These are the latest updates for COVID-19 on April 16, 2020.
Canada Emergency Commercial Rent Assistance
The Prime Minister has announced today the creation of the new Canada Emergency Commercial Rent Assistance program, which will help small businesses cover their rents for April, May, and June.
The assistance is being rolled out in collaboration with the provinces and territories as rent policy is largely provinces and municipalities’ responsibility. More information about this program is expected in the coming days.
Canada Emergency Business Account Update
The Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
It was announced today that the criteria to qualify for this account have been expanded. To qualify, organizations will now need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019.
The company can repay the balance of the loan by the end of 2022, and up to $10,000 will be forgiven.
Applications for the Second CERB Period
Today marks the start of the second eligibility period for Canada’s COVID-19 emergency response benefit program.
As long as your situation continues, you will be required to re-apply for a payment for every 4-week period, to a maximum of 16 weeks.
Applications are available through your MyCRA account or over the phone, using the same methods you used to apply for the first four week period, if applicable.