new federal & provincial financial support progam updates

​Today the federal government introduced new, proposed legislation for targeted supports to help hard-hit small businesses and other organizations experiencing a drop in revenue. These program changes are intended as “go-forward” measures (not retroactive) to help support businesses “safely get through the second wave of the virus and the winter, cover costs so they can continue to serve their communities, and be positioned for a strong recovery.”
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The proposed funding includes the following:

• Canada Emergency Rent Subsidy (CERS)
  • Replaces CECRA program, which ended September 30th, 2020
  • Administrated through the CRA instead of the CMHC program like the CECRA program had been
  • Subsidy provided directly to tenants instead of through the landlord
  • Provided on a sliding scale, up to a maximum of 65% 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
  • In addition to this 65%, a top-up would be available for organizations temporarily shut down by mandatory public health order; bringing the total available for these businesses up to 90% of eligible expenses
• Canada Emergency Wage Subsidy (CEWS)
  • Extended to June 2021
  • Subsidy rate to continue at the current max rate of 65% of eligible wages until December 2020
• Canada Emergency Business Account (CEBA)
  • Expansion of program for those already eligible for CEBA
  • In addition to the current $40,000 a further interest-free loan of up to $20,000 available, of which half (up to $10,000) would be forgivable if repaid by December 31st, 2022
  • Application date is being extended to December 31st, 2020

 
This proposed legislation follows on the passage of legislation last Friday which created new federal financial supports for individuals facing income loss due to COVID-19 and takes over with the end of the Canada Emergency Response Benefit program. You can find a summary of these individual federal financial supports here.

Application Process for Provincial Small and Medium-Sized Business Recovery Grant Program Now Open - Apply Now!

The Small and Medium-Sized Business Recovery Grant Program will invest up to $300 million in targeted financial support for some of the hardest hit businesses that employ between two and 149 BC residents and have experienced declines in revenue since March 10, 2020. Grants of $10,000 to $30,000 are available. An additional $5,000 to $10,000 grant is available to eligible tourism-related businesses that have been hit especially hard by COVID-19.The program runs until March 31st, 2021 or until the funds are fully allocated, whichever comes first. Learn more at:
www2.gov.bc.ca/gov/content/economic-recovery/business-recovery-grant
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The Delta Chamber of Commerce is here to support you and your business during this challenging time of COVID-19. If you have any questions around the programs, services, and supports available, please contact Lydia Elder our Manager of Policy Development, Government & Stakeholder Relations who will glad to assist you. You can contact her by email at lydia@deltachamber.ca or by phone at 694-946-4232.