Our friends at AKR Consulting have provided an update on Federal Government COVID-19 Financial Assistance. Any questions? Contact Bonny Koabel of AKR Consulting at (905) 678-6368.
1. Canada Emergency Commercial Rent Assistance – this program will provide support to help small and larger businesses with their rent for the months of April, May and June. This program was announced today and details will be forthcoming.
2. Canada Emergency Business Account – the $40,000 in assistance has been expanded to businesses with T4 payroll of between $20,000 and $1.5 million in total payroll for 2019. Up until now, the CEBA has been providing guaranteed loans of $40,000 to businesses that spent between $50,000 and $1-million on payroll. For companies that repay the balance of the loan by the end of 2022, up to $10,000 will be forgiven. Over 195,000 loans have been approved to date.
3. Canadian Emergency Relief Benefit – this $2,000 per month benefit for 4 months applies to individuals that received Dividend Income and/or RRSP income in 2019.
4. 75% Wage Subsidy Program – To qualify for funding for March businesses now only require a decrease in sales from March 2019 to March 2020 of 15%. The sales decrease previously required was 30%.
Businesses and individuals can also look into the following:
1. Car Insurance – contact your Agent or Broker about a rate reduction as everyone’s driving usage has decreased. Average rate reduction is 25%.
2. Group Benefit Insurance – Insurance companies are now waiving dental and extended healthcare premiums. Businesses should confirm they are receiving these discounts.