COVID-19 - Resources and Programs

The mandatory closure of several businesses in the community is causing a lot of insecurity amongst entrepreneurs.

What should you do now?

  1. Don’t panic, this is a temporary situation;
  2. Prioritize safety and communications to yourself, your employees and your clients; and
  3. Reassess your Cashflow to determine your financial needs.

Once you have determined your financial needs:

  1. Contact your financial institution and suppliers and take temporary measures;
  2. Inform yourself about the available support programs; and
  3. If needed, do not hesitate to get help.

Once you got your finance sorted out:

  1. Monitor and evaluate the situation daily and make changes to your plan if needed; and
  2. Prepare your business so that you are ready when this situation is over.

Visit Canada's COVID-19 Economic Respond Plan to find out what programs are available to help you!
Find Covid-19 support and other programs and services here.


In the meantime, what can you do?

  1. Check with your banking institution to see if you can defer your mortgage and interest payments free of charge for a period of six months. Some institutions may require that interest-only payments be made.
  2. Have your financial statements from previous years on hand.
  3. Are you eligible for employer-sponsored unemployment benefits? Apply for it!




Who is eligible? All businesses

How do I apply? Access emergency loans more easily at major banks.

  • The Governor of the Bank of Canada has lowered the policy rate to 0.25%
  • The Office of the Superintendent of Financial Institutions announced $300 billion in additional lending capacity for major banks.

Businesses seeking support through BCAP should contact the financial institutions with whom they have a pre-existing relationship, so that the financial institutions may assess the client’s financial request. If the needs of the client exceed the level of support the financial institution is able to provide, the financial institution will work alongside BDC or EDC to access additional resources the Government has made available under BCAP.


  • Offers the possibility of a working capital loan of up to six months without repayment for eligible businesses.
  • Reduced rates for new eligible loans.

To be eligible for BCAP

  • Contact your financial institution to assess your situation
  • Eligible businesses had to be financially viable before the effects of the coronavirus were felt.
  • Provide your financial statements from previous years.
  • Existing BDC clients should contact their account manager for additional information.

Visit BCAP for more information.


Resources for businesses

UPDATE August 11, 2020 - See the latest update on available programs from the Ministry of Economic Development, Job Creation and Trade.

Federal government

The CERB supports Canadians by providing urgently needed financial support to employed and self-employed Canadians who have been directly affected by COVID-19. It provides a payment of $2,000 for a 4-week period (equivalent to $500 a week) for up to 16 weeks.


The new Canada Emergency Wage Subsidy will cover 75% of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. Employers of all sizes and across all sectors of the economy would be eligible with the exception of public sector entities. This program is designed to help employers hardest hit by the COVID-19 pandemic to keep and retain workers.

Organizations that do not qualify for the Canada Emergency Wage Subsidy may qualify for the previously announced wage subsidy of 10 per cent of remuneration paid from March 18 to before June 20, 2020.

Eligible employers would be able to access the Canada Emergency Wage Subsidy by applying through a Canada Revenue Agency online portal. More details on how to apply will follow soon.

For more information: click here.


To ensure that small businesses have access to the capital they need to see them through the current challenges, the Government of Canada has launched the new Canada Emergency Business Account, which has been implemented by eligible financial institutions in cooperation with Export Development Canada (EDC).

This $25 billion program provides 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, due to the economic impacts of the COVID-19 virus. This will better position them to quickly return to providing services to their communities and creating employment. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000)For more information.


More support
Ontario-Canada Emergency Commercial Rent Assistance Program

SMEs will be able to receive a 75% reduction in their rent for April, May and June. The government will cover 50% of this reduction, while landlords will cover the remaining 25%. This is support that will be available for small businesses that are affected by COVID-19 and whose monthly rent is less than $50,000. This program is available since May, 25, 2020.


Ontario programs
NEW AUGUST, 27, 2020 The COVID-19 Energy Assistance Program for Small Business (CEAP-SB) provides a one time, on-bill credit to eligible small business and registered charity customers to help them catch up on their energy bills and resume regular payments.
Ontario Starts Planning for Economic Recovery

Premier Ford is forming a team to develop a growth plan for Ontario after COVID-19. The plan will ensure that Ontario's economic growth will be sustained once the emergency is over. The plan now begins with the Ontario Jobs and Recovery Committee.

Emergency assistance Program

The government is also providing $52 million from the package to better support individuals and families in financial crisis through social assistance. This funding will support those who are not able to access federal assistance to cover needs such as food costs, rent, medicine and other essential services during this time. Individuals can easily apply online for assistance.


FedDev Ontario is now accepting applications under the Regional Relief and Recovery Fund (RRRF). The Fund supports businesses impacted by COVID-19 that have been unable to access other Government of Canada measures. The RRRF provides financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic.

New Programs For Helping Small Businesses Go Digital

The Ontario government, in partnership with the federal government, is helping small businesses reach more customers through the Digital Main Street platform. It is a $57-million program which will help up to 22,900 Ontario businesses create and enhance their online presence and generate jobs for more than 1,400 students.

Through the Digital Main Street platform, businesses will be able to take advantage of three new programs (shopHERE powered by Google, Digital Main Street Grant and Future-Proofing Main Street) to support their digital transformation.

More information


Local Business Support and Information Resources

COVID-19 Recovery Loans. The PRCDC is offering microcredit loans to Prescott-Russell entrepreneurs and business needing help with their working capital. A minimum of $5,000 up to $20,000 available. For more information.

Innovation Initiative : Are you an entrepreneur, a business, established in Prescott-Russell, with an innovative project? REOII offers non-refundable conditional contributions of up to $25,000, focused on expanding business growth and the adoption of new advances business innovation processes. For more information.

Some of you are wondering what insurance companies are doing to help their clients during the pandemic. Check it out! Visit https://palladiuminsurance.ca/covid-19-assistance/ to find out what your insurance company is offering you.

Employment Services Centre - Subsidies and Job Creation IncentivesHiring staff is expensive and risky. Incidentally, several subsidized programs exist to help businesses with the hiring process. Subsidies and job creation incentives are available to Prescott and Russell businesses and are adapted to meet the realities of today’s labour market.






Don't forget to visit our page COVID-19 Business Reopening - Information and Tools


More information is added regularly...

PREC is in partnership with:  SITEWEBFINAL