Questions and Answers: Repayment deferral for existing clients

  1. What does a deferral on repayments mean?
  2. Will FedDev Ontario be contacting me about my repayment deferral?
  3. Will I receive an updated repayment schedule?
  4. Are there other programs or support measures my business can access?
  5. This repayment deferral is not enough for my company. What do I do?
  6. My account is already in arrears, how does this payment moratorium affect my situation?

What does a deferral on repayments mean?

FedDev Ontario will apply a deferral for all clients currently in the repayment phase of their projects to relieve some of the pressure businesses may be facing during this difficult time. The deferrals will take effect from April 1, 2020, through to September 30, 2020.

Will FedDev Ontario be contacting me about my repayment deferral?

Yes, all clients currently in the repayment phase will be contacted directly via email and phone by their FedDev Ontario officer.

Should you not be able to reach your FedDev Ontario officer, you may also contact FedDev Ontario at 1-866-593-5505.

Will I receive an updated repayment schedule?

Yes, FedDev Ontario will work with you to formalize the deferrals into an amended repayment schedule.

Are there other programs or support measures my business can access?

The Government of Canada has announced a number of measures to help stabilize the economy. Businesses and organizations that are impacted by sudden shifts in the economy are encouraged to visit the Government of Canada’s official COVID-19 response page, as well as the Government of Canada’s COVID-19 Economic Response Plan for more information on programs and support offered.

This repayment deferral is not enough for my company. What do I do?

Your FedDev Ontario officer is prepared to discuss your unique situation and explore additional measures to support your business during this difficult time.

You are encouraged to look at the Government of Canada’s COVID-19 Economic Response Plan, which provides support for Canadian businesses and workers. As this situation is evolving rapidly you are encouraged to visit the web site on an ongoing basis for information and actions in support of workers, businesses and all Canadians.

My account is already in arrears, how does this payment moratorium affect my situation?

The deferral only applies to scheduled repayments during the period of April 1, 2020, to September 30. It does not apply to any repayments already in arrears nor does it waive any existing interest charges already incurred. Your FedDev Ontario officer will review your individual situation and explore measures to assist your business.

Date modified: