2022 COVID-19 Financial Update
Extension of the Canada Emergency Business Account (“CEBA”) Repayment Deadline
The federal government had previously announced that the CEBA program offered interest-free loans of up to $60,000 to eligible businesses. The repayment deadline for CEBA loans has been extended from December 31, 2022 to December 31, 2023 for zero interest and a portion of the loan forgiven. Repayment on or before the extended deadline will result in loan forgiveness of up to a third of the loan value (up to $20,000).
Ontario COVID-19 Small Business Relief Grant
The provincial government has announced an Ontario COVID-19 Small Business Relief Grant for small businesses required to close due to current public health measures. This grant is intended to provide financial support and relief to those small businesses that have been subject to closure under the modified Step Two of Roadmap to Reopen effective January 5, 2022 for at least 21 days (until January 26, 2022). Eligible business will receive a grant of $10,000 as support.
Eligible businesses are those meeting the two following requirements:
- Required to close due to public health orders effective January 5, 2022; and
- Have fewer than 100 employees.
Eligible businesses that previously qualified for the Ontario Small Business Support Grant will be pre-screened to verify eligibility and will not be required to apply for the Ontario COVID-19 Small Business Relief Grant.
Eligible small businesses include:
- Restaurants and bars;
- Recreational fitness facilities (including fitness centres and gyms);
- Performing arts and cinemas;
- Museums, galleries, zoos, historic sites, and similar attractions;
- Meeting or event spaces;
- Tour and guide services;
- Conference centres and convention centres;
- Driving instructions for individuals; and
- Before- and after- school programs.
Applications for the Ontario COVID-19 Small Business Relief Grant will be open in the coming weeks and eligible small businesses can expect to receive their payment in February.
W&P is Here to Help
Our team at Williams & Partners is available to provide further information and assistance to businesses and individuals with concerns regarding any of the government support programs due to COVID-19. If you have any questions or concerns, please do not hesitate to contact our office.
Yours very truly,
Williams & Partners