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Dec 8, 2020
COVID-19 Update - December 8 - 2020
Canadian Emergency Business Account Recently Expanded
The Federal Government announced the expansion of the Canadian Emergency Business Account (CEBA). As of last Friday, eligible businesses facing financial hardship as a result of the COVID-19 pandemic are able to access a second CEBA loan of up to $20,000 – on top of the initial $40,000 that was available to small businesses. Half of this additional financing, up to $10,000, will be forgivable if the loan is repaid by December 31, 2022.
This means the additional loan effectively increases CEBA loans from the existing $40,000 to $60,000 for eligible businesses, of which a total of $20,000 will be forgiven if the balance of the loan is repaid on time. As announced in the Fall Economic Statement, the application deadline for CEBA has also been extended to March 31, 2021.
WEDNESDAY WEBINAR: Emergency Rent Subsidy (CERS) Session with the CRA
The new rent subsidy supports businesses, charities and non-profits that have suffered a revenue drop by providing support up to a maximum of 65% of eligible expenses. Qualifying organizations that are under a lockdown or have significantly limited activities under a public health order will have access to Lockdown Support, a top-up subsidy of 25%, meaning they could receive rent or property expenses support of up to 90%.
Wednesday at 10am, the Canada Revenue Agency (CRA) is hosting an interactive question and answer session for eligible organizations. Space is limited.
Canadian Chamber Roundtable: Supporting Local Business; Essential to our Economy & Communities
Thursday December 10 at 10am, the Canadian Chamber is hosting a roundtable discussion on the realities facing small business and how we can work together to support local through the pandemic and into recovery. Do not miss the opportunity to participate and have your questions answered!