The Canada Emergency Business Account (CEBA) loan repayment and forgiveness deadline is tomorrow: Thursday, January 18th, 2024. Barring a further extension by the federal government—which is highly unlikely—borrowers who were eligible for the previous CEBA repayment extension must repay their outstanding balances to qualify for partial loan forgiveness of as much as 33 per cent. Loan […]
The federal government today announced that it will extend the rate structures for three COVID-19 relief benefits—the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS) and the Lockdown Support—until June 5th, 2021. The rates for each of the programs were set to expire on March 13th, 2021. The maximum CEWS wage subsidy […]
In the face of widespread confusion, complaints and a looming class action lawsuit, the federal government has changed course, cancelling plans to require some self-employed individuals to repay the Canada Emergency Response Benefit (CERB) funds they received at the height of the COVID-19 crisis. Controversy erupted late last year when the Canada Revenue Agency informed […]
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 […]
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, […]
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 […]
The federal government has announced that it will expand access to the Canada Emergency Business Account. The program, which launched in April, provides interest-free loans of up to $40,000 (with as much as 25 per cent forgivable) to help small- to medium-sized businesses impacted by COVID-19 cover fixed costs such as rent, utilities and wages. […]
The federal government has provided a series of updates and clarifications regarding deduction considerations and qualification eligibility for the Canada Emergency Wage Subsidy, a program designed to encourage employers to retain workers or re-hire those that have been laid off due to COVID-19. The updates are available on the program’s FAQ page and are in […]
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. […]
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