As a business owner, there’s one thing that’s always certain: your to-do list is practically never-ending, and your calendar is usually full. Of course, they are! You’re a busy person growing your business here on PEI.
While we’re certain about those things, the uncertainty surrounding COVID-19 continues to grow. Because of this, we want to lend you a *virtual* hand and cross one thing off your to-do list: researching the various programs and federal initiatives available to support entrepreneurs like you during these trying times.
Last week, we held a virtual workshop where our community partners at Innovation PEI and BDO presented on the initiatives listed below (and more), which we’ve taken the high-level information and converted into a one-page, easy-to-read click-through blog. If you wish to see the entire recording of the virtual event, you may do so here.
Prince Edward Island Provincial Government COVID-19 Supports
*The information below has been provided by the Government of Prince Edward Island Website.
COVID-19 Special Leave Fund
Temporary support for workers and self-employed people who:
- Are unable to schedule a vaccination appointment outside of work hours,
- Are unable to work due to illness, COVID- 19 testing or self-isolation requirements,
- Are unable to care for their child(ren) who cannot attend their school or regular childcare due to COVID-19 closure,
- do not qualify for the Canada Recovery Sickness Benefit, Canada Recovery Caregiver Benefit, or have access to paid sick leave.
- Self-employed people can access a maximum of 2 one-week pay periods for a total maximum of 6 days; calculated $20/hour to a maximum daily reimbursement of $160/day. Maximum of 3 days of lost earnings per week.
An eligible self-employed individual:
- Is actively earning income from the business;
- Has declared business income on their most recent tax return;
- Has business income as their primary source of income.
Emergency Income Relief for Self-Employed
Temporary support for self-employed PEI 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.
An eligible self-employed individual must:
- Have business income as their primary source of income (more than 50%);
- Must 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; and
- Be in good standing with the Province.
The Prince Edward Island Emergency Payment for Workers
This Skills PEI program provides financial support to residents of Prince Edward Island who had employment impacts as a result of the COVID–19 public health measures announced December 17, 2021.
To be eligible, you must be a resident working in Prince Edward Island who had employment impacts as a result of the public health measures during the period of December 17, 2021 – January 17, 2022.
A one-time lump sum payment of $500 from the Government of Prince Edward Island. This emergency benefit is taxable income.
Vax Pass Implementation Fund
- Support for PEI businesses, not-for-profits, and non-governmental organizations that
- are required to implement a vaccine passport system in their business or operation.
- Provides financial assistance toward the cost of purchasing an eligible tablet for verifying vaccination status through the PEI Vax Pass.
- Support is up to 75% to a maximum of $525 per tablet.
- This Program contributes to costs of tablets to be used by organizations and groups as they implement the vaccine passport system – Purchases from October 5, 2021 to December 31, 2021 are eligible. Deadline for applications is February 28, 2022
Government of Canada COVID-19 Supports
*The information below has been provided by the Canada Revenue Agency website.
Canada Worker Lockdown Benefit
The Canada Worker Lockdown Benefit (CWLB) gives temporary income support to employed and self-employed people who cannot work due to a COVID-19 lockdown.
The CWLB is only available when a COVID-19 lockdown order is designated for your region.
If you are eligible for the CWLB, you can receive $300 ($270 after taxes withheld) for each 1-week period. You may apply for any weeks your region is eligible between October 24, 2021 and May 7, 2022.
Canada Recovery Caregiving Benefit
The Canada Recovery Caregiving Benefit (CRCB) gives income support to employed and self-employed individuals who are unable to work because they must care for their child under 12 years old or a family member who needs supervised care. This applies if their school, regular program or facility is closed or unavailable to them due to COVID-19, or because they are sick, self-isolating, or at risk of serious health complications due to COVID-19. The CRCB is administered by the Canada Revenue Agency (CRA).
If you are eligible for the CRCB, your household can receive $500 ($450 after taxes withheld) for each 1-week period.
If your situation continues, you will need to apply again. Each household may apply for up to a total of 44 weeks between September 27, 2020 and May 7, 2022.
Canada Recovery Sickness Benefit
The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by the Canada Revenue Agency (CRA).
If you are eligible for the CRSB, you can receive $500 ($450 after taxes withheld) for a 1-week period.
If your situation continues, you will need to apply again. You may apply for up to a total of 6 weeks between September 27, 2020 and May 7, 2022.
As you can see, there are a number of programs for entrepreneurs who have been affected by COVID-19. Each program has its own criteria that must be met in order to qualify, but they all offer some form of financial assistance or business support. If you have any further questions about how these programs work – we’re happy to connect you with the people who can answer them and help you out!