Mainstreet is committed to helping our members through this unprecedented time as you may be facing difficulties or financial hardship as a result of COVID-19 like job loss, pay disruption, or other loss of income personally or as a business-owner.  To support you, we’re offering flexible financial and payment solutions. To learn more and discuss what is right for your unique situation and financial needs, speak to your Mainstreet personal or business advisor.

Canada Emergency Business Account (CEBA)

The government has announced the new $60,000 loan amount (previously $40,000). Please note the deadline to apply has been extended to June 30, 2021.

Repayment: although the CEBA loan is interest free until Dec 31, 2022, you may wish to start making payments sooner. To make a repayment to your CEBA loan, please call or email Mainstreet Credit Union (1-866-380-8008, info@mainstreetcu.ca), contact your advisor or branch directly. Check out the Government of Canada site for additional information and frequently asked questions.

Looking for a status update on your application? Please contact the CEBA call centre at 1-888-324-4201.

The Business Credit Availability Program (BCAP)

To help Canadian businesses obtain financing during the current period of significant uncertainty the BCAP will support access to financing for Canadian businesses in all sectors and regions. Through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide $65 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted. By working in close cooperation with financial institutions, this program will fill gaps in market access and leverage additional lending by private sector institutions.

The Ontario Small Business Support Grant

The new Ontario Small Business Support Grant helps small businesses that are required to close or significantly restrict services under the new province-wide shutdown. Eligible businesses will receive between $10,000 and $20,000.

Eligibility criteria includes:

· Your business was required to close or restrict services due to the province-wide shutdown starting on December 26th, 2020.
· Be able to demonstrate a revenue decline of 20% when comparing April 2019 to April 2020. 

Instructions when applying:

When arriving at "Bank Details" please follow the steps to locate Mainstreet Credit Union on the "Institution" drop down list.

1. Click on the “Institution" drop down menu
2. Type in the number 828 to bring up Ontario Credit Unions
3. Scroll through the Credit Unions listed (alphabetical) until you get to Mainstreet Credit Union
4. Click Mainstreet Credit Union 

To find out if your business is eligible, applicant requirements, and to apply, please visit COVID-19 Business Support Grants.

Highly-Affected Sectors Credit Availability Program (HASCAP)

Some businesses have been more heavily impacted as a result of COVID-19 and are struggling more than others to access financing. This is why BDC will provide 100% guarantees of up to $1,000,000 to help qualifying businesses finance day-to-day business operating costs. 

Who can apply :
If you are a Canadian business that needs additional cash flow to cover operational costs, you may be eligible for the HASCAP Guarantee through your financial institution. 

Qualifying businesses must:
- have been financially stable and viable pre- COVID; 
- have received payments either from the Canada Emergency Wage Subsidy (CEWS) Program or the Canada Emergency Rent Subsidy (CERS) Program by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of a HASCAP Guarantee application. 

How it works :
BDC has been mandated by the Government of Canada to provide a guarantee to your financial institution for 100% of the value of your loan, to help you access additional liquidity and cover operating costs, as follows:
- loans ranging from $25,000 to $1million to qualifying businesses; 
- low-interest loans and repayment terms of up to 10 years; 
- up to a 12-month postponement on principal repayments at the start of the loan. 

How to apply :
Connect with your advisor to find out whether the HASCAP Guarantee is a good choice for your business and how to apply for a loan. 

For more information visit: bdc.ca/HASCAP


Common Questions

Are there fees for changing my payments?

No, fees associated with deferred mortgage payments have been waived at this time.

What does it mean if I deferred a mortgage or loan payment?
Payment deferrals (also known as skipping payments) can provide short term financial relief - allowing you to pay your debt later so that you can afford to pay for your essential needs now.

Deferring payments does not reduce your debt. You are still obligated to pay the amount of the skipped payment at a later date which is often accomplished by extending the remaining amortization or through a higher mortgage payment at renewal.

There are a number of things you’ll want to consider when looking at payment deferrals and our team is ready to help you understand your options. For instance, how many months you should defer (1 month up to 6 months) and whether you should defer your entire payment or keep paying the interest portion.

The first thing we’ll recommend, depending on your financial situation, is continuing to pay your interest costs and defer only the principal. This means it could take you longer to pay off your mortgage but you won’t accrue any extra interest costs.

If you do need to defer your entire payment (principal plus interest), it’s important to know that the unpaid interest is added to the principal balance of your loan. This means you will likely have a higher principal balance when you need to renew your loan. Also, though it may not be a substantial amount, future interest will accrue on this higher balance.

For loans, the loan may not be paid off at the end of the existing term and a renewal may be required.

Will it cost me more in the long term to defer my mortgage payments?
Not necessarily, but it can. It depends on a few things. For instance, as you’ll see above, if you defer your interest as well as your principal, while likely not substantial, you can accrue additional interest costs. Every member’s situation is different; your Mainstreet advisor will work with you to help you understand your options and choose the one that will best serve you today and in the future.

Are there other options for financial relief?
Yes, depending on each member’s situation, there are a variety of ways we may be able to support our members. For instance, if you have mortgage secured by Genworth or CMHC insurance, we will also work with those partners to find solutions for you.


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