We understand this time can be extremely difficult for everyone, especially for business owners. The Government has been actively working on ways to limit the economic blow caused by COVID-19, and we’re going to provide you with a little breakdown of them.
Extended Grace Periods for Property Taxes & Utility Bills
The City of Toronto suspended all pending automated withdrawals for property taxes that have been scheduled within the next 60-day period but not yet withdrawn, starting March 16. This property tax relief is for all residents and businesses. The City is also extending the due date for all Water/Sewer Service and Solid Waste Management utility bills.
The Canada Emergency Wage Subsidy (CEWS)
The new Canada Emergency Wage Subsidy provides a 75% wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. Eligible employers including individuals, taxable corporations, partnerships consisting of eligible employers, non‑profit organizations and registered charities can apply through the Canada Revenue Agency’s My Business Accountportal.
Canada Emergency Business Account (CEBA)
The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits whose revenues have been temporarily reduced and to help cover operating costs. This credit is available to Canadian employers with $20,000 to $1.5 million in total payroll in 2019, and operating as of March 1, 2020. Business owners can apply for CEBA support through their primary lender.
Commercial Rent Relief
The Government of Canada plans to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. The program will provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. Program details will be shared when available.
Support for Indigenous Businesses
The Government of Canada announced it will provide funding to help small and medium-sized Indigenous businesses, and to support Aboriginal Financial Institutions that offer financing to these businesses. Funding will allow for short-term, interest-free loans and non-repayable contributions. Program details will be provided when available.