BusinessCOVID-19News

Federal Government Invests $12 Million in New Small Business Fund

By October 20, 2020 October 21st, 2020 No Comments

Today, during Small Business Week, the Government of Canada, announced an investment of $12 million in the Canada United Small Business Relief Fund.

Canada United is a national fundraising campaign created by the Royal Bank of Canada (RBC) in collaboration with private sector partners and provincial and territorial chambers of commerce, including the Ontario Chamber of Commerce (OCC). The campaign has been rallying support from Canadians for local small businesses in every corner of the country.

The Canada United Small Business Relief Fund, which is managed by the OCC, is supporting Canadian businesses across different sectors and industries with grants of up to $5,000. These grants will help thousands of small business owners cover the costs of personal protective equipment, make physical modifications to their businesses to meet local health and safety requirements, and enhance their digital or e-commerce capabilities. This is especially important as we enter the second wave of the pandemic.

Application opens on October 26th, 2020.

Eligible Applicants

  • One application per ownership group. If more than one application is submitted, any subsequent submission after the first time-stamped application will automatically be rejected.
  • Applicants do not need to be a member of the Ontario Chamber of Commerce (OCC) to qualify.
  • Small to medium-sized (SME) companies from all sectors and all regions of Canada.
  • For greater clarity, both For-Profit and Not-For-Profit organizations are eligible to apply but Government organizations, municipalities, charities and the chamber of commerce network are
    not eligible to apply.
  • Be incorporated, or operating as a sole proprietor/partnership, in Canada as of March 1, 2020.
  • No more than 75 employees.
  • Have minimum annual sales of $150,000 and not more than $3,000,000.
  • Have $1,000,000 of commercial general liability insurance (self reported). Not receiving any other contributions from public funds towards the specific activities contained in the funding
    application. Applicants that received funding from another government source must provide details including the exact amount, source of funds and how the funds contributed to the
    expenditures noted in the budget section of the application.
  • Be in full compliance with all applicable government laws, rules, regulations, guidelines and other legally binding measures (self declaration).
  • Be in operation after September 1, 2020 (grant recipients must sign a declaration included in the approval letter to confirm).
  • Must attach all necessary receipts and invoices, accompanied with proof of payment, with the application. Failure to include sufficient expenditure details and accompanying documents will
    result in automatic disqualification.
  • Must submit the company’s sales tax (GST/HST) registration document or a recent sales tax (GST/HST) filing and one of the following documents:
    • Proof of business registration
    • Business license
    •  Articles of incorporation or letters patent
    • For partnerships: Articles of incorporation or letters patent for each corporate partner

Documents must show official stamp, logo or other official identifying details from issuing agency.

Priority applicants for consideration will include businesses owned by Indigenous People, women, visible minorities, LGBTQ2+, and persons with disabilities. Considerations will also be made to
ensure the fund is distributed broadly to all regions across the country.

 

Application and additional eligibilty information can be found: Here