2022 COVID-19 Financial Update
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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 […]
Continue ReadingGovernment Launches Highly Affected Sectors Credit Availability Program
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The federal government is working closely with financial institutions to support Canadian businesses impacted by Covid-19 through the launch of the Highly Affected Sectors Credit Availability Program (HASCAP). This loan is intended to provide financial aid to those Canadian businesses that are operating in hard-hit sectors such as hospitality and tourism. The program opened on February 1, 2021, at select […]
Continue ReadingGovernment Launches Ontario Small Business Grant
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The provincial government has launched the Ontario Small Business Support Grant (“OSBSG”) to support businesses affected by the province’s COVID-19 restrictions. This grant is intended to provide financial aid to those small businesses that were required to close or significantly restrict services due to the provincewide shutdown commencing on December 26, 2020. Eligible businesses can receive between $10,000 and $20,000 […]
Continue ReadingFiling Deadlines for Canada Emergency Wage Subsidy (CEWS)
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The federal government has provided recent updates regarding the Canada Emergency Wage Subsidy (“CEWS”) and other filing requirements for the wage subsidy programs. The Canada Revenue Agency (“CRA”) has also released new guidance on claiming home office expenses for the 2020 taxation year. Introduced in April 2020, the CEWS initially provided a wage subsidy to qualifying employers who experienced a […]
Continue ReadingCanada Emergency Wage Subsidy
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The CEWS program was set to expire in December 2020, however, the program has now been extended to June 2021. The subsidy rate will be fixed at 65%, up to a maximum of $734 per week per eligible employee, through to December 19, 2020 and then decline on a revenue test basis from December 2020 through to June 2021. Harmonizing […]
Continue ReadingCanada Emergency Rent Subsidy
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In response to the continued financial challenges being experienced by Canadian businesses and organizations as a result of the COVID-19 pandemic, the federal government has announced the creation of a new program, the Canada Emergency Rent Subsidy (CERS), as well as enhancements to the existing Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Business Account (CEBA).
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