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There are newly-released details to some previously-announced government programs that may be relevant and beneficial to your business.

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There are newly-released details to some previously-announced government programs that may be relevant and beneficial to your business.

Firstly, the federal government announced today that it has reached an agreement in principle with the provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. The new details are as follows:

  • The program will lower rent by 75% for small businesses that have been affected by COVID-19.
  • The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May and June.
  • The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75% for the three corresponding months under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.
  • Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID-19 revenues. This support will also be available to non-profit and charitable organizations.

Source: https://pm.gc.ca/en/news/news-releases/2020/04/24/prime-minister-announces-partnerships-provinces-and-territories

Secondly, starting Monday, April 27 business will be able to apply for the Canada Emergency Wage Subsidy (CEWS). As previously announced, the Subsidy covers up to 75% of an employee’s wages for businesses that have lost revenue due to COVID-19. The new details are as follows:

  • The Subsidy will be administered in three four-week periods: March 15 to April 11, April 12 to May 9 and May 10 to June 6.
  • Business can apply through their CRA My Business Account or through an online form that will be posted to the government website after applications open.
  • Note that there is no limit on the total amount or number of employees an individual business can claim through the subsidy.
  • Businesses are encouraged to use the CEWS online calculator before applying to ensure they submit their application properly. CLICK HERE TO ACCESS CALCULATOR.

 

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