The Government of Alberta announced the launch of the Small and Medium Enterprise Relaunch Grant, a new program that will provide financial assistance to Alberta businesses, cooperatives and non-profit organizations that were ordered to close and experienced a revenue reduction of at least 50% due to the COVID-19 pandemic. How does this program work? Eligible SMEs can apply for 15% of their pre-COVID-19 monthly revenue up to a maximum of $5,000 in funding. This funding can be used to help shoulder a portion of their relaunch costs such as implementing measures to minimize COVID-19 transmission. Relaunch costs can include those incurred...

During the past couple of months, we have seen the many financial support that were launched to help Canadians and Businesses survive the COVID-19 pandemic. Let us now take a look at some statistics and facts that may help us get an accurate picture of just how COVID-19 has affected our economy and our everyday lives. Impact of COVID-19 on Canadian BusinessesStatistics Canada conducted a survey from April 3-24, 2020. Representatives from more than 12,600 businesses participated in this survey. Here are the findings:Nearly 1/3 of businesses who responded to the survey reported a 40% decrease in revenue from the first...

Small- and medium-sized enterprises (SMEs) in Western Canada who cannot access existing financial relief measures can now apply for funding under the Regional Relief and Recovery Fund (RRRF) through Western Economic Diversification Canada. The RRRF can provide 2 types of funding for SME’s: • Funding requests up to $40,000 – SMEs can apply for an interest-free repayable contribution of up to $40,000 • Funding requests over $40,000 – Eligible businesses can apply for interest-free repayable funding of up to $1,000,000 under the RRRF. Regional Relief and Recovery Fund (RRRF) – funding requests up to $40,000Western Economic Diversification Canada (WD) will provide...

UPDATE:  The Federal Government announced that starting June 19, 2020, small businesses that have not been able to access the CEBA because of lack of payroll, sole proprietors receiving business income directly and family-owned corporations remunerating in the form of dividends will become eligible.  Applications of these small businesses will be accepted starting Friday, June 19.  The Government has announced an expansion to the eligibility criteria for the CEBA to allow more Canadian small businesses to access the interest-free loans. This expansion will make the CEBA available to more businesses that are sole proprietors receiving income directly from their businesses, businesses that...