--- title: Financial Relief for Sport Clubs and its Employees description: The purpose of this blog post is to provide Canadian Sports clubs and its employees with a resource to navigate the available financial relief programs for you and your employees. image: https://clipboard.checklick.com/hubfs/Canadian%20Flag.jpg --- [![Checklick](https://clipboard.checklick.com/hubfs/xLander_Jan2017_Theme/images/Checklick-Logo-White-60px.png "Checklick")](https://checklick.com/) - [Home](https://www.checklick.com) - [Evaluations](https://www.checklick.com/#evauations) - [Storefront](https://www.checklick.com/#storefront) - [Pricing](https://www.checklick.com/#pricing) - [Team](https://www.checklick.com/#team) - [Blog](https://clipboard.checklick.com/blog) - [Support](https://checklick.zendesk.com/hc/en-ca) - [Get Started](https://app.checklick.com/start) - [Log In](https://app.checklick.com) - [Home](https://checklick.com/)/ - Financial Relief for Sport Clubs and its Employees ![Financial Relief for Sport Clubs and its Employees](https://clipboard.checklick.com/hubfs/Canadian%20Flag.jpg) # Financial Relief for Sport Clubs and its Employees Apr 1, 2020 / By: [Dominik Jablecki](https://clipboard.checklick.com/blog/author/dominik-jablecki) / [0 Comments](https://clipboard.checklick.com/blog/financial-relief-for-sport-clubs-and-its-employees#comments-listing) COVID-19 was declared a pandemic by the [World Health Organization on March 11th](https://www.who.int/dg/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19---11-march-2020). We were aware of it prior but it’s that date that spurred a cascading effect on businesses and individuals and as a result, we’ve been forced to adapt our personal and business lives.   In the last few weeks, I’ve been looking for all available financial relief options for businesses and employees. I found it tough to keep up with all the resources as the econony does its best to tread water and new measures are introduced almost daily. There’s no sugar-coating the situation. Our businesses and employees are facing tough months ahead but there’s light at the end of the tunnel.    The purpose of this blog post is to provide you, **sport club owners, operators and employees** with information so that you can use this as a quick reference guide for what financial relief may be available to you. New financial benefit and relief programs are released regularly so this is a dynamic list. In this post, I'll focus on initiatives that I’ve found are best suited for sports club and their employees.   I preface this post with a disclaimer that I’m not a lawyer, business consultant or advisor. I’m a business owner who finds himself in a similar position to many of you and if my research can help you and/or your business, then I’m satisfied.  Note that all the resources provided in this post are aimed towards **Canadians and Canadian Sports Clubs or Organizations**.   # **What will you get out of this post?** My approach is simple. I’ll provide you with a breakdown of available government financial relief initiatives in the following format: - Summary of each initiative - When can you apply - Who is eligible for the initiative: - Corporation  - Non-profit - How to apply - Link to more information Let's get cracking... # **For You and Your Employees** ## **Employment Insurance (EI)**   **Summary** For all Canadians who have lost their job. **When Can you Apply?** Available now | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - If you were recently laid off or have reduced hours and qualify for EI benefits, you can submit your request at any time.  | - [https://srv270.hrdc-drhc.gc.ca/AW/introduction?GoCTemplateCulture=en-CA](https://srv270.hrdc-drhc.gc.ca/AW/introduction?GoCTemplateCulture=en-CA) | - [https://www.canada.ca/en/services/benefits/ei/ei-regular-benefit.html](https://www.canada.ca/en/services/benefits/ei/ei-regular-benefit.html) |   ## **Canada Emergency Response Benefit (CERB)**   **Summary** Will provide up to $2,000 a month (taxable) for up to four months for club employees, contract workers and self-employed who would not otherwise be eligible for EI.   **When Can you Apply?** April 6th, 2020 | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - Program replaces previously announced Emergency Care Benefit and Emergency Support Benefit - Canadians who are already receiving EI will continue to receive their benefits and should not apply to the CERB - Payments will be received within about 10 days of application - CERB will be paid every 4 weeks until October 3, 2020  - You must prove that you've earned at least $5000 from January 1st, 2020. | - Portal for accessing CERB will be available, likely through[CRA login portal](https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html) | - - [https://www.canada.ca/en/department-finance/news/2020/03/introduces-canada-emergency-response-benefit-to-help-workers-and-businesses.html](https://www.canada.ca/en/department-finance/news/2020/03/introduces-canada-emergency-response-benefit-to-help-workers-and-businesses.html) |   ## **Canada Student Loan Payments**   **Summary** May be applicable to your **coaches or instructors** who are still paying off their student loans. **When Can you Apply?** There is no need to apply | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - Any person who is currently paying off a student loan | - No need to apply as all repayments, both interest and principal, will be suspended including pre-authorized payments | - Applies for the period from March 30, 2020 to September 30, 2020 - All payments will resume on or after September 30, 2020. - [https://www.csnpenslsc.canada.ca/en/what-is-new](https://www.csnpe-nslsc.canada.ca/en/what-is-new) |     ## **Personal Income Tax Deferral**   **Summary** You can **defer your personal tax filing** from the standard due date of **April 30th, 2020 to June 1st, 2020**. When you file your personal tax return and owe payment, you can defer the payment until **September 1st, 2020**. **When Can you Apply?** There is no need to apply   | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - All Canadian’s who file personal income taxes | - There is no need to apply | - No interest of penalties will apply to filing anytime prior to the new extended dates - [https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Flexibility\_for\_Tax-filers](https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Flexibility_for_Tax-filers) |   # **For Your Business**   ## **Small Business Wage Subsidies**   **Summary** The federal government announced an up to 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive from March 15, 2020. The full details are not yet disclosed but will be in the upcoming days. **When Can you Apply?** Date has not been set | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - (all members – CCPCs, individuals, partnerships or reg. charities); non- profit organizations; registered charities; and Canadian controlled private corporations (CCPCs)). - Eligible employer must employ one or more eligible employees (employed in Canada); have an existing business number and payroll account with the CRA on March 18, 2020 (this date is subject to be changed to March 15, 2020); and pay salary, wages, bonuses, or other remuneration to an eligible employee. - Clubs whose revenues has decreased by 30 per cent - More details on **eligibility criteria** will start with the impact of COVID-19 on sales, and will be shared **before the end of the April.** | - Details will be provided in upcoming days. | - [https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html](https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html) - This will be a calculation that you as the employer will have to perform and remit to the CRA on a monthly basis |   ## **Canada Emergency Business Account (CEBA)**   **Summary** This is designed for businesses and not-for-profits to help with operating costs. Ideal for Clubs that employ coaches/instructors and/or admin staff. **When Can you Apply?** This is determined by your financial institution | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - You must be able to demonstrate that your payroll in 2019 was between $50k - $1M | - The government is working with financial institutions therefore, you’ll need to apply for this loan through your financial institution  - Here is an example of RBC’s message ([https://www.rbc.com/covid-19/business.html?utm\_source=vanity&utm\_medium=direct&utm\_campaign=bfs\_covid\_businessrelief\_vanity\_url](https://www.rbc.com/covid-19/business.html?utm_source=vanity&utm_medium=direct&utm_campaign=bfs_covid_businessrelief_vanity_url)) | - You can receive an interest free loan for up to $40,000.  - If you’re able to repay the balance of the loan by **December 31st, 2020, 25% of the loan can be forgiven** - [https://www.canada.ca/en/department-finance/news/2020/03/additional-support-for-canadian-businesses-from-the-economic-impact-of-covid-19.html#\_New\_Loan\_Programs](https://www.canada.ca/en/department-finance/news/2020/03/additional-support-for-canadian-businesses-from-the-economic-impact-of-covid-19.html#_New_Loan_Programs) |   ## **Work-Sharing Program - COVID-19: Income support to avoid layoffs – (ESDC)**   **Summary** If your club employees are eligible for **Employment Insurance (EI)** benefits, and your club is suffering a downturn due to COVID-19, you can apply for a work-sharing agreement. The agreement would allow employees to work a temporarily reduced work week while receiving EI benefits. **When Can you Apply?** Available Now | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - **Businesses** and **employees** who have suffered a downturn due to COVID-19 - [https://www.canada.ca/en/employment-social-development/services/work-sharing/eligibility.html](https://www.canada.ca/en/employment-social-development/services/work-sharing/eligibility.html) | - [https://www.canada.ca/en/employment-social-development/services/work-sharing/apply.html](https://www.canada.ca/en/employment-social-development/services/work-sharing/apply.html) - Application Guide - [https://www.canada.ca/content/dam/canada/employment-social-development/migration/documents/assets/portfolio/docs/en/work\_sharing/Work\_sharing\_applicant\_guide.pdf](https://www.canada.ca/content/dam/canada/employment-social-development/migration/documents/assets/portfolio/docs/en/work_sharing/Work_sharing_applicant_guide.pdf) | [https://www.canada.ca/en/employment-social-development/services/work-sharing.html](https://www.canada.ca/en/employment-social-development/services/work-sharing.html) |   ## **Corporate Income Tax Deferral**   **Summary** The **corporate tax return filing date has been deferred to June 1st, 2020**. If your club has taxes owing after March 18th, 2020, including any 2020 corporate tax instalments, you have until September 1st, 2020 to pay. **When Can you Apply?** There is no need to apply | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - All Canadian businesses that file corporate income taxes | - There is no need to apply | - No interest of penalties will apply to filing or paying anytime prior to the new extended dates - [https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Extension\_of\_Deadline](https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Extension_of_Deadline) |   ## **Business Credit Availability Program (BCAP)**   ### **BDC: Small Business Loan - $10 - $100k**   | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - Canadian-based businesses - Generating revenues for at least 24 months - Good credit history - Important to note that your club must have 2 years externally prepared financial statements. - Clubs with weak financial performance/balance sheets etc. may not get approved - This loan is to support clubs who were negatively affected by COVID-19 but financially healthy prior to COVID-19 | - You can apply online and get approved within 5 days - BDC is experiencing very high volume and applications are taking longer than 5 days - [https://www.bdc.ca/en/financing/business-loans/pages/small-business-loan.aspx](https://www.bdc.ca/en/financing/business-loans/pages/small-business-loan.aspx) - BDC is likely giving preference to clubs that are clients of BDC already | - Up to $100,000. No application fees. Online application process. Repayable over 5 years. - Use to: buy equipment, purchase extra software or hardware, apply for a patent, trademark or, other intellectual property protection which is likely not applicable to clubs - Eligibility: Canadian company in operation for at least 24 months. - [https://www.bdc.ca/en/online\_financing/pages/loan-application.aspx](https://www.bdc.ca/en/online_financing/pages/loan-application.aspx) |   ### **BDC: Working Capital Loan Over $100k**   | **Who is eligible** | **How to apply** | **More information** | | --- | --- | --- | | - Canadian-based businesses - Generating revenues for at least 24 months - Good credit history - Important to note that your club must have 2 years externally prepared financial statements. - Companies with weak financial performance/balance sheets etc. may not get approved - This loan is to support clubs who were negatively affected by COVID-19 but financially healthy prior to COVID-19 | - [2https://www.bdc.ca/en/financing/business-loans/working-capital-financing/pages/working-capital-financing-form.aspx](https://www.bdc.ca/en/financing/business-loans/working-capital-financing/pages/working-capital-financing-form.aspx) - BDC is likely giving preference to clubs that are clients of BDC already | - Working capital loans of up to $2 million with flexible terms and payment postponements for up to 6 months for qualifying businesses; - Postponement of payments for up to 6 months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less; - [https://www.bdc.ca/en/financing/business-loans/working-capital-financing/pages/working-capital-loan.aspx](https://www.bdc.ca/en/financing/business-loans/working-capital-financing/pages/working-capital-loan.aspx) | Previous #### [How a yacht club made more money with online registration](https://clipboard.checklick.com/blog/how-youngstown-yacht-club-made-more-with-online-registration) Next #### [2020 Checklick Coach Compensation Survey: Results](https://clipboard.checklick.com/blog/2020-checklick-coach-compensation-survey) ### Leave a Reply Make sure you fill in all mandatory fields. 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