On October 14, 2022, the Canadian Red Cross and the Nova Scotia and Federal governments announced several measures to support businesses negatively affected by Hurricane Fiona.
In unprecedented events, the storm swept through the province on September 24, leaving countless residents and businesses without electricity. Following this, new government programs were announced for non-profit and small businesses as well as specific programs targeting the agriculture and forestry industry.
Disaster financial assistance: Hurricane Fiona (non-profit and small businesses)
The Disaster Financial Assistance Program helps both small businesses and non-profits with costs to repair or replace uninsurable, essential basic property loss (such as appliances and furniture) due to Hurricane Fiona.
Under this program, repair and replacement costs for insured and insurable items (even if insurance wasn’t purchased), as well as food lost due to Hurricane Fiona are not eligible for assistance.
For a small business to be eligible, the following conditions must be met:
- The damage occurred during Hurricane Fiona (23rd and 24th September 2022);
- You don’t have insurance to cover your entire loss;
- The business owns or leases the property;
- You are a sole proprietor or own at least 50% of the business and you are its full-time, day-to-day manager;
- The yearly gross revenue is at least $10,000 and not more than $2,000,000.
For a non-profit to be eligible, the following conditions must be met:
- The damage occurred during Hurricane Fiona (23rd and 24th September 2022);
- You don’t have insurance to cover your entire loss;
- The organization owns the property;
- The organization operates as a non-profit;
- The organization operated a facility in the community’s interest and there is unrestricted public access to the facility.
This financial assistance provides up to $200,000 for repair and replacement costs, and there is no cost associated with the application itself. Applications must be submitted by 31 January 2023.
Small Business Hurricane Relief Program
The program allows small business owners to apply for a one-time $2,500 grant to help cover the cost of unanticipated business closures from Hurricane Fiona.
For a small business to apply, the following conditions must be met:
- Impacts of Hurricane Fiona prevented the business from operating for at least 5 days between 23 September 2022 and 7 October 2022 when the business would usually be operating;
- The business is registered with Registry of Joint Stock Companies and has a Business Number from the Canada Revenue Agency (CRA);
- The Business paid the corporate tax rate for small business on incomes taxes in its most recently completed tax year;
- The yearly gross revenue is not more than $5,000,000.
Eligible businesses include accommodations, construction, fitness facilities, independent retailers, manufacturing, personal services, repair services, restaurants and licensed drinking establishments, wholesale operators amongst others.
Corporate stores of a franchise network that is located outside Atlantic Canada are not eligible to apply.
On-Farm Electrical Interruption Assistance Program
The On-Farm Electrical Interruption Assistance Program helps farms overcome food safety, biosecurity and animal welfare issues that occur during extended electrical power interruptions.
Farm owners can apply for financial assistance through the Canadian Agricultural Partnership to help cover 100% of the costs of installing a backup generator immediately before Hurricane Fiona or during the extended power outages the storm caused (purchased between 16 September and 21 October 2022).
To be eligible, you must:
- Be currently and properly registered in the correct income category under the Farm Registration Act;
- Be at least 19 years old and actively farming;
- Reside in a region impacted by Hurricane Fiona (Central or Eastern Nova Scotia).
The maximum funding is calculated based on the income level of the farm, up to a maximum of $50,000.
Applications for this financial aid must be submitted before 21st November 2022 and the claim be completed by 31st December 2022.
Further support is expected over the coming weeks by the government of Nova Scotia, especially for registered farms that experienced storm damage outside the most impacted regions. At Leyton, we want to offer our full support to businesses in need that are facing the consequences of the hurricane. This is why we commit to offer free service to companies wishing to apply to apply to any financial support from the Government of Nova Scotia, Newfoundland and PEI in response to the impact from hurricane Fiona.
- More information can be found on the Nova Scotia Government website.
- More information for Newfoundland & Labrador is available here.
- More information for Prince Edward Island is available here.
If you were impacted by hurricane Fiona, don’t hesitate and contact our experts, Dorian Karlatovski, Senior Director of Innovation &Governement Funding (dkartalovski@leyton.com), and Erica Harrison, Manager of Government Funding (eharrison@leyton.com) to see how we can support you in your recovery at no additional cost.
