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COVID-19 financial guidance and support

Discover what financial guidance and support is available for our small business customers.

Updated Oct 26, 2020

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.

You can now 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 below or contact your Relationship Manager.

More details on the relief programs are available on the Government of Canada website.

Government programs

Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account will provide qualifying business customers with access to a
CA $40,000 loan at 0% interest until Dec 31, 2022.

Apply for the Canada Emergency Business Account (CEBA) or view some of our frequently asked questions.

Canada Emergency Wage Subsidy (CEWS)

The government is subsidizing 75% of employee wages (March 15 to June 6, 2020) to help qualifying businesses who have faced significant decline in their revenue.

Apply for CRA direct deposit via HSBCnet of the Canada Emergency Wage Subsidy through CRA.

Export Development Canada (EDC) Business Credit Availability Program (BCAP) Guarantee

The BCAP Guarantee is an EDC-guaranteed loan to help Canadian businesses impacted by COVID-19. Small businesses who qualify can access up to CA $1.25 million as a short-term loan. Funds are meant to be used to cover expenses that are critical to business continuity (such as rent, payroll, and other operational costs).

 

EDC BCAP Guarantee features

 

  • EDC will guarantee 80% of your loan for 1 year, with the potential to renew for another four years.
  • Your loan is repayable in full after 1 year (on the 12-month anniversary).
  • There’s an EDC guarantee fee of 1.8% on the loan amount.
  • You may defer the fee payment by 6 months.
  • Your loan may be renewed for a maximum of 4 years. We will review the credit and EDC will need to approve the renewal. If your renewal is approved, an additional 1.8% guarantee fee will be charged annually.
For more details on the EDC BCAP Guarantee, please see EDC Covid-19 relief.

To apply for the EDC BCAP Guarantee or view some of our frequently asked questions.

 

Speak to your Relationship Manager today

HSBC financial relief support

If your business is experiencing financial hardship due to COVID-19, and is interested in deferral options or programs beyond the Canada Emergency Business account, you may be eligible to qualify for additional relief measures we offer. Visit our latest financial relief FAQs  page where you'll also find instructions on how to submit a payment relief request.

Frequently asked questions

Canada Emergency Business Account

EDC BCAP Guarantee

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