The federal government’s new Highly Affected Sectors Credit Availability Program, a COVID-19 relief measure designed to help businesses operating in hard-hit sectors such as hospitality and tourism, is now accepting applications. The program provides loans—fully guaranteed by the Business Development Bank of Canada—of between $25,000 and $1 million to qualifying businesses. Loans of as much […]
The application window for the Ontario Small Business Support Grant is now open. The provincial COVID-19 relief measure is intended as yet another lifeline to aid struggling small to medium-sized businesses across Ontario that have been forced to close or reduce services due to the most recent province-wide lockdown. Qualifying businesses—including corporations, partnerships, charities, non-profits and […]
In tabling the 2020 Ontario Budget yesterday, the provincial government reminded us that the path to fiscal stability will be long and arduous as a result of the ongoing coronavirus pandemic—and that new COVID-19 lockdowns could still inflict major economic damage. In doing so, Doug Ford’s Progressive Conservatives scrapped plans to balance the budget in […]
The federal government on Monday announced that the application deadline for the Canada Emergency Business Account will be extended to October 31st, 2020, from August 31st, 2020. The much-maligned Canada Emergency Commercial Rent Assistance program–intended to provide rent relief to small businesses that have been financially impacted by COVID-19–will not be extended. As we […]
As the fall approaches, federal COVID-19 relief measures are slowly wound down and the economic recovery plods along at a glacial pace with a potential pandemic second wave looming large, Ottawa understood that Canadians would need additional financial assistance in the months ahead. It delivered a costly new aid package last week that includes significant […]
As the federal government takes steps to slowly wind down COVID-19 relief measures such as the Canada Emergency Relief Benefit, its economic recovery strategy is becoming clearer after it was announced on Friday that the Canada Emergency Wage Subsidy would be extended to November 21st, 2020 (or nine claim periods) and possibly to December 31st, […]
COVID-19 changed our world overnight as it quickly evolved from a global health crisis to a global economic crisis. Countries around the world closed non-essential businesses and pressed pause on their economies in order to stop, or at least slow, the spread of the novel coronavirus. A global pandemic was always going to be bad […]
We’ve blogged extensively in recent weeks about the much-maligned Canada Emergency Commercial Rent Assistance program (CECRA) and its undue complexity—even though the initiative is intended to relieve the burden on small and mid-sized businesses struggling due to COVID-19. We’ve been fielding countless calls from entrepreneurs who are still confused about the program and how it […]
Prime Minister Justin Trudeau today announced that the Canada Emergency Wage Subsidy is being extended until August 29th, 2020. The measure was set to expire on June 6th, 2020. The Canada Emergency Wage Subsidy is designed to encourage small- to medium-sized businesses to retain or rehire employees and avoid layoffs as the pandemic carries on. […]
Of the many government relief programs implemented over the past two months to deliver aid to businesses and individuals financially impacted by the COVID-19 crisis, none have sowed more confusion and frustration than the Canada Emergency Commercial Rent Assistance benefit. Business groups have called out the CMHC-administered program’s complexity and reliance on the goodwill of commercial […]
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