Canada Emergency Rent Subsidy
The new Canada Emergency Rent Subsidy provides rent and mortgage support until June 2021 for qualifying organizations affected by COVID-19. The rent subsidy would be provided directly to tenants, while also providing support to property owners. The new rent subsidy would support businesses, charities, and nonprofits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65 percent of eligible expenses until December 19, 2020. Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020. More details to come. A top-up Canada Emergency Rent Subsidy of 25 per cent for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority, in addition to the 65 per cent subsidy. More details to come.
Canada Emergency Wage Subsidy
The extension of the Canada Emergency Wage Subsidy (CEWS) until June 2021, which would continue to protect jobs by helping businesses keep employees on the payroll and encouraging employers to re-hire their workers. The subsidy would remain at the current subsidy rate of up to a maximum of 65 percent of eligible wages until December 19, 2020. Read more here.
Canada Emergency Business Account
An expanded Canada Emergency Business Account (CEBA), will enable businesses, and not-for-profits eligible for CEBA loans—and continue to be seriously impacted by the pandemic— access to an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000. Half of this additional financing would be forgivable if repaid by December 31, 2022. Additionally, the application deadline for CEBA is being extended to December 31, 2020. Read more here.