Originally published Nov 25, 2020
As the pandemic continues, so does many Albertans’ financial concerns. We’ve created a list of both federal and provincial relief programs that are currently available. Talk to your local credit union for more information or assistance.
Federal measures
Canada Recovery Benefit (CRB) gives $600 for a two-week period to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. The Canadian Revenue Agency (CRA) will withhold 20% on this payment. Extended until October 23, 2021.
Canada Recovery Sickness Benefit (CRSB) gives $500 for a 1-week period to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate, or have an underlying health condition that puts them at greater risk. Extended until October 23, 2021.
Canada Recovery Caregiving Benefit (CRCB) gives $500 for each 1-week period to employed and self-employed individuals who are unable to work because they must care for their child under 12 years old or a family member who needs supervised care. This program has been extended to include eligibility periods up to October 23, 2021.
Canada Emergency Rent Subsidy (CERS) provides a subsidy on eligible expenses on a sliding scale up to a maximum of 65% for businesses, eligible charities and non-profits that experience a revenue drop. Extended until October 23, 2021.
Lockdown support subsidy is a top-up to the CERS program. Organizations affected by a public health lockdown may be eligible for a 25% lockdown support subsidy.
Canada Emergency Wage Subsidy (CEWS) employers who have seen a drop in revenue due to COVID-19 may be eligible for a subsidy to cover part of their employee wages. Extended until September 25, 2021.
Canada Recovery Hiring Program is a new payroll subsidy program to help eligible employers with up to 50% of their added payroll expenses. Eligible employers can claim either CEWS or CRHP, whichever is higher. APPLICATIONS NOW OPEN.
Business Credit Availability Program (BCAP) allows the Business Development Bank of Canada and Export Development Canada to provide provide more than $65 billion of additional support to small and medium-sized businesses. Extended until December 31, 2021.
Large Employer Emergency Financing Facility (LEEFF) provides bridge financing to Canada’s largest employers.
Senior Assistance Old Age Security (OAS) pensioners 75+ years of age will receive a one-time taxable $500 grant the week of August 16, 2021. OAS benefits have also increased 1.3% and and the OAS pension for seniors 75+ years of age has increased 10%.
Highly Affected Sectors Credit Availability Program (HASCAP) offers 100% government-guaranteed financing for heavily impacted businesses and provide low-interest loans of up to $1 million over extended terms, up to ten years. Available until the end of 2021.
Near-term credit and various funding increases for farmers and the agri-food sector in the form of enhanced lending capacity for Farm Credit Canada and an AgriRecovery fund.
Regional relief and recovery fund provides nearly $2 billion in support to affected businesses through regional development agencies. Entrepreneurs who can’t access other federal programs can apply for interest-free loans of up to $60,000.
Canada Small Business Financing Program makes it easier for small business to get loans from financial institutions by sharing the risk with lenders. Some small businesses or start-ups operating for profit are eligible for up to $1 million loans.
Livestock Tax Deferral allows livestock producers in certain regions who reduced their breeding herds by at least 15% due to drought or flooding to defer a portion of their 2021 income from sales until the 2022 tax year. NEW
Provincial measures
Alberta Jobs Now Program provides grants to eligible employers that cover 25% of an employee’s salary for a 52-week period up to a max of $25K/employee. Second intake will open September 15, 2021.
Temporary Rent Assistance Benefit provides a subsidy for working households with low income or those between jobs. Support is available for up to two years to help tenants afford their rent while they stabilize or improve their situation.