COVID-19 Resource


The COVID-19 experience has all employers wondering what’s next for their business. Positive Venture Group clients are experiencing a wide array of impacts, some more significant than others. This has ranged from a domino effect of travel and remote work for employees, all the way to an abrupt stop to revenue due to client office shutdowns. No matter what, we’re all in this together and no one knows what the new normal for business will look like.

At Positive Venture Group, we’ve always focused on providing outsourced finance solutions for businesses tailored specifically for you, and our dedication to our clients has not changed. As part of our continuous monitoring of the fluid COVID-19 situation, we are increasingly aware of the impact this is having on our clients and SMB’s across North America and Europe.

In our commitment to supporting our clients through this period, we have outlined several mitigation steps below. This compiled list of programmatic funding and suggestions will be updated as we have more information. Please do not hesitate to contact us to help you understand the details of each program and how you might leverage each option.


Here are some steps to help mitigate your financial and business risk during the impact of COVID-19:

Contact your creditors 

  • Are any offering principal/payment deferrals?
  • Is there incremental credit available? For what period and through what products?
  • Ensure you are getting the current Business LOC interest rate – it has recently dropped by 2 points due to the COVID-19 crisis    

Review the terms on your credit cards (including insurance offers) 

  • Any travel cancellations due to COVID-19 may be refundable versus flight credits

Watch for Government grant and subsidy programs 

  • These are available to support small business and employees through this period

Reach out to CRA 

  • Discuss delaying payments/installments for taxes owing 

Take advantage of historic FX rates 

  • Transfer USD to CAD to cover Canadian expenses

Revisit your business model and build a contingency plan that extends runway 

  • Plan to push out non-critical headcount additions and other expenses
  • Adjust for reductions in travel, meals and entertainment
  • Factor in some remote employee engagement costs



The Federal government is ensuring there are a number of support measures in place for business disrupted and we at Positive Venture Group are committed to ensuring you are aware of these programs. Below is an outline of some of the programs available, which we will do our best to update regularly.

As of May 11, 2020

Large Employer Emergency Financing Facility (LEEFF)

  • Expand the Business Credit Availability Program (BCAP) to mid-sized companies with larger financing needs. Support for mid-market businesses will include loans of up to $60 million per company, and guarantees of up to $80 million.
  • Open to large for-profit businesses, but will not be available for those in the financial sector or not-for-profit businesses like airports, with annual revenues of $300 million or higher.
  • Continue to provide financing to businesses through Farm Credit Canada, the BDC, and EDC, including through the Canada Account. 

Increase of the existing wage subsidy

The deadline for CEWS has been extended past the original June 6th timeline. Applications for the Canadian Emergency Wage Subsidy (CEWS) program are processed through a company’s CRA ‘My Business Account’ portal.

To calculate your subsidy amount and eligibility, you can visit the Federal support website

  • Updated to 75% from existing 10% for qualifying businesses, backdated to March 15, for up to 3 months.
  • Applicable to the first $58,700 of salary per employee, to a maximum of $847 per week
  • Business size will not affect eligibility.
  • To qualify, a business must display a business decline of 15% for March and 30% decline for April and May.
  • This loss can be based on an average of January and February 2020 revenue, or by comparing year over year data for the months of March, April and May.
  • Program is available for a 12-week period from March 15 to June 6, 2020.
  • Businesses must apply each month they are seeing support for.
  • Eligible employers will also be reimbursed for all employer portions of EI, CPP, QPP, and QPIP contributions, which would be in addition to the $847/week cap per employee.
  • The previously announce 10% wage subsidy will still be available for those businesses who do not qualify for the increase program.

Industrial Research Assistance Program (IRAP)

  • Applications open on April 22, 2020.
  • $250 million in support to small and medium size businesses.
  • Available to new and existing IRAP applicants, including the companies that are in a pre-revenue stage.
  • Support for eligible businesses fund salaried employees to minimize layoffs.
  • Businesses must not be eligible for the Canada Emergency Wage Subsidy

Federally guaranteed loans for small business

  • $25 billion of support to small business and NFPs
  • $40,000 interest free, government guaranteed loans to cover operating costs.
  • Provided by financial institutions in partnership with EDC.
  • Small business and organizations will have to demonstrate between $50,000 and $1 million in total payroll in 2019.
  • If loans are paid off by December 31, 2022, 25% of the loan will be forgiven.

Federally guaranteed loans for SMEs

  • $40 billion dollars made available through EDC and BDC.
  • Earmarked to support SMEs with operational cash flow.
  • Eligible businesses have not yet been defined.

EDC – $20 billion in support

  • Up to $6.25 million of new operating credit and cash flow term loans that financial institutions can extend to SMEs.

BDC – $20 Billion in support

  • Created a new Co-lending program for SMEs.
  • Incremental credit amounts up to $6.25 million to a maximum of $5 million maximum per loan.

Cash Flow Stimulus

  • GST/HST payments are being deferred to June 30, 2020.
  • Customs duty payments are being deferred to June 30, 2020.
  • Providing approximately $30 billion in liquidity to businesses.
  • Increase administrative efficiency during COVID pandemic.

The Employer Health Tax (EHT) Exemption

  • Increase from $490,000 to $1 Million.
  • Support for well being and health of workers during crisis.

We know that every business situation is unique and that not every solution may provide the needed relief but we are available for a discussion to help you understand what options may be feasible. Please do not hesitate to reach out for a call.


Above all please be safe and #bepositive


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