Levstein, Azan is committed to providing COVID-19 updates, including changes to available Canadian coronavirus financial relief.
OVERVIEW
On April 14, Ontario extended its Emergency Order for another 28 days. Schools will also remain closed during this time. Click here for more information.
FINANCIAL RELIEF
Canada Emergency Response Benefit:
BREAKING: Today, the Prime Minister extended CERB eligibility. Individuals working part-time and making less than $1,000 per month are now eligible for the CERB. Previously, this benefit was only available to individuals who had completely lost all income sources.
The benefit is available for 4-week periods. Individuals must apply every 4 weeks. Applications for the second payment of this benefit became available this week. If an eligible individual has missed his or her assigned day, he or she can apply on Friday, Saturday, or Sunday.
Birth Month
Small Businesses Canadian Emergency Business Account
The Canadian Emergency Business Account (CEBA) is available for small- and medium-sized businesses with annual payroll between $50,000 and $1,000,000.
The benefit is a loan of $40,000. The loan is interest-free until December 31, 2022. If the loan is repaid on or before December 31, 2022, up to $10,000 is eligible for complete forgiveness (i.e., only $30,000 has to be repaid). After December 2022, the loan can be converted to a three-year term note, with interest at 5%.
Applications are processed through the business' banks. An applying business will need to contact its individual bank for more information including eligibility and application details.
Wage Subsidies
Canada announced a 75% wage subsidy (up to $847 per week) for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May. The program will be in place for a 12-week period, from March 15 to June 6, 2020.
A Temporary 10% Wage Subsidy is also available for a three-month period. Eligible employers must meet the following criteria:
be an individual (excluding trusts), partnership, non-profit organization, registered charity, or Canadian-controlled private corporation (including a cooperative corporation) eligible for the small business deduction;
have an existing business number and payroll program account with the CRA on March 18, 2020; and
pay salary, wages, bonuses, or other remuneration to an eligible employee.
Other Relief
Across Canada, many banks have elected to cut interest rates on credit cards. More information can be found on your individual bank's website.
For more information on any of the available relief, please click here.