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COVID-19: A roundup of economic relief measures for P.E.I.

In response to the COVID-19 outbreak, the government of Prince Edward Island has announced a number of emergency measures to support Islanders affected by the pandemic. Below is a roundup. We will update this as things change or new measures are added.

Please see the federal COVID-19 support program measures here.

Updated: June 5, 2020

Income stability for fee-for-service physicians

What is it?

  • A base financial compensation package provided by Health PEI during COVID-19.

Who’s eligible?

  • Fee-for-service physicians whose income is impacted by the need to self-isolate or the move to essential services. See full criteria.

When is it in effect?

  • March 26, 2020.

How to apply

Temporary billing codes for virtual care

What is it?

  • Physicians will be eligible to bill using fee codes for services delivered via virtual care (telephone, secure video conferencing, and secure email/text) during the COVID-19 pandemic. See full list of billing codes.

When is it in effect?

  • March 16, 2020.

Income protection while ill or in self-isolation for salary physicians

 

What is it?

  • Health PEI will provide physicians with paid leave, while they self-isolate according to Public Health Office guidelines. In addition, sick-leave policies will support salary physicians who become ill. Salary and contract physicians are asked to continue to submit their hours in the ordinary course and they will be compensated as per their contract.

Who is eligible?

  • Salaried physicians.

How to apply

Income protection while ill or in self-isolation for fee-for-service physicians

 

What is it?

  • A base financial compensation package is available to support fee-for-service physicians whose income has been or will be impacted by either the need to self-isolate or the move to essential services. It is in recognition that they are independent medical service providers and required to pay overhead expenses to keep their practices open.

Who is eligible?

  • Fee-for-service physicians.

How to apply

Emergency working capital financing

What is it?

  • A temporary program aimed at providing emergency working capital financing to assist small business to maintain normal business operations during the economic disruption caused by COVID-19.
  • Applicants to the program can receive a working capital loan of up to $100,000 with a fixed interest rate of 4% per annum to be used to assist with fixed operating costs with principal and interest payments deferred for a minimum of 12 months.

Who’s eligible?

  • existing small businesses (startups not eligible) located and operating in P.E.I., that have been generating revenue in P.E.I.;
  • registered to conduct business within the province of P.E.I.;
  • and in possession of a satisfactory credit rating, without any defaulted outstanding debt obligation on file in the province’s central default registry.

How to apply

  • Submit an application and supporting documentation to Finance PEI at 902 368-6300 or financepei@gov.pe.ca.

Emergency child care assistance

What is it?

  • Emergency child care services to support parents on the front lines during this pandemic.

Who’s eligible?

  • Essential service workers who have no other child care alternatives.

How to apply

Student loan relief

 

What is it?

  • Automatic suspension of payments on P.E.I. student loans for the next six months (including pre-authorized debits).

When is it effective?

  • March 30 to September 30, 2020.

Commercial lease rent deferral program

What is it?

  • Landlords who defer rent payments of commercial tenants for three months could be eligible for financial assistance (up to a maximum of $50,000 per landlord and $15,000 per tenant) if the deferred rent can’t be recovered.

Who’s eligible?

  • Small to medium sized retailers and businesses who have closed due to the impacts of COIVD-19.

When is it in effect?

  • May to July, 2020.

How to apply

Temporary rental assistance benefit

What is it?

  • $1,000 per household to help cover the cost of rent for a three-month period. Eligible Islanders will receive $500 in the first month and $250 the following two months.
  • The benefit is paid directly to the landlord.

Who’s eligible?

  • Renters who are struggling to pay their rent as a result of income loss or reduction due to COVID-19 measures. See full criteria.

When is it in effect?

  • As of March 2020. 

How to apply

WCB premiums relief

What is it?

  • Workers Compensation Board P.E.I. employer premiums have been deferred until June 30, 2020.
  • All new employer payroll audits have been deferred.

Who’s eligible?

  • P.E.I. employers.

When is it in effect?

  • March 24, 2020.

Broadband fund for businesses

What is it?

  • Financial assistance to local Prince Edward Island internet service providers (ISPs), communities and businesses for the installation of infrastructure for enhanced broadband services.
  • The fund provides a contribution of up to 50% of the eligible costs of the approved project.

Who’s eligible?

  • For-profit business that is a sole proprietorship, partnership, cooperative or limited liability company that requires access to new or upgraded services to their business premises.
  • Not-for-profit businesses.
  • Teleworking access.

How to apply

  • Applications must be made before starting projects. Expenses incurred before the submission of an application are ineligible. 

Employee gift card program

 What is it?

  • A temporary program that provides a $100 Sobeys gift value.

 Who’s eligible?

  • Employees living and working on P.E.I. who have received a lay-off notice as a direct result of the impacts associated with COVID-19.
  • Employers must have issued lay-off notice(s) to one or more employee(s) as a result of COVID-19, between March 13 and March 31, 2020; and have affected employees with a salary of $25/hour or less.

 When is it in effect?

  • Applies to lay-offs between March 13 and March 31, 2020.

 How to apply

  • The employer must complete the application form and distribute the gift card letters to affected employees.

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If you have any questions about these measures, please contact your MD Advisor*. 

* MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.

Banking and credit products and services are offered by The Bank of Nova Scotia “Scotiabank.” Credit and lending products are subject to credit approval by Scotiabank.