COVID-19 Guidance for Businesses
How we are supporting New Brunswick companies
As the spread of coronavirus (COVID-19) continues around the globe, the Government of New Brunswick recognizes the outbreak will continue to have impacts on New Brunswick businesses.
On March 24, The Government of New Brunswick announced assistance to support New Brunswick businesses. The assistance will support our economy, help keep our workers employed, and enable businesses to continue to operate.
The assistance is complimentary to existing federal and partner institution support and is targeted to specifically address impacts associated with COVID-19. The province will continue to monitor economic impacts and respond proactively to the needs our businesses and our employers.
What we are doing
Working capital for NB small business owners
- Small business owners impacted by the COVID-19 pandemic can apply for working capital loans up to $100,000 through the NB Small Business Emergency Working Capital Program.
- Accessible to small businesses employing 1 to 49 employees, including sole proprietors/self-employed, with sales of less than $10 million in the most recent fiscal year.
- Examples of sectors that would benefit from this support include restaurants, full time & seasonal tourism operations, service sectors, and self-employed business owners impacted directly by the pandemic.
- The loans are funded by Government of New Brunswick and are administered by the Community Business Development Corporation (CBDC). Applications can be completed on online.
NB Business working capital above $100,000
- Opportunities New Brunswick is making available working capital loans to assist employers respond to the challenges associated with COVID-19.
- Working capital in excess of $100,000, up to a maximum of $1 million is available.
- Examples of sectors that would benefit from this support are manufacturing and processing industries, information technology and related sectors, business-to-business service sectors engaged in export, or import replacement activities, and cultural enterprises.
- Business can apply directly to Opportunities New Brunswick.
Deferring interest and principal payments on existing loans:
- As an immediate measure, and on a case-by-case basis – the Government of New Brunswick will defer loan and interest repayments for up to six months on existing provincial loans.
- This support will enable businesses to have immediate relief if they are experiencing difficulties as a result of COVID-19.
- This assistance is available, on a case-by-case basis, to any business that has a loan with an existing Government of New Brunswick department. The deferral can be requested by contacting the department that issued the loan.
Waiving late penalties on property taxes:
- Though business property taxes must be paid by May 31, late penalties will be reviewed on a case-by-case basis to see if the penalty can be waived due to undue financial challenges, such as having to close a business due to COVID-19.
What other support is available?
WorkSafeNB has announced assessment premiums related to employer payrolls for March, April and May will be deferred for three months without interest charges.
The Government of Canada also announced an Economic Response Plan to help stabilize the economy during this challenging period.
For more information contact Service Canada at 1-800-OCanada (1-800-622-6232).
The federal government is also:
- Waiving the one-week waiting period for people who are in quarantine or have been directed to self-isolate and are claiming Employment Insurance sickness benefits. Information on eligibility criteria and the application process can be found here.
- Enhancements to the Work-Sharing Program to help employers who are experiencing a downturn in business due to COVID-19, and their workers. Information on the Work-Sharing Program can be found here.
Canada’s regional development agencies, including the Atlantic Opportunities Agency, have support available for small or medium-sized businesses impacted by the sudden shifts in the economy. For more information, contact ACOA at 1-800-561-4030.
Answering your questions
We are committed to helping the business community find the information they need.
Visit our Frequently Asked Questions resource for common questions and resources businesses need. Check back regularly for updates.
Contact us directly:
Businesses with questions they cannot find answered on our dedicated website are invited to contact the Business Navigator Service, by emailing firstname.lastname@example.org, or calling 1-833-799-7966.