10/14/2020
⚠️ Updated Small Business Supports
While some parts of our economy are recovering, others continue to struggle with reduced revenues, increased costs, and uncertainty because of the COVID-19 pandemic.
To support businesses, charities, and non-profits that have suffered a revenue drop, we have created the Canada Emergency Rent Subsidy (CERS), which will be provided directly to tenants while also providing support to property owners. The new rent subsidy will subsidize a percentage of an organization’s expenses on a sliding scale, up to a maximum of 65% of eligible expenses, until December 19, 2020.
We will also be expanding the Canada Emergency Business Account (CEBA), which will enable businesses and not-for-profits eligible for CEBA loans 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. The application deadline for the CEBA is being extended to December 31, 2020.
We are also extending the Canada Emergency Wage Subsidy (CEWS) until June 2021 – at a rate of up to 65% of eligible wages until December 2020.
To learn more about these small business supports, visit: bit.ly/3dnQIJu.
