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Applications Open for ‘ Canada Emergency Rent Subsidy ’ for Businesses Hurt by COVID-19 Canadian businesses can now apply for the federal government ’ s new Canada Emergency Rent Subsidy ( CERS ). This is replacing the previous rent support program for businesses that was introduced in the spring . That program was not utilized as much as the government had hoped , largely because it relied on landlords to apply for help . With CERS , instead tenant businesses apply for the subsidy directly .
The new program covers up to 65 % of rent or commercial mortgage interest on a sliding scale based on the applicant ’ s revenue declines , with an extra 25 % available to the hardest hit companies . This subsidy will provide payments directly to qualifying renters and property owners without requiring the participation of landlords .
Those eligible are Canadian businesses , non-profit organizations , or charities who have seen their revenue decline because of the COVID-19 pandemic . They ’ re eligible for a subsidy to cover part of their commercial rent or property expenses , starting on September 27 , 2020 , until June 2021 .
For more information about the program , including a tool for calculating your eligible subsidy , go here : www . canada . ca / en / revenue-agency .
Feds ’ Economic Update Lays Out New Supports for Arts Sector , Parents & Hardest Hit Businesses On Nov . 30 , Deputy Prime Minister and Finance Minister Chrystia Freeland delivered the federal government ’ s fall economic update , which is formally titled Supporting Canadians and Fighting COVID-19 : Fall Economic Statement 2020 . The update does not provide dollar-for-dollar detail about the government ’ s economic plans , but rather provides a broad fiscal overview of the government ’ s priorities and general plans for additional supports to get people and businesses through the current economic crisis .
Included in the latest economic statement are a number of items that should help individuals and small businesses in the Canadian music and entertainment industry . Before any of the new promises are made reality , it ’ ll require the House of Commons to pass new legislation .
To help businesses weather the second wave of COVID-19 , the government will increase the maximum rate of the Canada Emergency Wage Subsidy to 75 % for the period beginning December 20 , 2020 and extending this rate until March 13 , 2021 , and extending the current rates of the Canada Emergency Rent
HON . CHRYSTIA FREELAND PRESENTING THE ECONOMIC UPDATE
Subsidy and Lockdown Support until March 13 , 2021 . Both programs will be in place for businesses until June 2021 .
Also , the Canada Revenue Agency will allow people working from home “ with modest expenses ” to claim up to $ 400 as a tax deduction without having to provide a detailed account of their expenses .
Freeland also announced the planned creation of the Highly Affected Sectors Credit Availability Program , which will support businesses in tourism and hotels , arts and culture , and the air sector . It will offer eligible businesses low-interest loans of up to $ 1 million with a 10-year term . The federal government will guarantee the money lent by banks or other financial institutions .
To help parents of young children , there will be temporary support of up to $ 1,200 in 2021 for each child under the age of six . This will be split into four staggered payments of $ 300 .
The following week , on Dec . 4 th , Freeland announced the expansion of the Canadian Emergency Business Account ( CEBA ), which aids small businesses and non-profits . Eligible businesses facing financial hardship as a result of the COVID-19 pandemic are now able to access a second CEBA loan of up to $ 20,000 . That is on top of the initial $ 40,000 that was available to small businesses .
For more information , go to www . canada . ca .
SCREENSHOT : YOUTUBE / CPAC
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