We are extending the Canada Emergency Wage Subsidy (CEWS) until June 2021. The CEWS allows an employer to receive a subsidy to cover a percentage of their employee’s pay depending on the reduced revenue they experienced because of COVID-19.
The following changes have been made to the CEWS for claim periods 11 to 13 (December 20, 2020, to March 13, 2021):
To learn more about the CEWS and to calculate your subsidy amount, Visit: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html
To support businesses that have been disproportionately impacted by the COVID-19, the federal government has announced the Highly Affected Sectors Credit Availability Program (HASCAP). The HASCAP is open to all businesses across the country, in all sectors, that have been hit hard by the pandemic. This includes but is not limited to tourism, restaurants, and other sectors that rely on in-person service.
Applications for the HASCAP will begin on February 1st and will be available until June 30, 2021.
To receive the HASCAP, businesses must meet the following eligibility criteria:
For more information on the HASCAP, visit: https://www.bdc.ca/en/special-support/hascap
The Canada Emergency Business Account (CEBA) provides interest-free loans of up to $ 40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. This program has been implemented by banks and credit unions in collaboration with Export Development Canada.
A recent expansion of the CEBA eligible applicants to access an interest-free loan of up to $ 20,000 in addition to the original CEBA loan of $ 40,000. Half of this additional financing would be forgivable if repaid by December 31, 2022.
Business owners can apply for support from CEBA through their banks and credit unions.
Follow the link to learn more about CEBA https://ceba-cuec.ca/
We've created the new Canada Emergency Rent Subsidy (CERS) to provide simple and easy-to-access rent and mortgage support until June 2021 for qualifying organizations affected by COVID-19. The rent subsidy would be provided directly to tenants, while also providing support to property owners.
The CERS will subsidize a percentage of business and non-profit expenses, on a sliding scale, up to a maximum of 65 per cent of eligible expenses until December 19, 2020. Organizations will be able to make claims retroactively for the period that began September 27 and ends October 24, 2020. For organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority, a 25 per cent rent subsidy top-up will be provided in addition to the original 65 per cent subsidy.
More details on the Canada Emergency Rent Subsidy will be provided in the near future.
The Regional Relief and Recovery Fund (RRRF) $ 1.5 billion to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and to local economies. If your business has struggled to access existing COVID-19 response programs, you may be eligible for RRRF support through your local Regional Development Agency.
Follow the link to learn more and apply for RRRF support https://www.ic.gc.ca/eic/site/icgc.nsf/eng/h_07662.html