We never thought we'd still be doing updates on COVID-19 programs nearly two years after they started, but here we are. For us, it's a bit of a love/hate relationship with them.The programs for individual support are mostly unchanged from last month, but there are some changes to the business-focused programs:
- Canada Emergency Business Account - the date to repay the non-forgivable portion of the loan without interest has been extended to December 31, 2023. Any outstanding amount at that date will be converted to a term loan, payable over two years at 5%.
- Tourism and Hospitality Recovery Program provides wage and rent/property subsidies for businesses primarily operating in this sector (tourism, hospitality, arts, entertainment, or recreation activities) who have experienced a revenue drop of at least 40%.
- Local Lockdown Program provides support for any business that is affected by a qualifying public health restriction, even if they don't otherwise qualify for the THRP (i.e you don't need to be operating in that sector to qualify at a 40% revenue drop).
- Hardest-Hit Business Recovery Program provides wage and rent/property subsidies for businesses, operating in any sector that, do not qualify for THRP and have experienced a revenue drop of at least 50%.
Some provinces have also announced new programs to help businesses affected by the public restrictions they imposed. Check your province's website to see if your qualify for any of these grants and supports.
This article originally appeared in Southwestern Tax Service's February Newsletter: https://conta.cc/3rGqCdH
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