To Jane’s Community in Alberta,
The following COVID-19 Small Business Response Plan is a list of resources that may be of assistance to you and your team. Some of the resources may not apply to you, but taking advantage of 1 or 2 could significantly improve your financial health and that of your employees.
We hope this helps.
Please note: We will update this page with new content whenever possible.
April 24
- Trudeau announced new business loan relief program that will cover up to 75% of commercial rent costs through Canada Mortgage and Housing Corp. A portion of these loans will be non-repayable. Details and application process are yet to be released. One comment that came with this announcement was that the plan is that this relief does not come with cumbersome eligibility criteria so that the aid can be accessed fairly easily.
April 16
- New CERB eligibility rules: people are now allowed to earn up to $1,000 per month while collecting CERB (this includes part-time and seasonal workers now).
April 6
- Alberta is recommending people apply for Canada’s CERB to get $2,000 per month for up to 4 months.
The portal for accessing the CERB is at Canada.ca
CERB has been modified from the original to offer new aid coming for contract workers
More details coming soon.
Small Business Response Plan
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Jane’s Canadian Small Business Response Plan: Here you can find our list of federal support for small businesses.
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90-day utility payment deferral for both residential and business customers
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6-month student loan deferral
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Property tax freezes, including a deferral on education tax for businesses
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Private sector employers will have immediate financial relief by deferring WCB premiums until early 2021, effectively for one year.
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The collection of corporate income tax balances and instalment payments is deferred until Aug. 31, 2020.
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Canadian-controlled private corporations not in an associated group may claim a small business deduction on active business income (i.e., non-investment income), up to the small business threshold of $500,000. Canadian-controlled private corporations in an associated group share the maximum small business threshold.
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WCB premiums: For small and medium businesses, the government will cover 50 per cent of the premium when it is due.
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ATB Financial and Alberta credit unions are offering assistance in the form of deferrals on ATB loans, lines of credit, and mortgages for up to 6 months.