Dear Kensington Business Members,
Before Thanksgiving weekend the federal government put out information on more support for businesses through new rent and extended wage subsidy and loan programs. See below for more information:
NEW Canada Emergency Rent Subsidy Program: New rent program to be in place until June 2021 and will replace the Canada Emergency Rent Assistance Program that ended in September. This new program will cover 65% of a business’ rent or mortgage payments if revenue decreased by over 70%. For business with revenue decline below 70%, a gradual decreasing scale will reduce the payment in correlation to the business’ decline of revenue. This should provide more targeted aid and addresses the issues with involving landlords with the previous program. The program will be administered by Canada Revenue and will be directly attainable by tenants, bypassing landlords. The program will include 90% payment of rent available for those business that must shut-down again as a result of measures for a second wave. Organizations can make claims retroactively for the period that began September 27 and ends October 24, 2020. Application will open in the coming days.
EXTENDED Canada Emergency Wage Subsidy: Extended to June 2021 with 65% of eligible wages covered until December 19, 2020.
Canada Emergency Business Account (CEBA): Additional $20,000 loan now available through the program with $10,000 forgivable if first part of loan paid back by Feb. 2022.
Detail of these three measures can be found here
Kensington Business Revitalization Zone
200 203 10A Street NW
Calgary, AB, T2N 1W7