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Extension of the Rent Relief for Small Businesses
The Canada Emergency Commercial Rent Assistance (CECRA) will be extended by one month to cover eligible small business rents for July.
In addition, to simplify the application process for all applicants, the government is removing the requirement to claw-back insurance proceeds and provincial rent supports from the CECRA forgivable loan amount for both existing and new applicants. Existing applicants who are affected will be notified and will have any previously clawed-back amounts restored to their forgivable loan.
Applications will continue to be processed through the Canada Mortgage and Housing Corporation website (CMHC).Changes to CEBA
The Government of Canada launched CEBA to ensure that small businesses have access to the capital they need to see them through the current challenges, and better position them to quickly return to providing services to their communities and creating employment.
This $55 billion program, implemented by eligible financial institutions in cooperation with Export Development Canada (EDC), provides interest-free loans of up to $40,000 to small businesses and not-for-profits.
Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).
The expanded Canada Emergency Business Account (CEBA) is now open for applications. This means that more small businesses can access it.
As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. Applicants will have to demonstrate having eligible non-deferrable expenses between Cdn.$40,000 and Cdn.$1,500,000 in 2020.
The expanded CEBA is being made available gradually by more than 230 financial institutions across the country, starting with the larger banks. Other participating financial institutions will start offering the program over the coming weeks.
Canada Emergency Wage Subsidy (CEWS) Applications for claim period 4 (June 7 to July 4) are open as of July 8, 2020. The government announced on May 15, 2020, that the CEWS would be extended by an additional 12 weeks, to August 29, 2020. The eligibility criteria will apply for the current period (period 4). Any potential changes would commence as of periods 5 (July 5 to August 1) and/or 6 (August 2 to August 29). More information about the announced CEWS extension to August 29 will be coming soon.