the Canada Emergency Wage Subsidy (CEWS)?

Beginning April 27, 2020 eligible clients were able to apply for CEWS through the Government of Canada.

What about businesses who are unable to bank online or through an app?

The CRA can still issue cheques for CRA business payments. For any questions related to your CEWS payments, please contact the CRA directly at 1-800-959-5525.

Does enroling for direct deposit for my business automatically sign me up for the Canada Emergency Wage Subsidy (CEWS)?

No, this sign up is only for choosing your method of receiving your CEWS payment.

I’m already signed up for direct deposit with the Canada Revenue Agency for my payroll account (RP). Do I need to enroll again?

No, you do not need to sign up again. The Canada Revenue Agency will use the account information that you have already provided for your direct deposit payments. You will however need to apply separately for the CEWS payment.

I’ve already signed up for CRA direct deposit with another bank/financial institution. If I sign up again, will it update what I have on file with the CRA?

Yes. The most recent enrolment you complete will become the account on file with the Canada Revenue Agency. Direct deposits for CEWS payments will only be made into one payroll account (RP), at one financial institution.

How will I receive my payment if it is $25 million or more?

If you are expecting a payment of $25 million or more, you will have to get your payment through the large value transfer system (LVTS). To do this, you have to be enrolled in direct deposit on your payroll account and be registered for the LVTS.


EDC Business Credit Availability Program (BCAP) Guarantee

The federal government has introduced the Business Credit Availability Program (BCAP) to help Canadian businesses financially during the COVID-19 crisis.

Through this program, Export Development Canada (EDC) and Business Development Bank of Canada (BDC) will provide $65 billion in direct lending and financial support to Canadian business across all sectors. Please note that the BCAP ends December 31, 2021.

BCAP encompasses the following programs in support of Canadian business:

EDC BCAP Guarantee Questions & Answers

What is the EDC Business Credit Availability Program (BCAP) Guarantee?

The EDC BCAP Guarantee is a business loan to help small and medium-sized Canadian businesses impacted by COVID-19. Eligible applicants can access operating loans or term loans of up to $6.25 million CAD to cover operational expenses such as rent and payroll. It cannot be used for dividend payouts, shareholder loans, bonuses, stock buyback, option issuance, increases to executive compensation or repayment/refinancing of other debt.

The EDC BCAP Guarantee features:

  • Fixed 80% EDC guarantee for up to 5 years;
  • EDC guarantee fee of 1.8% calculated on loan amount;
  • 6-month EDC guarantee fee payment deferral; and
  • Applicant deals directly with their financial institution and not EDC.

I have an existing EDC loan facility. Can I use the EDC BCAP Guarantee to top up my existing facility?

No. The EDC BCAP Guarantee can only be used to support new facilities to provide incremental emergency liquidity. It cannot be used to support an existing facility.

Is the EDC BCAP Guarantee only available to export-oriented businesses?

No. The EDC BCAP Guarantee is available to all small and medium-sized Canadian businesses in all sectors that were financially viable and revenue generating prior to the COVID-19 outbreak.

How do I apply?

To apply for the EDC BCAP Guarantee please contact your Business or Commercial Account Manager directly. Alternatively, you can contact commercialmanagers@wfcu.ca.

 

BDC Co-Lending Program

BDC Co-Lending Program Questions & Answers

What is the BDC Co-Lending Program?

The Government of Canada announced the availability of the Business Development of Canada (BDC) Co-Lending program supporting Canadian businesses of all sizes that have been negatively impacted by COVID-19. Eligible applicants can access up to $6.25 million CAD (max. loan amounts dependent on business size) in loans to cover operating expenses such as rent and payroll, and working capital needs such as inventory. The loan will be jointly funded by WFCU Credit Union and BDC. The Co-Lending Program is separate and distinct from the Canada Emergency Business Account, a $40,000 interest-free loan.

Businesses with the following 2019 revenue thresholds can apply for the following loan amounts:

  • Loans of up to $312,500 to businesses with revenues of less than $1 million.
  • Up to $3.125 million for businesses with revenues between $1 million and $50 million.
  • Up to $6.25 million for businesses with revenues in excess of $50 million.

Who can apply for the loan?

Business members of all sizes that have been impacted by COVID-19 and meet the eligibility criteria can apply for the BDC Co-Lending Program.

What are the eligibility criteria?

Businesses are eligible to apply if:

  • they are a Canadian-based commercial entity with the intent to generate revenue from the sale of goods or services and that has business operations in Canada;
  • WFCU Credit Union is their primary financial institution and has been a member of WFCU Credit Union as of March 1, 2020
  • they have not benefited from, or are in the process of benefiting from, this Co-Lending program at another bank or financial institution
  • they have been negatively impacted by COVID-19.
  • been a viable business as of March 1, 2020 prior to COVID-19 impact
  • met the necessary requirements that will form part of the application process

For more details on the program, eligibility and application process, contact the Commercial Services team at commercialmanagers@wfcu.ca.

Businesses are not eligible to apply for this program if they:

  • are a government organization or body (other than an Indigenous entity or body) that owns 25% or more of the equity interests;
  • are a union or charitable, religious or fraternal organization or an entity in which any such organization owns 25% or more of the equity interests;
  • are an entity in which 25% or more of the equity interests are held by any single current member of the Parliament of Canada or any single current member of the Senate of Canada, other than a publicly traded company; or
  • promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability.

As part of the application process, you will be asked to provide:

  • information for co-signatories and guarantors;
  • personal income and business income;
  • other financial details, including your mortgage or monthly rent amount;
  • financial statements for the business for 2018 and 2019;
  • T1 General (4-page jacket) and Notice of Assessment for the last two (2) years available for the co-signatories, guarantors and spouses, as applicable;
  • personal net worth documents, including investment statements, savings and account holdings at other financial institutions, and mortgage statements; and
  • personal and business contact information, including phone number and email address.

Additional information may be requested in the application process. For more details on the program, eligibility and application process, contact the Commercial Services team at commercialmanagers@wfcu.ca.

What are the terms of the BDC Co-Lending Program?

  • Term loan
  • Interest-only payments for the first 12 months
  • Amortization and terms based on your business needs

For more details on the program, eligibility and application process, contact the Commercial Services team at commercialmanagers@wfcu.ca.

How do I apply?

Members can contact their Commercial Manager to learn more about the application process and eligibility criteria. For more details on the program, eligibility and application process, contact the Commercial Services team at commercialmanagers@wfcu.ca.

Can I apply for this loan if I am currently receiving CEBA and/or the EDC BCAP Guarantee?

Members that have applied for the CEBA program and/or the EDC BCAP Program may also apply for the BDC Co-Lending Program. Our Commercial Services team can help you determine which solutions are suited for your financial needs.

How will I find out if I am approved for the BDC Co-Lending Program?

Your Commercial Manager will work with you to complete the application process and will keep you apprised of your loan approval status.

Canada Emergency Business Account (CEBA)


As part of the Government of Canada’s ongoing efforts to support Canadian businesses throughout the COVID-19 pandemic, CEBA expansion increases financial support opportunities currently in place by offering existing CEBA ($40,000) applicants in need of support an additional $20,000 in interest-free financing and increasing the forgivable portion to up to $20,000 or 33% of the total CEBA amount borrowed. CEBA will also expand the initial offering for new applicants in need to $60,000 (previously $40,000) in interest-free financing, with up to $20,000 in total being forgivable.

This program is now closed for applicants.

UPDATE: January 13, 2022

The Federal Government has announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.

If you have any questions pertaining to CEBA please visit the Government of Canada  site for additional information and frequently asked questions.

How to Repay Your CEBA Loan

Repay your loan on time and take advantage of the benefits.

If you are one of the many business owners who received a Canadian Emergency Business Account (CEBA) loan, remember a portion of the principal amount is forgivable.

On January 12, 2022, the Federal Government announced an extension to the repayment deadline in order to receive the forgiveness amount.  Previously, members had until December 31, 2022 for repayment. This has now been extended to December 31, 2023

CEBA Forgiveness: Minimum Principal Payments: 

If you received a CEBA Loan of $60,000 (whether in one loan advance or two separate advances) and you reduce your balance to $20,000 by December 31, 2023, the balance is forgivable.

If you received a $40,000 CEBA loan and you reduce your balance to $10,000 by December 31, 2023, the balance is forgivable.

 

Important Dates to Remember!

  • You have until December 31, 2023 to make your CEBA loan repayment.
  • If you have not made the minimum principal payments required to qualify for forgiveness by December 31, 2023, the remaining balance will then convert to a two-year interest only term loan with an annual interest rate of five per cent per year starting on January 1, 2024, with loans fully due by December 31, 2025.

If you have any other questions please contact our Member Contact Centre at (519) 974-WFCU or toll-free at 1-866-500-WFCU.

How to Make a CEBA Payment Online

  • As a lump sum:
    • Login to online banking
    • Use the Transfer function to transfer the amount you want from your chequing or savings account to the CEBA loan.
  • As a recurring payment:
    • Login to online banking
    • Use the Transfer function to schedule an amount and frequency of your choosing from your chequing or savings account to the CEBA loan.

Important: Before you make a payment, please ensure all information is correct, as payments to a CEBA loan are not reversible.

If you have any questions please reach out to our Member Contact Centre
at 519-974-WFCU (9328) or toll-free at 1-866-500-WFCU (9328).