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COVID-19 Emergency Relief Changes

Did you know that according to the Canadian Federation of Independent Business (CFIB), 20 percent of small businesses in Alberta don't expect to survive this pandemic?

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As we get ready to enter another lockdown in Alberta, there were some changes announced on December 8, 2020 from our Provincial leader, Jason Kenney and some changes by our Prime Minister Justin Trudeau on December 4, 2020. Our CPA in Chestermere has gone through all the changes so you don't have to, and put together an easily digestible article with all the important highlights. 
 

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COVID-19 Emergency Relief Changes

There is some additional help available for small to medium-sized businesses (SMEs), cooperatives, and not-for-profits impacted by COVID-19 in Alberta.

  1. You may now be eligible for up to $20,000 from the Alberta Government through their Relaunch Grant. There is the $5,000 previously available plus an additional $15,000 announced December 8, 2020.

           Learn more about eligiblity and criteria that need to be met at Small and Medium Enterprise Relaunch Grant | Alberta.ca

Do you need help with the grant application and process Chestermere? IAPC has a team of highly experienced CPAs who can help you through the process. Book a FREE consultation with us today. 

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  1. Announced on December 4, 2020 by the Federal government, is an additional $20,000 CEBA loan with up to 50% forgiveness. This is in addition to the $40,000 CEBA loan that was previously announced with up to 25% forgiveness if conditions are met.

    Learn more: Government expands Canada Emergency Business Account loans - Canada.ca

  1. Finally, another useful but fairly complex tool for SMEs is the Canadian Wage Subsidy extension. The program changes were announced on November 19, 2020 and you may still  qualify to get a subsidy of up to 75% of the wages paid during the periods in which you qualify for. It is our recommendation to seek professional advice before applying for this subsidy as this is a fairly complex process. 

    For more information on the program and the changes visit: Canada Emergency Wage Subsidy (CEWS) - Canada.ca

Need a CPA Chestermere? Our Chestermere accountant is a designated CPA and can help you with all your financial needs, from helping with applying for emergency measures, to audits to corporate tax returns. Contact us today to book your FREE consultation and find out how IAPC has you covered from every angle!

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IAPC Has You Covered

If you're concerned about any of these new emergency measures and how to apply,  book a free consultation with one of our trusted Chartered Professional Accountants today and let us help guide you through this uncertain economic time.

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