While we may have thought 10 months ago that 2021 would bring about change, a new year, and that the pandemic and economic strife may be behind us. Unfortunately, that’s not the case, and as a result there remains government financial support for individuals and businesses alike. To update you on existing, altered, and new financial assistance opportunities, here’s a quick snapshot of what’s available:
Still in place from the Government of Canada
Canada Emergency Wage Subsidy (CEWS): covering up to 75% of employee’s wages, this program has been extended to June 2021.
Canada Emergency Business Account (CEBA) interest-free loans: partially forgivable loans available through your financial institution, CEBA’s original instalments of up to $60,000 (up to $20,000 forgivable) have been extended for applications to be received through March 31, 2021. The balance payable of this loan is due by December 31, 2022.
Canada Emergency Rent Subsidy (CERS): a revamp of the rent subsidy program, this puts dollars in the hands of renters or property owners, including additional lockdown support is eligible. Starting on September 27, 2020, This program runs until June 2021.
Regional Relief and Recovery Fund (RRRF): this program is provided to Southern Ontario through FedDey Ontario to provide financial assistance to those businesses that may not have otherwise been able to access financial support. For eligibility and application information for Southern Ontario, click here.
Black Entrepreneurship Loan Fund: supporting Black business owners and entrepreneurs through the Black Entrepreneurship Loan Fund that will provide loans of between $25,000 and $250,000, applications are to be open soon.
Ontario-based programs for business
Ontario Small Business Support Grant: for businesses required to close or significantly restrict services under the Provincewide Shutdown effective December 26, 2020, funding starting at $10,000, up to $20,000 is available to help offset decreased revenue expected.
Ontario’s Main Street Relief Grant: helping businesses with the cost of PPE with one-time grants up to $1,000.
Property tax & Energy Cost Rebates: Businesses that are, or were, required to shut down or significantly restrict services due to provincial public health measures can apply for rebates, provided in the form of grants, to help with their fixed costs.
Financial support for individuals & families
If not eligible for Employment Insurance (EI), you may be eligible for one of the following:
Canada Recovery Benefit (CRB): a gross amount of $500/week for up to 26 weeks for workers who have stopped working or had their income reduced by at least 50% due to COVID-19. Note this benefit is received net of income tax.
Canada Recovery Sickness Benefit (CRSB): a gross amount of $500/week for up to 2 weeks if you’re unable to work due to contracting COVID-19, are self-isolating, or have underlying conditions that make you more susceptible to COVID-19.
Canada Recovery Caregiving Benefit (CRCB): a gross amount of $500/week for up to 26 weeks per household for workers who are unable to work because they must care for a child under age 12 or family member because schools, day-cares and care facilities are closed due to COVID-19, or because a child or family member is sick and/or required to quarantine.
If you have school-aged children learning at home, Ontario has a Support For Learners one-time payment of $200/child (and $250 per child with special needs), to be applied for by February 8, 2021. Apply here.
Need help navigating the government programs and application processes? Want to get ahead in 2021 with some cashflow management and financial organization? Let’s chat!