CEWS – 75% Canada Emergency Wage Subsidy
This coming Monday morning, the CRA portal for the Canada Emergency Wage Subsidy will open – finally!! On Monday, you should be able to log on to your business’s CRA portal and access the application process.
In the interim, here is the link to the government’s CEWS “Calculate your subsidy amount” so you can calculate what you might expect. It includes a downloadable spreadsheet to collect the required information.
If you click on the link, it will take you to the information we previously provided on the CEWS program itself, including criteria to qualify and subsidy amount limits, etc.Download Excerpts Here
CERA – Canada Emergency Rent Assistance Program
This morning, the Prime Minister’s office issued a release on the brand-new Canada Emergency Commercial Rent Assistance (CERA). In this morning’s briefing, Trudeau announced a partnership between the federal government and all the provinces had been reached and expected the program to be functional by mid-May.
Here are the highlights as we know them now:
- Small business/ non-profit and charity tenants paying < $50,000 rent per month who have either:
- Ceased operations or
- Have experienced at least a 70% drop in their pre-Covid-19 revenues
- Could be eligible for a 75% reduction in their rent for April, May and June 2020 if their landlord also agrees to the terms and conditions of this program
- Qualifying commercial property owners would receive forgivable loans to cover 50% of the tenant’s rent for eligible tenants for April, May and June
- The loans could be forgiven if the mortgaged property owner agrees to reduce the eligible tenant’s rent by at least 75% for the same 3 months under a rent forgiveness agreement
- This agreement would require the tenant not to evict the tenant while the agreement is in place
- The small business would have to pay the difference, up to 25% of the normal rent
More details will be provided in the coming days.
The link below will take you to the actual release, so you can read the details and determine how it might appeal in your situation.Download Full Release Here