Canada Government Subsidy News For Businesses
On October 9, 2020, the Canadian government announced its intention to introduce new, targeted supports to help hard-hit businesses cope with the affects of the pandemic. It is hoped that this support will assist businesses navigate through the second wave and end up in a good position for a strong recovery.
NEW: Canada Emergency Rent Subsidy
This subsidy is designed to essentially replace the failed existing program on rent relief. It allows the tenant to apply and will hopefully provide simple and easy-to-access rent and mortgage support until June 2021 for qualifying organizations affected by COVID-19. Please read some of the highlights here.
EXPANDED: Canada Emergency Business Account (CEBA)
Canada Emergency Business Account (CEBA) has also been expanded. The highlights are that eligible businesses would be able to access the CEBA interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000. The deadline for CEBA has also been extended to December 31, 2020. Further details, including the launch date and application process will be announced in the coming days. We will keep you updated as things are rolled out.