On October 9, 2020, the Canadian federal government announced further supports for businesses struggling during the pandemic. These supports include:
- a new Canadian Emergency Rent Subsidy, to replace the previous program which placed the burden upon landlords. This new program will provide subsidy directly to tenants.
- a top up for the above CERS for especially hard-hit qualifying tenants.
- an extension of the Canada Emergency Wage Subsidy until June 2021.
- an expanded Canadian Emergency Business Loan. The expanded CEBA program application deadline has now been extended to December 31, 2020, and the new program will now allow and additional $20,000 to be accessed for eligible organizations, and half of this additional financing would be forgivable if repaid by December 31, 2022.
Additional details on these programs are expected to be announced in the coming days and weeks.
To view the full federal government’s press release, please visit https://www.canada.ca/en/department-finance/news/2020/10/government-announces-new-targeted-support-to-help-businesses-through-pandemic.html.