Emergency Income Relief for Self-Employed

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Emergency Income Relief Fund is a temporary support for self-employed Prince Edward Island residents who do not qualify for the Canada Worker Lockdown Benefit and have substantially lost income (50% minimum) as a result of the Temporary COVID-19 Measures announced on December 17, 2021. Self-employed individuals may apply for reimbursement for each of the following periods:

Period 1 - December 18, 2021 to December 25, 2021;
Period 2 - December 26, 2021 to January 1, 2022;
Period 3 - January 2, 2022 to January 8, 2022;
Period 4 - January 9, 2022 to January 15, 2022;
Period 5 - January 16, 2022 to January 22, 2022;
Period 6 - January 23, 2022 to January 29, 2022.

Comments on Funding:

Applicants will be reimbursed 100% of their loss in revenue, but in no event shall it exceed the maximum reimbursement of $300 per week. Losses will be calculated by comparing the applicant's income during the reporting periods, with the applicant's highest weekly income from the preceding four weeks prior to December 18, 2021.

When It Ends:

Ongoing

Deadline:

February 28, 2022

Eligibility:

An eligible self-employed individual must:

have business income as their primary source of income (more than 50%),
be actively earning income in PEI during the claim period (sole proprietorship, partnership, or corporation),
clearly demonstrate loss in self-employment income of at least 50% due to the recent Temporary COVID-19 Measures announced on December 17, 2021,
be in good standing with the Province.

Application Steps:

The applicant can submit his application form and the required documentation to Innovation PEI via online web form or can mail or fax a hard copy.

Documentation Needed:

The applicant must submit:

1
business banking information, including a copy of a VOID cheque,
2
most recent Statement of Business or Professional Activities (T2125, if a sole proprietorship or partnership, or Schedule 125, if a corporation) found in the personal tax return or most recent HST form,
3
a completed application form.

Other Things to Note:

An individual can apply for one business only, regardless of the number of businesses owned.

Program Contact:

Emergency Income Relief for the Self-Employed

PEI Business Registry: Plain English Guide for Prince Edward Island Entrepreneurs

Major Industries in Prince Edward Island: Overview of 8 Top Industries

Aboriginal Business Financing Program (ABFP)

Jobs and Growth Fund (JGF)