COVID-19 financial guidance and support

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COVID-19 financial guidance and support

Business banking

Updated July 1, 2021

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.

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 has ended.

If you have any questions about your application, please contact your relationship manager or the Export Development Canada (EDC) CEBA call centre at 1-888-324-4201 Monday to Friday, from 8 am to 9 pm ET.

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.

To receive CRA payments (including CEWS and corporate tax refunds) directly into your HSBC business account, register for CRA direct deposit through HSBCnet.

Please visit our Canada Emergency Wage Subsidy update to learn more.

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 website to apply for the CEWS.

HSBCnet

Apply for CEWS This link will open in a new window

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

To qualify for the EDC BCAP Guarantee, you must:

Apply for a new term loan of up to CA $1.25 million to finance short-term operations in response to COVID-19
Be an existing HSBC business customer with a Canadian dollar operating account
Show how your business was affected by the COVID-19 crisis, and was otherwise financially sound before its impact.
Have a business address physically located in Canada.

View FAQ's

High Affected Sector Credit Availability Program (HASCAP)

The High Affected Sector Credit Availability Program (HASCAP) is open to eligible Canadian businesses in need of short-term liquidity to help sustain operations.

Program details

• Loans are for small and medium-sized businesses that have seen their revenues decrease by 50% or more because of COVID-19

• Loan amounts of $25,000, up to a maximum of $1,000,000

• 100% guaranteed by Business Development Bank of Canada (BDC)

• 4% fixed interest rate

• Repayment term up to a maximum of 5 years

• Can’t be used to refinance existing debt

• Application must be submitted and approved by March 31, 2022

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

EDC BCAP Guarantee

Government organizations or bodies, or government-owned entities
Unions, charitable, religious or fraternal organizations or entities owned by such organizations except registered T2 or T3010 corporations that generate a portion of revenue from sales of goods or services
Businesses owned by any Federal Member of Parliament or Senator
Businesses that promote violence, incite hatred or discriminate on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age or mental or physical disability, contrary to applicable laws.

No. The EDC BCAP Guarantee is for new loans only. It cannot be used to repay or refinance existing loans.

Contact your Business Relationship Manager (BRM) to find out how the BCAP guarantee can help you. Your BRM will provide you with a link to the online application form on the EDC website.
EDC will need information such as legal name, company owners, financial information, a Canada Revenue Agency (CRA) business number and your BRM contact information.
After submitting your application, EDC will acknowledge you completed the form successfully. EDC will review your information to determine if you meet the qualifications.
Your BRM will also receive an email from EDC with your application details.
Your application must be received and approved by HSBC
before December 31, 2021.

This program is meant to help Canadian businesses with their cash flow during COVID-19.
Funds can’t be used for debt repayment, refinancing, dividends, or shareholder benefits.
These restrictions will be outlined in your loan agreement.

Your loan is repayable in full after 1-year (on the 12-month anniversary).
If you’re unable to repay the loan, you can apply to renew it for four years. We will review the credit annually and EDC will need to approve the renewal.
If your renewal is approved, an additional 1.8% guarantee fee will be charged annually.

No. The EDC BCAP Guarantee is also available to all domestic businesses that meet the criteria.

No. The EDC BCAP Guarantee loan is different from the no-interest loans offered under the Canada Emergency Business Account (CEBA) program. The EDC BCAP Guarantee will accrue interest at market rates. If the CEBA program is a better fit for your business, you can apply online through our financial relief page.

This program is meant to help Canadian businesses with their cash flow during COVID-19.
Your business can use the loan to meet short-term cash flow and working capital needs over the next 12 months (such as recurring operational expenses, buying inventory, paying accounts payable, covering delayed receivables or other needs due to COVID-19 crisis).

Yes, even if you were approved for the CEBA loan, you can still apply for the EDC BCAP Guarantee.

COVID-19 financial guidance and support

Updated July 1, 2021

Supporting our customers is our top priority

Find what you’re looking for

Government programs

Canada Emergency Business Account (CEBA)

Canada Emergency Wage Subsidy (CEWS)

Set up direct deposit through HSBCnet online banking

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

Is my business eligible for the EDC BCAP Guarantee?

EDC BCAP Guarantee

Which businesses do not qualify?

I have an existing EDC loan. Can I use the EDC BCAP loan to top up my existing loan?

How can I apply for the EDC BCAP Guarantee program?

Are there restrictions on what businesses can use the funds for?

When do I have to repay the loan?

Is the EDC BCAP Guarantee only available to export oriented businesses?

Is the EDC BCAP Guarantee interest-free?

What can businesses use the funds for?

I applied and was approved for the CEBA loan earlier. Can I still apply for this program?

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