In an effort to ease the financial stress and burden on working parents during the Covid-19 pandemic, the Government of Alberta has introduced a new one-time benefit called the Working Parents Benefit.
January 31st, 2021 is the first hard deadline for the CEWS program!
If you plan to file CEWS application for qualifying periods 1 to 5, they are due by end of day January 31, 2021 to be eligible. In addition, it is also the deadline to amend certain elections made under the CEWS legislation for those same periods.
The Canada Emergency Business Account (CEBA) has been augmented as of December 4, 2020. For existing CEBA recipients, a $20,000 expansion is available (Department of Finance Canada, 2020). If the expansion application is approved, the $20,000 will be added to your original CEBA loan and the funds will be deposited into the account you provided.
For eligible businesses that have not yet applied, a $60,000 loan is now available. This enhancement is available to eligible businesses facing financial hardship as a result of the COVID-19 pandemic.
Everyone and everything has been affected by the new public health restrictions that start on December 13th, and this includes your business. Premier Jason Kenney announced on Tuesday, December 8th that there were changes coming to the Alberta Relaunch Grant. Your company may now be eligible for the new program changes. If you are eligible, the application process will remain open until March 31, 2021.
If so, CRA has released new rules to allow you to deduct some of the additional costs you may have incurred as a result. These include the following:
What to do if you or a family member is sick and awaiting test results, or if you now have to stay home to care for kids because of school closures: A comparison of government programs that could be available to you.
What is it?
The Canada Emergency Wage Subsidy (CEWS) is a subsidy program introduced by the Canadian government that began on March 15, 2020. The CEWS provides a subsidy to eligible employers in the amount of 75% of eligible remuneration paid to each eligible employee up until the claim period ending July 4, 2020. Following the initial CEWS announcement, the government extended the program for 24 weeks and added additional rules for claim periods ending after July 4, 2020 (Canada Revenue Agency, 2020).
On October 9, the government proposed the new Canada Emergency Rent Subsidy (CERS) to provide direct relief to businesses, non-profit entities, and charities that continue to be impacted by COVID-19.
The program is very similar to the Canada Emergency Wage Subsidy. The new program will subsidize 65% of eligible expenses (with an additional 25% for entities that qualify under the new Lockdown Support).
As of October 12, 2020, the CRA has opened applications for the Canada Recovery Benefit (CRB). The CRB provides $500 per week for up to 26 weeks to workers who have stopped working or had their employment/self-employment income reduced by at least 50% due to COVID-19 and who are not eligible for Employment Insurance (EI).
The application process for the CRB is similar to the previous CERB program; however, there are some key changes to the application process. The new elements of the application process for CRB are as follows:
Eligible small and medium-sized businesses, co-ops, and non-profits can apply for a one-time payment of $5,000 under the Small and Medium Enterprise Relaunch Grant that the provincial government has put forth.
The grant is available to businesses, non-profit organizations, and co-operatives that meet the following criteria: