As the number of cases increases across Canada, many small businesses are seeing the effects of a decrease in customer numbers and some are once again being asked to go out of business to help fend off the second wave of the novel coronavirus in the country.
To help offset this, the federal government last week unveiled several new and revamped COVID-19 relief programs, one of which will filter $ 2.2 billion from commercial tenants, along with a program extended wage subsidy that is expected to fund the bill up to 65% of eligible costs for business owners through December.
Revamped Coronavirus Business Relief Programs Unveiled As Second Wave Rises
The company supports many loopholes in previous federal funding initiatives, making them more accessible.
The Rent Relief Program replaces the Canada Commercial Rent Emergency Assistance Program (CECRA). By the time this program ended on September 30, the federal government had promised relief, but there was still no final plan for business owners for October rent.
The original version of CECRA was also criticized for being too restrictive, and tenants could only qualify if their landlords accepted loans from the program.
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But when asked why the federal government had not unveiled the new plan earlier, Mary Ng, Canada’s Minister for Small Business, Export Promotion and International Trade, pointed out that the new rent subsidy would be “Backdated to September” and a series of programs to help businesses.
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“So their eligibility will absolutely give them that coverage for September. This is also the reason why we introduced additional liquidity through CEBA, ”she said during an episode of The West Block of Global News.
So far, $ 30.75 billion in CEBA loans had been disbursed, and the federal government said 769,979 requests were approved.
Ng said the revamped rent relief program was aimed at preventing further permanent shutdowns for businesses suffering lost income during the pandemic.
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“We know businesses are losing income, have suffered loss of income, which is why we introduced the rent subsidy and … an additional 25% to help cover this fixed cost if the business were to experience a shutdown. following a health order, ”she says.
Dan Kelly, president and CEO of the Canadian Federation of Independent Business, said the first wave of COVID-19 is expected to result in “160,000 permanent business failures directly attributable to the pandemic.”
It was likely that so many embarked places across the country would be visible before the end, he said.
– With files from Mercedes Stephenson from Global News
© 2020 Global News, a division of Corus Entertainment Inc.
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