Recent Changes to Federal COVID-19 Financial Assistance Programs For Businesses

(Sources: Email from the Canadian Federation of Independent Business; The Government of Canada website)

The Federal Government’s recent announcement of major changes to small business support programs has created significant confusion and worry for many business owners.

Several federal COVID-19 financial relief programs ended on Saturday, October 23, including the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS), and the Canada Response Benefit (CRB). While details are still emerging, the Government of Canada has announced new streams of funding that will soon become available. They include the Tourism and Hospitality Recovery Program, the Hardest-Hit Business Recovery Program, and the Canada Worker Lockdown Benefit.

In some aspects, some of these new funding resources mirror the ones that recently ended. However there are key differences in terms of eligibility guidelines, and the amount and duration of available support. The Canadian Federation of Independent Business has released a helpful and easy-to-understand summary of the changes that will impact small businesses the most, including an outline of which programs have ended, which programs will replace them, and how the new programs will be rolled out. That document can be viewed HERE

The CFIB will also be hosting a virtual information session on Tuesday, October 26 at 3:30pm EST to clarify these announcements, and to give business owners the chance to have their questions answered. To register for the webinar, CLICK HERE

For additional information on the federal, provincial and sector-specific financial supports that are available, you can visit the Government of Canada’s website HERE