The Government of Canada’s Canada Emergency Wage Subsidy (CEWS) provides eligible employers that have experienced an eligible reduction in revenue to receive a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.
For detailed information about the program, eligibility, and how to apply, refer to the Government of Canada’s site.
The Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides much needed relief for small businesses experiencing financial hardship due to COVID-19. It offers forgivable loans to eligible commercial property owners so that they can reduce the rent owed by their impacted small business tenants by at least 75% for the months of April, May and June, 2020.
For detailed information about the program, eligibility, and how to apply, refer to the Canada Mortgage and Housing Corporation site.
Canada Emergency Rent Subsidy (CERS)
New Support for Commercial Tenants: Canada Emergency Rent Subsidy (CERS), replaces the CECRA Program and would provide direct and easy-to-access rent and mortgage support directly to qualifying organizations.
Qualifying businesses, charities and non-profits would receive a subsidy of up to 65% of eligible expenses until December 19, 2020.
Qualifying organizations that have been significantly affected by a mandatory public health order issued by a qualifying public health authority would receive an additional 25% of rent support through the CERS.
Combined with the other support received under the CERS, this means that hard hit businesses, non-profits, and charities could receive a rent subsidy of up to 90%.
The CERS including the Lockdown Support would be available until June 2021.
Alterna Microfinance team is working with members to assist them in managing their businesses through these challenging times. Please contact your Account Manager for assistance.
A micro-entrepreneur may also qualify for the Canada Emergency Response Benefit of $500 per week up to 16 weeks.
Please contact your Account Manager who is available to support you during these uncertain times.
If you don’t have a dedicated Account Manager, contact your branch or the Contact Centre to be referred.
The Contact Centre is available 7 days a week and can be reached at 1-844-843-8448.
- Monday – Friday: 8:00 am – 6:00 pm
- Saturday & Sunday: 9:30 am – 4:00 pm
For businesses that have been impacted by COVID-19 but do not meet the criteria for Government Access to Credit programs, please contact your Account Manager or Business Banker to see how else we may be able to help
For further information, click here.
*All Applicants are subject to Alterna Savings’ lending criteria.
New Ontario Small Business Support Grant to Provide up to $20,000 for Eligible Businesses!
Eligible criteria to be released in January 2021, for further information, click here.