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Jun
15

COVID-19 Financial Relief and Support: STATS & FACTS

covid19statsfacts
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...
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May
29

Regional Relief and Recovery Fund (RRRF)

RRRF
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...
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May
20

Update on the Canada Emergency Business Account (CEBA): Expansion of Eligibility

CEBA
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...
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May
20

Update on the Canada Emergency Wage Subsidy (CEWS): Eligibility Extension

CEWS
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 or...
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