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)

Applications are now being accepted. To qualify, businesses will need to demonstrate they paid between $20,000 and $1.5 million in total payroll in 2019 to receive the $40,000 interest-free loan backed by the Government of Canada, with only three-quarters of principle repayable by the end of 2022.

Additional changes have been announced. We will provide additional details once they become available.

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.

As we receive information on new government programs, we will continue to share updates.

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.

To book an appointment to discuss financial assistance options

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