COVID-19 – What you need to know

Supporting our customers is our top priority

We’re committed to supporting and working with our customers to understand the financial hardship your business may be experiencing. We will continue to update this page with more details as they become available.

If you would like more details on the relief programs, these are also available on the Government of Canada website

Canada Emergency Wage Subsidy (CEWS)

Canada Emergency Wage Subsidy (CEWS)

The Government of Canada has launched the Canada Emergency Wage Subsidy (CEWS) to help businesses of all sizes faced with a significant decline in revenue. This program allows businesses to either keep their workforce on their payroll or re-hire employees they’ve previously let go. Applications for the program are administered by the Canada Revenue Agency (CRA).
This important economic measure provides eligible employers a subsidy of 75% of an eligible employee's weekly earnings (to a maximum of $847 per employee per week) for up to 12 weeks. The term of this wage subsidy is three months, retroactive to March 15, 2020. If you’re interested in learning more, or to calculate the potential subsidy you would be eligible for, please visit the CRA website.  

CRA Direct Deposit is now available

You can register through HSBCnet for CRA direct deposit to receive CRA payments directly into your HSBC business account(s). When registering through HSBCnet, the CRA direct deposit can be set up a day after submission*. Registering for the CRA direct deposit doesn't automatically register you for the Canada Emergency Wage Subsidy (CEWS). You must visit the Government of Canada's website to apply for the CEWS.

* If the information you provide doesn’t match the information the CRA has on file for your business, the CRA direct deposit enrolment may not be successfully processed by the CRA. The CRA will contact you directly if there are any issues with your application.

Customer User Guide (PDF, 446KB)

FAQ (PDF, 476KB)

Questions about setting up direct deposit?

Please access the Customer Support Centre through HSBCnet.

EDC Business Credit Availability Program (BCAP) Guarantee

As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), HSBC Bank Canada and Export Development Canada (EDC) are partnering to provide small-and medium-sized Canadian businesses with financing during the COVID-19 pandemic.

Access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee Program provides eligible businesses with up to $6.25 million in credit to cover operational costs like payroll and rent.

If your business needs a new loan to cover operational costs during the COVID-19 pandemic, you may be eligible for the EDC BCAP Program. Proceeds from the BCAP-supported loan can be used to finance business operations, including ordinary course payments. Export sales are not required to qualify for the program.

EDC fees related to this guarantee will be deferred for the first six months, giving some short-term relief to your business.

If your application is approved, EDC will provide a guarantee to HSBC Bank Canada on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs. Note that the guarantee is to our institution, not your business, so you remain responsible for the full value of the loan.

Please contact your Relationship Manager to discuss.

Canada Emergency Business Account (CEBA)

The Government of Canada recently announced its intention to expand the eligibility criteria for the Canada Emergency Business Account (CEBA) to include businesses with a payroll of between $20,000 and $1.5 million in 2019. Canadian FIs, in conjunction with the Department of Finance, have worked together to implement this newly expanded criteria.

You can apply for the Canada Emergency Business Account by filling out our application form. If you have any additional questions, please review the most common questions and answers on our website, or contact your Relationship Manager.

Business Credit Availability (BCAP) BDC Co-Lending Program

The Business Credit Availability (BCAP) BDC Co-Lending Program is open to Canadian businesses in need of short-term liquidity to help sustain operations. 

Program details

  • Maximum finance amounts will vary based on business revenues, up to $12.5 million.
  • Must be used to finance operational cash flow requirements, with 80% of the financed amount provided by BDC and the remaining 20% by HSBC.
  • Cannot be used to refinance existing debt.

For more information on the program and to determine eligibility, please contact your Relationship Manager.

Questions? Ready to get started?

Questions? Ready to get started?

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