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. Applications now open!
Lockdown support subsidy is a top-up to the new CERS program. Organizations affected by a public health lockdown may be eligible for a 25% lockdown support subsidy.
Canada Emergency Wage Subsidy (CEWS) employers will be provided with temporary wage subsidies up to 75% of wages paid to employees for up to 24 weeks.
Business Credit Availability Program (BCAP) allows the Business Development Bank of Canada and Export Development Canada to provide credit to small and medium-sized businesses.
Canada Emergency Business Account (CEBA) provides interest-free loans of up to $40K to small businesses and not-for-profits to help cover operating costs. COMING SOON – support to be expanded to $60K for all previous and new applicants.
Large Employer Emergency Financing Facility (LEEFF) provides bridge financing to Canada’s largest employers.
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.
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 $1 billion in support to affected businesses through regional development agencies.
Small and medium enterprise relaunch grant provides an opportunity to apply for a second payment from this grant. Eligible businesses can apply for 15% of their pre-COVID-19 monthly revenue up to a max of $15K in funding, for a total of $20K in potential funding (original June grant was $5K). Businesses that began operation between March 1 and October 31, 2020 and unregistered sole proprietors are now eligible to apply.
Enhanced COVID-19 Business Benefit provides an additional $10K benefit in addition to the Small and Medium Enterprise Relaunch Grant. COMING SOON
Critical Worker Benefit provides a $1,200 one-time payment to approximately 380K public and private sector workers in Alberta. Applications open until March 19, 2021.
Working Parents Benefit provides a one-time payment of $561 per child to help with the cost of child care. Eligible parents must have paid for child care for three months from April-December 2020 and have a household annual income less than $100K.
Stabilize Program provides one-time funding support to rodeos, sports, arts and other venue-based organizations, up to 25% of eligible expenses.