CERS & CEWS Legislation Passed
*ATTENTION ALL KENNEDY ROAD BUSINESSES*
On November 19, 2020, Bill C-9 received Royal Assent. The Bill includes:
• The new Canada Emergency Rent Subsidy (CERS), which will provide direct rent and mortgage interest support to tenants and property owners until June 2021. The new rent subsidy will support businesses, charities, and non-profits that have suffered a revenue drop by providing support up to a maximum of 65%of eligible expenses until December 19, 2020. Claims can be made retroactively to September 27, 2020.
• The new Lockdown Support, which will provide an additional 25% through CERS for qualifying organizations that are subject to a lockdown and must shut their doors or significantly restrict their activities under a public health order issued under the laws of Canada, a province or territory (including orders made by a municipality or regional health authority under one of those laws).
• The extension of the Canada Emergency Wage Subsidy (CEWS) until June 2021. CEWS will remain at the current rate of up to 65% of eligible wages until December 19, 2020.
Also, the government also reaffirms its intention to formalize rent payable as an eligible expense, for purposes of the CERS, as of September 27, 2020. Qualifying organizations will be able to take advantage of the rent subsidy on this basis as soon as the application portal is launched.
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