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.
Canada Recovery Benefit (CRB) gives $1,000 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.
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.
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.
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. TO BE EXTENDED UNTIL SEPT. 25, 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. TO BE EXTENDED UNTIL SEPT. 25, 2021
Canada Recovery Hiring Program is a new subsidy proposed in Budget 2021 to help eligible employers that continue to experience qualifying declines in revenues relative to before the pandemic. Additional details to come. NEW – COMING SOON
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.
Canada Emergency Business Account (CEBA) provides interest-free loans of up to $60K to eligible small businesses and not-for-profits to help cover operating costs.
Large Employer Emergency Financing Facility (LEEFF) provides bridge financing to Canada’s largest employers.
Senior Assistance provides a one-time taxable grant of $500 to pensioners 75 years of age or older, to arrive in August. Old Age Security for the same age group will also be boosted by 10% annually beginning July 2022.
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.
Small and medium enterprise relaunch grant provides an opportunity to apply for a third payment from this grant for a max of $10K. This grant is for small and medium-sized businesses, cooperatives and non-profit organizations with fewer than 500 employees. Applications close June 30, 2021.
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. NEW
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.
Tourism Levy Abatement Extension allows hotels and other lodging providers to keep tourism levy amounts collected between April 1 and June 30. NEW