Blog – Fulcrum Group Chartered Professional Accountants Grande Prairie
Canada Emergency Business Account (CEBA)
Announced by the Government of Canada on March 27. Original article posted April 9, 2020. Updated with new information as it arises.
What is the Canada Emergency Business Account (CEBA)?
- A $40,000 government-guaranteed loan to help eligible businesses pay for operating expenses, payroll, and other non-deferrable expenses, which are critical in order to sustain business continuity.
Canada Emergency Commercial Rental Assistance (CECRA)
This past week has given us some clarification on the commercial rent relief for small businesses. The Government of Canada has put in place forgivable loans to eligible commercial property owners, enabling them to reduce the rent owed by their small business tenants by at least 75% for April, May and June.
Newly Announced: Canada Emergency Student Benefit (CESB)
Post-secondary students and recent graduates are now eligible for the Canada Emergency Student Benefit (CESB) – a benefit of $1,250/month from May to August 2020. This benefit is increased to $1,750 for people with disabilities or caring for others. Recipients are eligible to earn up to $1,000/month while receiving this benefit.
The Canada Emergency Wage Subsidy
Original article posted April 2, 2020.
The new Canada Emergency Wage Subsidy was introduced by the Government of Canada as a way to keep Canadian businesses working and enable them to continue to employ Canadian workers. This wage subsidy is in addition to the 10% wage subsidy previously introduced and will provide a 75% wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020.
Update for the Canada Emergency Response Benefit
Original article published April 3, 2020. Updated regularly as new information arises.
If you stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support.
The CERB provides $500 a week ($2000/month) for up to 16 weeks. The benefit is available from March 15, 2020, to October 3, 2020. You can apply no later than December 2, 2020.
Temporary Wage Subsidy Information for Employers
This FAQ from the Canada Revenue Agency website provides details on the Temporary Wage Subsidy for Employers, who can qualify, how to remit, and the limitations of the subsidy. This information was taken from the Canada Revenue Agency website.
COVID-19 Relief Measures & Extensions
On March 18, 2020 the Canadian government announced its economic response plan for COVID-19. Support is offered for both individuals and business. Details of the plan will be summarized here. For more detailed information, please visit the Government of Canada COVID-19 Economic Response page.
Contact
Phone: 780-532-4641
Fax: 780-532-4947
Toll Free: 1-800-422-6093
Email: office@fulcrumgroup.ca
#102, 9919 – 99 Avenue
Grande Prairie, Alberta
T8V 0R6
