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COVID Financing
With updates to both Federal and Alberta subsidy programs, it can be difficult to figure out if you or your business qualifies. We have gathered the common subsidies here (specific for Alberta).
Business / Corporate Relief
Alberta Subsidy
Eligibility:
• Must be a registered corporation OR sole proprietor
• Have a permanent location and be in good standing with the AB government
• Be carrying on business/operations on February 29, 2020
• Have less than 500 employees
• Been ordered closed
• Experience at least 40% (changed to 30% December 14) reduction in revenue in April and/or May 2020 in comparison to April 2019, May 2019 or February 2020
•Not receive payments, grants or amounts directly from federal or provincial government sources EXCEPT:
o Alberta Workers Compensation
o Business Credit Availability Program
o CEBA
o Western Economic Development Regional Relief and Recovery Fund
o CEWS
o CECRA
o CERB
o Gov of AB grant relief funding for child care sector
o Relief funding from municipalities
Application Deadline for first payment: March 31, 2021
Application is being expanded for a second payment December 14th with more instructions
Full info: https://www.alberta.ca/sme-relaunch-grant.aspx with directions on how to apply.
Federal Subsidies
CEBA (Business Loan)
• Interest free loans of up to $60,000 with forgiveness of $20,000 (Original was $40,000 with forgiveness of $10,000)
• Eligibility expanded by removing Mar 1 2020 condition for having a separate active business account
• Either have – Payroll between $20,000 and $1.5M -OR- Non-deferrable expenses of between $40,000 and $1.5M
• Apply with your Bank
CERS (Rent subsidy)
• At least one of:
o CRA Business Number on September 27, 2020
o Payroll Account on March 15, 2020
o Purchased a business who meets the above criteria
o Meet other conditions that might be introduced later
• Eligible businesses
o Individuals (other than trusts)
o Corporations that are NOT exempt from Income Tax
o Non-profits, agricultural organizations, boards of trade, chambers of commerce, non-profit scientific research companies, labour organizations
o Registered charities
o Partnerships consisting of eligible employers
• Drop in revenue (no minimum)
• Business must own or rent a separate building OTHER THAN your home. Your home, cottage or other residence used by you, your family, or other non-arm’s-length persons are NOT eligible
• Up to $75,000 per business location and $300,000 for all locations
• Apply online with CRA
Regional Subsidy
Regional Relieve and Recovery Fund
• Decrease in revenue/impacted adversely due to COVID-19
• Women-led businesses
o Loans are only to cover fixed costs
• salaries/benefits if declined or not eligible for CEWS, property taxes, rent, utilities, cleaning supplies and safety measures, bank charges, office supplies, lease payments, professional fees, insurances
o 0% interest and no payments until December 31, 2022
o Max $40,000
o 25% forgiven if 75% has been paid by December 31, 2022, otherwise balance converts to 3 year term loan with interest of up to 5%
o Not receiving other Federal/provincial subsidies for the SAME expenditures
o Apply: https://www.awebusiness.com/regional-relief-and-recovery-fund
• Other Small Businesses
o Fewer than 500 full-time employees
o Located in BC, AB, SK, MB
o Not eligible for other RRRF’s
o Not receiving CEBA
o Operational as of March 1, 2020
o Not eligible:
o Sole Props, Not-for-profits
Personal Subsidy
CRB (Formerly CERB)
• Receive $500 for up to 26 weeks for workers who have stopped working or had income reduced by 50% due to COVID-19
We can help you figure out which program to apply for and which program you qualify for. Reach out and book an appointment to find out if you are leaving money with the government!
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