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...

Update (January 25, 2021):  The RRRF in Western Canada through the Western Economic Diversification Canada (WD) has expanded the RRRF. The RRRF will now be providing SME's with an interest-free repayable contribution of up to $60,000 during the period of April 1, 2020 to March 31, 2021. If you have applied for or received the initial funding of $40,000, you can apply for the up-to-$20,000 expansion based on your financial need. The financial need is determined by forecasted operating deficit (total operating costs minus total revenue) between October 1, 2020 and March 31, 2021. If you repay the outstanding balance on or...

Update (December 8, 2020):  Starting December 4, 2020, businesses can now access the second CEBA loan of up to $20,000, on top of the initial $40,000 that was available to small businesses Update (October 26, 2020):  Businesses using personal banking accounts can now access the CEBA.  Please note that to be eligible to apply, businesses must have been operating as a business as of March 1, 2020 and must successfully open a business account at a Canadian financial institution that is participating in CEBA and meet other existing CEBA eligibility criteria.  Update (October 9, 2020):  The expanded CEBA will allow access to an...

The following are the most recent updates regarding the Canada Emergency Wage Subsidy (CEWS).  The CEWS is extended by an additional 12 weeks to August 29, 2020 instead of the previously announced end date of June 6, 2020.The Government has made regulatory changes to extend eligibility for the CEWS to additional groups. Note that these changes are retroactive to April 11, 2020 which means that they apply to the first qualifying period starting March 15, 2020 and subsequent qualifying periods. The following prescribed organizations can now apply for the CEWS provided they meet all other eligibility criteria: - Partnerships with one...