On October 9, the Government of Canada announced new and expanded COVID-19 support measures including:
CEWS
The program will be extended until June 2021.
The subsidy would remain at the current (Period 8) subsidy rate of up to a maximum of 65% of eligible wages until December 19, 2020. The maximum was previously set to decline to 45% for period 9 (based on November wages).
CEBA
An additional interest-free loan of up to $20,000 will be available (in addition to the original CEBA loan of $40,000). Half of this additional financing would be forgivable if repaid by December 31, 2022.
Additionally, the application deadline for CEBA is being extended to December 31, 2020.
Further details, including the launch date and application process will be announced in the coming days. An attestation of the impact of COVID-19 on the business will be required to access the additional financing.
Canada Emergency Rent Support (CERS)
The new Canada Emergency Rent Subsidy (CECRA has ended), provides rent and mortgage support until June 2021.
The rent subsidy would be provided directly to tenants, while also providing support to property owners.
The new rent subsidy would support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65 per cent of eligible expenses until December 19, 2020.
Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020.
A top-up Canada Emergency Rent Subsidy of 25 per cent for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority, in addition to the 65 per cent subsidy.