COVID business support / recovery

Emergency Working Capital Financing

Amount:

$100,000.00

Type of Program:

Loan

Description:

The Emergency Working Capital Financing provides emergency working capital financing to assist PEI’s small business during this unprecedented economic disruption to business, caused by the Covid-19 pandemic. This loan program is to assist qualifying companies maintain normal business operations during these difficult times.

Comments on Funding:

Funding is up to $100,000 with a fixed interest rate of 4% per annum to be used to assist with fixed operating costs (including payroll, rent, utilities etc) with principal & interest payments deferred for a minimum of 12 months.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be an existing small businesses (startups not eligible) located and operating in the Province of PEI, and have been generating revenue on PEI,
be registered to conduct business within the Province of PEI,
have a satisfactory credit rating,
not have any defaulted outstanding debt obligation on file in the Province’s Central Default Registry.

Application Steps:

must submit an application and supporting documentation to Finance PEI,

will be issued a Letter of Offer outlining the complete terms and conditions of the loan, if successful.

Documentation Needed:

Applicants must submit:

1
financial statements for the most recent year end,
2
interim financial statements for the current year to date,
3
detailed listing of what the loan proceeds will be used for and when funding will be needed,
4
statement of personal financial affairs (personal net worth statement) from all applicable shareholders,
5
eligible working capital expense worksheet.

Ongoing financial reporting will be required.

Program Contact:

Emergency Working Capital Financing

COVID-19 Wage Rebate for Impacted Industries

Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

The COVID-19 Wage Rebate for Impacted Industries provides a 25 per cent wage rebate on payroll for businesses of impacted industries, such as full-service restaurants and fitness centers, for the period of January 19 to 31, 2022.

Comments on Funding:

The funfing is a wage rebate calculated at 25 per cent of payroll costs to a maximum of $25/hour for PEI employees, including salary/wages and MERC’s.

When It Ends:

Ongoing

Deadline:

March 21, 2022

Eligibility:

Applicants must:

be businesses that closed to in-person services restricted by the enhanced public health measures introduced on January 18, 2022,
be operating in PEI,
be physically located on PEI,
be operated by a PEI franchiser, if a franchise.

Application Steps:

submit a completed online application,

make a Request for Payment, if the application was determined to be eligible.

Documentation Needed:

Applicants must submit:

1
appropriate payroll documentation to validate payroll costs,
2
the Active Canada Revenue Agency (CRA) Business Number,
3
the estimated number of employees the business will be claiming,
4
a description of business operations,
5
a description of how the enhanced public health measures impacted the business,
6
a monitored email address and contact information,
7
the completed online application.

Program Contact:

COVID-19 Wage Rebate for Impacted Industries

Festival and Events Stability Program

Amount:

$35,000.00

Type of Program:

Grants

Description:

The new Festival and Events Stability Program (FESP) will provide financial assistance to festival and event organizers to help offset costs associated with the need to comply with COVID-19 health and safety protocols (e.g., cleaning, security, staff, fencing, hand wash stations, insurance and/or infrastructure needed to provide a safe and enjoyable event such as chairs, tables, tents etc.). Funding is available to festival and event organizers, including both for-profit and not-for-profit entities.

Comments on Funding:

Funding is up to 20% of total event expenses and to a maximum of $35,000. Claims must be supported by paid invoice. The minimum contribution is $500.

When It Ends:

Ongoing

Deadline:

March 1, 2022

Eligibility:

Applicants must:

for-profit or not-for-profit entities,
be in good standing with the Government of Prince Edward Island,
organize an event between July 20, 2021 and March 31, 2022 that:

secures all necessary license(s) and approval(s) including approval from the Chief Public Health Office,
may be held on a single day or multiple days,
must be held on Prince Edward Island,

Application Steps:

Applicants must submit the application to one of the groups listed below based on the type of festival or event being hosted:

Cultural Development

Evangeline Tourism Association / L’Association Touristique De La Region Évangeline

PEI Association of Exhibitions

Sport PEI

Tourism Industry Association of PEI

Tourism PEI

Documentation Needed:

Applicants must submit:

1
the application form,
2
a one-page overview with a detailed budget that shows total budget and additional costs incurred as a result of Covid-19, including the following information: name of the activity, date(s), location, legal name of the organization, a list of board members for not-for-profit organizations, a list of owners for for-profit organizations, primary contact including title, phone number and email address, expected number of participants / audience size, description of activity (i.e. overview of activities, schedule, target market, on-island and/or off-island participants and/or audience) and the funding amount requested.

Other Things to Note:

Once all funding has been allocated, intake will stop and the program will end.

Program Contact:

Festival and Events Stability Program

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

New Brunswick Group Meeting Incentive Program

Amount:

No Fixed Amount

Type of Program:

Rebate

Description:

New Brunswick Group Meeting Incentive Program encourages meeting planners and businesses to host meetings and events of which registered New Brunswick roofed accommodation businesses will be providing a 20% rebate on eligible expenses. These registered New Brunswick roofed accommodation businesses are then eligible to apply to the Program to recover the 20% rebate.

Comments on Funding:

Funding is in the form of a 20% rebate on eligible expenses. There is a cap of $5,000.00 rebate for each eligible submission.

When It Ends:

Ongoing

Deadline:

April 30, 2022

Eligibility:

The applicant must:

be a registered New Brunswick roofed accommodation businesses which is able to accommodate 10 guestrooms, or more, and other eligible expenses under one roof,
have hosted a meeting or event with a minimum of 10 paid guest rooms, for at least one night of the group booking,

Application Steps:

Applicants must mail the incentive claim to the Department of Tourism, Heritage and Culture, PO Box 6000, Fredericton, NB, E3B 0K2 (to the attention of Benita Albert) or email it to the attention of Benita Albert.

Upon verifying the eligibility and the validity of the Master Bill provided, with the attached claim, THC, will process and provide the 20% rebate to the roofed accommodation/operator.

Documentation Needed:

The applicants must submit the incentive claim, which will provide the following details:

1
name of the roofed accommodation, complete address and name of contact,
2
name of the group booking, with the associated arrival date and departure date,
3
the number of guestrooms actualized each night of the particular group booking,
4
the overnight room rate, the number of guestrooms, with the total dollar amount incurred for guestroom bookings,
5
meeting room rental and associated meeting room eligible costs.
6
total on-site food and beverage expenses incurred associated with the meeting(s) of the group booking,
7
the amount of the Master bill to reflect the total amount of eligible Master Bill charges associated with the particular group booking,

Other Things to Note:

The Program is open between July 19, 2021 and April 30, 2022. The deadline for the submission of the Master Bill(s) for reimbursement is May 22, 2022

Program Contact:

Meet NB Incentive Program

NB-Group-Meeting-Incentive-Program_.pdf