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Updated COVID Support for Businesses

Published on October 9, 2020

Today, October 9, 2020, the federal government announced updated/expanded targeted support programs to assist businesses affected by COVID-19.

The proposed programs and changes are:

  1. Canada Emergency Rent Subsidy (CERS) - a modified version of CECRA, the CERS will be available through June 2021.  The subsidy will cover up to 65% of eligible expenses until December 19, 2020 on a sliding scale
  2. CERS top up - an additional 25% will be available to businesses temporarily shut down by a public health order, in addition to the 65% CERS subsidy
  3. Canada Emergency Wage Subsidy (CEWS) - the program will be extended until June 2021.  The current maximum subsidy of 65% of eligible wages will be available until December 19, 2020.
  4. Canada Emergency Business Account (CEBA) - the interest-free $40,000 loan program has been extended until December 31, 2020 and the forgivable portion is increasing to $20,000.  The repayable amount of $20,000 must be repaid by December 31, 2022.

For more information visit the news release (click here) or contact our office.

Tagged as

CEWS CERS CEBA