The August 31, 2020 deadline to apply for the Canada Emergency Business Account (“CEBA”) and the Canada Emergency Commercial Rent Assistance (“CECRA”) is quickly approaching.
Canada Emergency Business Account
CEBA provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. This program has been implemented by banks and credit unions in collaboration with Export Development Canada.
Business owners can apply for support from CEBA through their banks or credit union.
For more details , please click here.
You must complete the CEBA application at your primary financial institution by August 31, 2020. After completing the application with your financial institution, if you are required to upload supporting documentation you must do so by September 3rd, 2020.
Canada Emergency Commercial Rent Assistance
CECRA provides relief for small businesses experiencing financial hardship due to COVID-19. Over the course of the program, property owners will reduce rent by at least 75 % for the months of April, May, June, July and August for their small business tenants. CECRA will cover 50 % of the rent, with the tenant paying up to 25 % and the property owner forgiving at least 25 %.
For more details, please refer to this link.
- If you haven’t yet submitted an application, you must apply by August 31, 2020.
- If you have been previously approved, you must apply for the July and when available, August extension by September 14, 2020.
Please contact your KMSS advisor to learn more about how we can assist you with determining your eligibility for the support measures. KMSS has prepared a summary of the support available for Alberta small businesses and it can be found here.