Today, the Prime Minister announced additional support for small businesses facing economic hardship and uncertainty during the COVID-19 pandemic.
CEBA Eligibility Expansion
The Canada Emergency Business Account (CEBA) has been expanded to include businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous one of between $50,000 and $1 million and will help address the challenges faced by small businesses to cover non-deferrable operating costs.
HGA Recommends:
You can apply for this $40,000 interest-free loan directly through your financial institution.
Unfortunately, eligibility has still not be extended to owner-operators who were compensated via dividends in 2019. We will update you if this eligibility criteria changes.
Canada Emergency Commercial Rent Assistance (CECRA)
The Canada Emergency Commercial Rent Assistance (CECRA) program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.
No further information has been released at this time. We will send an update on this program when more information is available.
As your trusted advisors, we are happy to assist with navigating these and other financial aid measures, as we know this is a complex time and these programs are constantly changing. Our resource centre will be regularly updated for any changes that are announced.
If you have any questions, please contact your HGA Advisor or info@hgacpa.com.
