May 8, 2020, 4:00pm EST
Prime Minister Justin Trudeau has announced that the Canada Emergency Wage Subsidy (CEWS) program will be extended past early June. While we're still waiting to learn the full details, we are encouraged by this news.
April 25, 2020, 11:40am EST
Prime Minister announces partnerships with provinces and territories to deliver the Canada Emergency Commercial Rent Assistance for small businesses
See PM release here
Details announced so far:
The program will lower rent by 75% for small businesses that have been affected by COVID-19. Qualifying commercial property owners will receive forgivable loans to cover 50% of 3 monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June. The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75% for the 3 corresponding months under a rent forgiveness agreement. The tenant would cover the remainder, up to 25% of the rent.
The program will protect commercial tenants from being evicted, for the duration that the agreement is in place.
Eligible small business tenants are businesses paying less than $50,000 per month in rent who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID-19 revenues.
Revenue Canada Updates
March 23, 2020 6:24pm EST
The CRA has released a detailed breakdown of the wage subsidy program announced last week. You can access the information here
Click here: Helping Canadians with the economic impact of the COVID-19 Pandemic
Click here: Small Business Wage Subsidy FAQs
CEWS (Canada Emergency Wage Subsidy) program
Applications for the CEWS program will be open on Monday April 27, 2020
Click here for the government site that outlines the following:
Who is an eligible employer
Determine your eligible employees
Calculate your subsidy amount (calculator available)
How to apply (this area also includes what you can do to prepare for the application)
Contact the CRA
Reopening Guidelines for National Restaurant Association
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