Government of Nunavut COVID-19 Business Support
Government of Nunavut - Small Business Support Program
The Department of Economic Development & Transportation’s Small Business Support Program provides contributions to small and medium-sized businesses for pre-planning, planning, start-up, staff development and market development that may be seen as ‘incentives’ to investor participation with Nunavut businesses.
Application Info: https://gov.nu.ca/edt/programs-services/small-business-support-program
Nunavut Business Credit Corporation (NBCC)
NBCC provides up to $1,000,000 in debt financing to small and medium-sized businesses through such instruments as loans, loan guarantees, bid security and investment placement.
Application Info: http://www.nbcc.nu.ca/
Government of Nunavut - Strategic Investments Program – Nunavut Equity Investment Fund
The purpose of the program is to encourage private investment in strategic growth sectors by providing contributions toward new or expanding Nunavut businesses. Nunavut businesses that are carrying on operations in the territory are eligible.
Application Info: https://gov.nu.ca/edt/programs-services/strategic-investments-program
Business Support Programs
Business contribution programs offered through the Regional Inuit Association business development organizations also provide small and medium-sized business contributions that may be seen as ‘incentives’ to investor participation with Nunavut business. Non-financial assistance is also available through the Economic Development Officer in each community, Regional Inuit Association CEDOs and Community Futures Development Corporation offices that may provide search and/or business match services to an investor.
Federal Government COVID-19 Business Support
Canadian Emergency Business Account (CEBA) interest-free loans
The Canada Emergency Business Account (CEBA) provides interest-free, partially forgivable, loans of up to $60,000, to small businesses and not-for-profits, that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs, such as rent, utilities, insurance, taxes and wages.
The Government of Canada has recently expanded CEBA to include an additional interest-free $20,000 loan, 50% of which would be forgivable if repaid by December 31, 2022.
This means the additional loan effectively increases CEBA loans from the existing $40,000 to $60,000 for eligible businesses, of which a total of $20,000 will be forgiven if the balance of the loan is repaid by December 31, 2022.
Business owners can apply for support until June 30, 2021 through their banks and credit unions.
Canadian Emergency Rent Subsidy (CERS)
The Canada Emergency Rent Subsidy (CERS) provides a direct and easy-to-access rent and mortgage subsidy of up to 65% of eligible expenses to qualifying businesses, charities and non-profits. This support is available directly to tenants.
Qualifying organizations that have been significantly restricted by a mandatory public health order issued by a qualifying public health authority can receive an additional 25% of rent support through the Lockdown Support.
The combined effect of the rent subsidy and the Lockdown Support is that hard-hit businesses, non-profits and charities subject to a lockdown can receive rent support of up to 90%.
Highly Affected Sectors Credit Availability Program (HASCAP)
The Highly Affected Sectors Credit Availability Program (HASCAP) provides businesses heavily impacted by COVID-19, access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs.
HASCAP is available to businesses that operate in sectors such as tourism and hospitality, restaurants and those that primarily rely on in-person services.
The program is available at some participating financial institutions. Other participating financial institutions will deploy the program progressively over the days that follow.
Application/Eligibility Requirements: https://www.bdc.ca/en/special-support/hascap?ref=shorturl-hascap
Regional Relief and Recovery Fund (RRRF)
The Government of Canada is providing over $1.5 billion through the Regional Relief and Recovery Fund (RRRF) to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and to local economies. This fund is specifically targeted to those that may require additional help to recover from the COVID-19 pandemic, but have been unable to access other support measures.
Application Details: https://www.ic.gc.ca/eic/site/icgc.nsf/eng/h_07682.html