COVID-19 Resources for Canadian Independent Retailers

We have assembled Faire on the belief that the future is local, and we are proud to find communities rallying across the U.S. and Canada to encourage local in this COVID-19 crisis. Canada is home to one of Faire's business headquarters and has been an essential part of our journey for a firm. We aim to encourage our Canadian clients throughout the uncertainty of the coronavirus disruption.


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To understand the way to best support our clients through this time, we checked in with how our manufacturers and retailers were reacting to the crisis. We surveyed 20,000 businesses across the U.S. and Canada and learned makers are concerned for their merchants, and rightfully so: 70% of independent retailers report they don't have sufficient cash on hand to deal with this sort of crisis.

We published Immediate Measures for Local Retailers in Response to COVID-19 to support the merchants that are facing difficult times. We also recently launched a new financial planner tool to help clients understand action they could take given the effects of COVID-19, and we have extended net provisions and free return windows by 30 days, to take some more danger from wholesale purchasing in this time period.

While the timeline and financial effects of this disruption both stay uncertain, our top priority is to do whatever we can to support your company and your customers. As part of this, our specialists compiled this resource of initiatives directed by the Government of Canada to help support your company through this time.

Credit relief to cover company operating expenses

The Government of Canada has established relief programs to assist small business owners gain access to credit, to be able to cover operating expenses during the time that the company has felt the slowdown from COVID-19. The majority of the federal programs are in the process of being finalized, and so we have linked resources that will update with clear next actions to take as they become available.

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  • The Government of Canada has established the Business Credit Availability Program (BCAP) to supply Can$65 billion of extra support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). These programs will roll out in the 3 weeks following March 27, 2020. If you are interested in these apps , we recommend reaching out to your present financial institutions.
    • Canada Emergency Business Account -- This new program will offer interest-free loans of up to Can$40,000 to small companies. The loans can help cover operating costs during the time when revenues have been temporarily decreased from COVID-19, so smaller businesses can cover rent and other essential costs during the next few months.
    • Loan Guarantee for Small and Medium-Sized Enterprises -- EDC provides guarantees to financial institutions so that they can issue new operating credit and cash flow term loans of up to Can$6.25 million to small and midsize businesses. Such loans will be 80% guaranteed by Export Development Canada, to be paid back within one year.
    • Co-Lending Program for Small and Medium-Sized Enterprises -- BDC is working with financial institutions to co-lend term loans to small and midsize businesses for their business expenses such as payroll and rent. Eligible businesses may get incremental credit quantities of up to Can$6.25 million through the program, which is risk-shared in 80% between the Business Development Bank of Canada and the financial institution they have partnered with to ensure the loan.
  • Many provincial governments have set up crisis loan programs and tax deferrals. Have a look at relevant programs by state on the Canada Federation of Independent Business's (CFIB) site .

Email covid-relief@faire.com if you know other available loan programs available to Canadian companies, and we're going to review them and discuss updates frequently.

Support for your employees

Protect yourself, your employees, and your clients above all else. Actively encourage sick employees to stay home, clinic social distancing, and adhere to the most recent updates on the CDC's site . In the event you or your employees will need to stay home, to reduce hours, or general support to cover business expenses you will find programs which were established or enlarged listed below.

  • Small Business Wage Subsidies -- The federal government will offer a 75% wage subsidy to small companies for wages paid since March 15 that experienced a 30% decrease of their earnings on account of this COVID-19, for up to 3 weeks. This will assist companies to keep and return employees to the payroll. Additional information on eligibility criteria will begin with the effect of COVID-19 on earnings and will be shared on March 31.
  • Work-Sharing Program -- This program is intended to provide Employment Insurance benefits to employees who agree to reduce their regular working hours to help avoid layoffs if there's a temporary decline in the standard level of business activity that's beyond the control of the employer, such as COVID-19. Eligible to companies operating in Canada year-round for at least two decades, this program has extended the maximum length from 38 months up to 76 weeks.
  • Emergency Response Gain -- All Canadians who have stopped working because of COVID-19, whether they're Employment Insurance-eligible or not, will have the ability to obtain the Canada Emergency Response Benefit of May $2,000 per month for up to four weeks. Canadians will start to get their CERB payments within 10 days of application starting in April 2020. The CERB will be paid every four weeks and be available until October 3, 2020.
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Other support for fiscal stability

Along with direct credit aid and benefit plans, the Government has taken measures to ease monetary policy, support additional financing from the market, and supply liquidity assistance to Canadian companies through deferred payment dates for tax filings, remittances, and customs duties.

  • The Bank of Canada has lowered interest rates to encourage economic activity and keep inflation low and stable. They have expanded a buyback program for government bonds, expanded purchases of mortgage bonds, and created two applications both aimed at encouraging lenders to facilitate loans to small companies.
  • The Office of the Superintendent of Financial Institutions announced it is injecting May $300 billion of additional lending capacity to the market through eased capital requirements for Canada's big banks by decreasing the National Stability Buffer to help ensure financial stability throughout the coronavirus pandemic.
  • Income tax filing deadlines for corporations and individuals are extended: the due date for filing is currently June 1, 2020. Taxpayers will have until September 1, 2020 to cover any 2019 income tax amounts owed for individual filings and the current year's taxes if corporate. If you are self-employed or have a partner or a common-law spouse who's self explanatory, the deadline to file your taxes remains June 15, 2020.
  • Goods and Services Tax/Harmonized Revenue Tax (GST/HST) remittances and customs duty payments are being postponed to June 30, 2020, which could provide up to May $30 billion in cash flow or liquidity assistance for Canadian companies during the next 3 months.

Focus on your company's health

In Immediate Measures for Local Retailers During COVID-19, we have outlined eight essential focus areas for retail companies and technical steps in each focus area:

  1. Prioritizing health
  2. Reducing your costs
  3. Doing the right thing for your people & your Company
  4. Seeking financial relief & wellness choices
  5. Increasing your earnings
  6. Staying informed on economic developments
  7. Connecting with your clients & neighborhood
  8. Bookmarking crucial resources

We are here for you

We are dedicated to giving you the info you want to make important decisions about your organization, and will provide more updates and reliable information as it becomes available. Our team is inspired daily by the resiliency of small companies and independent entrepreneurs, and we are looking forward to a day when this unprecedented moment in time is behind us.

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