Financial Support COVID-19
Financial Support COVID-19
Quick Link For Financial Support COVID-19
During these trying times it is comforting to know that there is financial support out there for Canadians and businesses. The last thing BC residents feeling the impacts of COVID-19 should be worrying about is shelter or utilities. There is a growing list of financial support for COVID-19. This list is ever-changing, with more information coming out almost daily. Here we list a couple resources for those affected by COVID-19, with a focus on homeowners and landlords.
COVID-19 Customer Assistance Program was introduced mid-March by BC Hydro to help alleviate financial pressures during this outbreak for customers across the province. Giving an opportunity to defer bill payments or create flexible payment plans with no penalty. Those facing financial difficulties due to job loss, illness, or loss of a family member could also be eligible for BC Hydro’s Customer Crisis Fund, which provides up to $600 in grants for customers’ bills.
An additional support that is available through BC Hydro is the COVID-19 Relief Fund, allowing customers to receive three months of free credits toward their BC Hydro bill (based on the average usage). BC Hydro’s customer service number is 1-800-BCHYDRO (1-800-224-9376) or apply online here. For full details on eligibility for residential and small businesses please check out the link above. BC Hydro understands that COVID-19 is affecting many customers in every walk of life and are here to support BC residents.
The goal is to keep everyone home. To do so, a temporary rental supplement program is available via the province of British Columbia. This rental supplement is halting evictions and freezing rent increases. With this program there is up to $500 a month for households to go towards paying rent through these uncertain times. This support will be paid directly to landlords. This will lighten the stress on renters, while also making sure landlords have the usual income from their rentals.
“With lost jobs and lost wages due to COVID-19, many tenants and worried they can’t make the rent. It’s a challenging time for landlords too. Nobody should lose their home as a result of COVID-19. Our plan will give much-needed financial relief to renters and landlords. It will also provide more security for renters, who will be able to stay in their homes without fear of eviction or increasing rents during this emergency.”Premier John Horgan Source
Safety precautions are being put into place to protect the health of landlords and their tenants through minimizing access for landlords to enter properties (unless there is a health or safety risk) to reduce exposure opportunities. As well as, landlords can now restrict the use of common spaces by tenants or guests. Social distancing is easily achieved if everyone’s homes are financially secure in British Columbia.
The Canada Mortgage and Housing Corporation (CMHC) along with other mortgage insurers are offering support to lenders for homeowners facing hardships brought on by COVID-19.
Examples of the financial support for COVID-19 being offered are:
- Payment deferral
- Loan re-amortization
- Capitalization of outstanding interest arrears and other eligible expenses
- Special payment arrangements (Source)
Each case is being assessed on a case-by-case basis. So it is best to always get in touch with your financial institution to look closer into your specific needs.
These are only a few financial relief measures that businesses and the Canadian government have introduced. For a full list of financial supports, download the COVID-19 PDF here. Things in the world of business are a bit unusual right now, but the most important thing to remember during this pandemic is that you are not alone. We are here to help.
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