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NEW GOVERNMENT SUPPORTS FOR BUSINESSES



On October 9, the Government of Canada had announced new support to help businesses through COVID-19


(new) Canada Emergency Rent Subsidy

  • Provides simple and easy-to-access rent and mortgage support until June 2021

  • Provided directly to tenants

  • Supports businesses, charities, and non-profits that have suffered a revenue drop

  • Subsidizes a percentage of the business's expenses (up to a maximum of 65% of eligible expenses until December 19, 2020

  • Claims can be made retrospectively (for the period between September 27, 2020 and October 24, 2020)

  • In addition to the 65% subsidy, a top-up of 25% for businesses temporarily shut down by a mandatory public health order issued by a qualifying public health authority is available


Canada Emergency Wage Subsidy

  • Extended until June 2021

  • Same subsidy rate (maximum of 65% of eligible wages)

  • Helps protect jobs by helping businesses keep employees and encourages them to rehire workers


(expanded) Canada Emergency Business Account (CEBA)

  • Enables businesses and not-for-profits still seriously impacted by the pandemic to access an interest-free loan of up to $20,000 in addition to the original CEBA loan of $40,000

  • 50% of this expanded loan would be forgivable if repaid by December 31, 2022

  • Application deadline extended to December 31, 2020

* Application details (including launch date) will be announced soon



These supports will be implemented with the introduction of legislation in the near future, as claimed by the Government of Canada


For more information, visit the Government of Canada's designated page