NEW Ontario Small Business Support Grant
Applications are open for the new Ontario Small Business Support Grant, which helps small businesses that are required to close or significantly restrict services under the Provincewide Shutdown effective December 26, 2020.
Starting at $10,000 for all eligible businesses, the grant provides businesses with funding to a maximum of $20,000 to help cover decreased revenue expected as a result of the Provincewide Shutdown. Businesses will be able to use the support in whatever way makes the most sense for them.
To receive the grant, a small business must:
- be required to close or restrict services subject to the Provincewide Shutdown effective 12:01 a.m. on December 26
- have fewer than 100 employees at the enterprise level
- have experienced a minimum of 20 percent revenue decline comparing April 2020 to April 2019 revenues. New businesses established since April 2019 are also eligible provided they meet the other eligibility criteria
Canada Emergency Business Account (CEBA) applicants may apply for $20,000 expansion
CEBA is intended to support businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens.
Applicants who have already received the $40,000 CEBA loan may now apply for a $20,000 expansion, while first-time applicants can apply for a $60,000 CEBA loan.
The current application deadline for the CEBA program is March 31, 2021.
This $55 billion program provides interest-free loans of up to $60,000 to small businesses and not-for-profits. Repaying the balance of the loan on or before December 31, 2022 will result is loan forgiveness of 33 percent (up to $20,000).
*NEW* All applicants can now check the status of their CEBA loan online at https://status-statut.ceba-cuec.ca/. Please wait 5 to 7 business days after finalizing your application before checking your loan status.
Canada Emergency Rent Subsidy (CERS) applications for claim period 4 now open
Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue due to the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until June 2021.
This subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
If you are eligible for the base subsidy, you may also be eligible for lockdown support if your business location is significantly affected by a public health order for a week or more. This includes businesses that have been required to close due to the most recent Provincewide Shutdown that began on December 26.
Deadline for Canada Emergency Wage Subsidy (CEWS) periods 1 through 5 on January 31, program extended to June 2021
If you are a Canadian employer who has seen a drop in revenue due to COVID-19, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations. The program has been extended to cover wages up to June 2021.
The first hard deadline to apply for the CEWS program is January 31, 2021, which applies for periods 1 through 5 (March 15, 2020 through August 1, 2020).
Details for claim periods 11 to 13 (December 20, 2020 to March 13, 2021) include the following:
- the maximum top-up subsidy rate is 35%
- the maximum subsidy amount for employees on leave with pay is $595
- the base revenue drop comparison months for period 11 will be the same as period 10
Need to get us documents? Consider using our secure Client Portal!
The doors of our Peterborough, Port Perry, and Oshawa locations are locked, but our staff are working diligently behind the scenes to move client interests forward. We will remain in contact with you via phone, email, or appointment to make sure your financial and legal needs continue to be met. Please refer to the specific contact information and document drop off details for each office below.
We encourage you to use our new Client Portal to securely provide electronic versions of your documents. Please contact your office at the information below to register for this service.
Call: 705 743 0266
Document drop off: Physical documents can be placed in the secure mail slot located at the door marked ‘156A’ on the McDonnel St. side of the building.
Call: 905 985 9791
Document drop off: Physical documents can be placed in the secure mail slot located to the right of the door.
Call: 289 481 1466
Document drop off: By appointment only.
Click here to find contact information for our offices.
Inclusive Accounting Professional Corporation