New federal rent relief subsidy + CEWS and CEBA announcements
Last week, the Government announced a new suite of targeted financial supports for businesses and sector organizations. The Canada Emergency Rent Subsidy program will replace the Canada Emergency Commercial Rent Assistance (CECRA) and will allow organizations to receive rent relief directly rather than through their landlords. The program runs until June 2021 and will offer a sliding scale of support.
The Government also announced that the Canada Emergency Business Account will be expanded by an additional $20,000 loan, $10,000 of which will be forgivable, on top of the existing $40,000 loans available through the program. Finally, the Government confirmed that the Canada Emergency Wage Subsidy will be extended until June 2021.
For full news release click HERE