COVID-19 Pandemic
Financial Support for Chiropractors
Financial Assistance for Chiropractors
We will do our best to keep up with the daily changes currently happening with the various funding options available from the Federal Government. For simplicity, we have broken down the programs available to chiropractors based on employment situation. Have a look under the heading that applies to you. As always, if you have any specific questions please contact us and we will do our best to answer your questions!
If you are paid as an Employee
Apply for Employment Insurance (EI) – only if you are not going to be working
Make sure you obtain your Record of Employment (ROE) from your employer. Once you have your ROE you can apply for EI here. For most people, the basic rate for calculating EI benefits is 55% of your average insurable weekly earnings, up to a maximum amount. As of January 1, 2020, the maximum yearly insurable earnings amount is $54,200. This means that you can receive a maximum amount of $573 per week.
Your employer can apply for the Canada Emergency Wage Subsidy (CEWS)
The program allows for qualifying businesses to receive a 75% wage subsidy for up to 3 months, retroactive to March 15th, 2020. This wage subsidy aims to prevent further job losses, encourage employers to re-hire workers previously laid off as a result of COVID-19, and help better position Canadian companies and other employers to more easily resume normal operations following the crisis. Employers can apply for the CEWS through CRA My Business Account
Quick Facts Regarding the CEWS:
- Applies to the first $58,700 normally earned by employees, representing a benefit of up to $847 per week. Please note if you earn less than $58,700 per year, you will receive less than the weekly maximum of $847.
- The program is in place for a 12 week period, from March 15th to June 6th, 2020.
- Eligible employers must have suffered a drop in gross revenues of at least 15% in March and 30% in April / May, when compared to the same month in 2019. If there were no revenues last year then revenues from January and February 2020 will be considered.
- This program is not eligible to combine with the CERB or EI benefits.
If you are paid as a self employed Chiropractor (Not Incorporated)
Apply for Canada Emergency Response Benefit (CERB) with CRA.
The CERB supports Canadians by providing urgently needed financial support to employed and self-employed Canadians who have been directly affected by COVID-19. It provides a payment of $2,000 for a 4 week period (equivalent to $500 a week) for up to 16 weeks. Applications will begin April 6th and your application date will depend on your month of birth. There are two ways to apply: either online using CRA My Account or over the phone using an automated phone service.
Eligibility for the CERB includes those:
- who have stopped working because of COVID-19 or are ineligible for Employment Insurance regular or sickness benefits;
- who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
- who have employment or self-employment income of less than $1,000 for at least 14 consecutive days in the initial four-week period. For subsequent four-week periods, you are expecting employment or self-employment income of less than $1,000 for the entire period.
What if I’m still seeing emergency visits as a self employed chiropractor?
- The federal government has allowed for individuals to personally to earn up to $1,000 per month and still access CERB. If you are seeing emergency / urgent care visits in your practice you must keep your personal collections to under $1,000 per period to qualify for CERB.
Click here for more details on the CERB
| 4-week period cycle | Period dates |
|---|---|
| 1 | March 15, 2020 to April 11, 2020 |
| 2 | April 12, 2020 to May 9, 2020 |
| 3 | May 10, 2020 to June 6, 2020 |
| 4 | June 7, 2020 to July 4, 2020 |
| 5 | July 5, 2020 to August 1, 2020 |
| 6 | August 2, 2020 to August 29, 2020 |
| 7 | August 30, 2020 to September 26, 2020 |
If you are incorporated and draw dividends to pay yourself
Apply for Canada Emergency Response Benefit (CERB) with CRA.
The CERB supports Canadians by providing urgently needed financial support to employed and self-employed Canadians who have been directly affected by COVID-19. It provides a payment of $2,000 for a 4 week period (equivalent to $500 a week) for up to 16 weeks. Applications will begin April 6th and your application date will depend on your month of birth. There are two ways to apply: either online using CRA My Account or over the phone using an automated phone service.
Eligibility for the CERB includes those:
- who have stopped working because of COVID-19 or are ineligible for Employment Insurance regular or sickness benefits;
- who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
- who have employment or self-employment income of less than $1,000 for at least 14 consecutive days in the initial four-week period. For subsequent four-week periods, you are expecting employment or self-employment income of less than $1,000 for the entire period.
What if I’m still seeing emergency visits in my incorporated chiropractic practice?
- The federal government has allowed for individuals to personally to earn up to $1,000 per month and still access CERB. If you are seeing emergency / urgent care visits in your practice you must keep your personal income / collections to under $1,000 per period to qualify for CERB.
- The federal government has recently clarified that income derived from dividends is still eligible for the CERB program, as long as the dividends are non-eligible dividends (generally, those paid out of corporate income taxed at the small business rate).
Click here for more details on the CERB
| 4-week period cycle | Period dates |
|---|---|
| 1 | March 15, 2020 to April 11, 2020 |
| 2 | April 12, 2020 to May 9, 2020 |
| 3 | May 10, 2020 to June 6, 2020 |
| 4 | June 7, 2020 to July 4, 2020 |
| 5 | July 5, 2020 to August 1, 2020 |
| 6 | August 2, 2020 to August 29, 2020 |
| 7 | August 30, 2020 to September 26, 2020 |
If you are incorporated and pay yourself as a salaried employee
Apply for Employment Insurance (EI) – only if you are not going to be working
Create a Record of Employment (ROE) for yourself. Once you have your ROE you can apply for EI here. For most people, the basic rate for calculating EI benefits is 55% of your average insurable weekly earnings, up to a maximum amount. As of January 1, 2020, the maximum yearly insurable earnings amount is $54,200. This means that you can receive a maximum amount of $573 per week.
Apply for the Canada Emergency Wage Subsidy (CEWS)
The program allows for qualifying businesses to receive a 75% wage subsidy for up to 3 months, retroactive to March 15th, 2020. This wage subsidy aims to prevent further job losses, encourage employers to re-hire workers previously laid off as a result of COVID-19, and help better position Canadian companies and other employers to more easily resume normal operations following the crisis. Employers can apply for the CEWS through CRA My Business Account
Quick Facts Regarding the CEWS:
- Applies to the first $58,700 normally earned by employees, representing a benefit of up to $847 per week. Please note if you earn less than $58,700 per year, you will receive less than the weekly maximum of $847.
- The program is in place for a 12 week period, from March 15th to June 6th, 2020.
- Eligible employers must have suffered a drop in gross revenues of at least 15% in March and 30% in April / May, when compared to the same month in 2019. If there were no revenues last year then revenues from January and February 2020 will be considered.
- This program is not eligible to combine with the CERB or EI benefits.
Use the CEWS Calculator to determine your subsidy amount
If you are an independent contractor working for someone else
Apply for Canada Emergency Response Benefit (CERB) with CRA.
The CERB supports Canadians by providing urgently needed financial support to employed and self-employed Canadians who have been directly affected by COVID-19. It provides a payment of $2,000 for a 4 week period (equivalent to $500 a week) for up to 16 weeks. Applications will begin April 6th and your application date will depend on your month of birth. There are two ways to apply: either online using CRA My Account or over the phone using an automated phone service.
Eligibility for the CERB includes those:
- who have stopped working because of COVID-19 or are ineligible for Employment Insurance regular or sickness benefits;
- who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
- who have employment or self-employment income of less than $1,000 for at least 14 consecutive days in the initial four-week period. For subsequent four-week periods, you are expecting employment or self-employment income of less than $1,000 for the entire period.
What if I’m still seeing emergency visits as an independent contractor?
- The federal government has allowed for individuals to personally to earn up to $1,000 per month and still access CERB. If you are seeing emergency / urgent care visits in your practice you must keep your personal collections to under $1,000 per period to qualify for CERB.
Click here for more details on the CERB
| 4-week period cycle | Period dates |
|---|---|
| 1 | March 15, 2020 to April 11, 2020 |
| 2 | April 12, 2020 to May 9, 2020 |
| 3 | May 10, 2020 to June 6, 2020 |
| 4 | June 7, 2020 to July 4, 2020 |
| 5 | July 5, 2020 to August 1, 2020 |
| 6 | August 2, 2020 to August 29, 2020 |
| 7 | August 30, 2020 to September 26, 2020 |
Other Financial Programs Available for Chiropractors
Canada Emergency Business Account
The federal government has also announced this account as an interest free loan of up to $40,000 to small businesses to help cover operating costs during this period of unknown, where revenues have been temporarily reduced.
Key points about this loan:
- To qualify, your organization will need to demonstrate it paid between $20,000 to $1.5 million in total payroll in 2019.
- $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022.
- If the loan cannot be repaid by December 31, 2022, it can be converted into a 3‑year term loan at an interest rate of 5%.
This program will be administered through your local banking institution. Please contact your local branch for further details on applying for this loan.
Business Credit Availability Program (BCAP)
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.
Businesses seeking support through BCAP should contact the financial institutions with whom they have a pre-existing relationship, so that the financial institutions may assess the client’s financial request. If the needs of the client exceed the level of support the financial institution is able to provide, the financial institution will work alongside BDC or EDC to access additional resources the Government has made available under BCAP.
Canada Emergency Commercial Rent Assistance (CECRA)
The government intends to introduce the Canada Emergency Commercial Rent Assistance (CECRA) program for small businesses that, will seek to provide loans and/or forgivable loans to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.
Implementation of the program will require a partnership with provincial and territorial governments who are responsible for property owner-tenant relationships.
More details will be available soon.
Canada Emergency Student Benefit (CESB)
For post-secondary students and recent graduates who are ineligible for the Canada Emergency Response Benefit or for Employment Insurance, but who are unable to find full-time employment or are unable to work due to COVID-19, the government proposes to introduce the Canada Emergency Student Benefit (CESB). The CESB would provide $1,250 per month for eligible students from May through August 2020, and $1,750 for students with dependents and those with permanent disabilities.
This new grant would provide income support to post-secondary students who will experience financial hardship over the Summer due to COVID-19. The CESB will be delivered by CRA and more details will be communicated.