COVID-19 Relief - Highly Affected Sectors Credit Availability
Program (HASCAP) Guarantee
The grim one year anniversary of the COVID-19 pandemic in Canada
has highlighted that many businesses across the country continue to
struggle financially. Two Federal assistance programs, the
Canada Emergency Wage Subsidy (CEWS) and the
Canada Emergency Rent Subsidy (CERS) have helped by giving
out a combined total of over $77 billion in subsidies, but it is
not enough for many small and medium-sized
businesses.
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The CEWS was announced nearly a year ago to prevent job loss by
encouraging employers to maintain or re-hire workers previously
laid off via wage subsidies based on revenue
Restaurant Canada has called for more “sector-specific” support after the federal budget was released on Monday.
In a press release issued on April 19, the organization said it welcomed commitments outlined in the federal budget, including promises to extend the rent and wage subsidies until September 25; however, they also called for more to be done as millions of people are still out of work.
“We appreciate that the government has listened to our industry and others and is extending the critically necessary rent and wage subsidies beyond June,” said Restaurants Canada President and CEO Todd Barclay.
“These programs are providing a lifeline to restaurants and other small businesses across the country. But our especially hard-hit industry is going to need more sector-specific support to continue reviving main streets and help the government keep its throne speech promise to bring a million Canadians back to work.”
“We’re all in a pretty tough spot and, unfortunately, we don’t seem to be making much progress,” said co-organizer Peter Wood, owner of the Bear & Joey restaurant in Victoria. “They [politicians] say they feel for us and they know there is a gap [in relief measures] but that doesn’t seem to be translating into much more than ‘sorry to hear that.’ ” Wood said it’s a scary situation considering the hundreds of thousands of dollars these businesses have put into opening and had committed to their projects before the pandemic hit in March 2020. Companies registered with Save Startups cover a broad range of sectors including bars and restaurants, retailers, gyms, galleries and service businesses.
Small businesses saddled with $135B in extra debt amid pandemic: CFIB bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Ottawa launches new loan program of up to $1M for firms walloped by COVID-19
The federal government has unveiled a new loan program aimed at helping businesses survive COVID-19, with up to $1 million in funding for eligible companies that have lost at least half their revenue.
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CBC News ·
Posted: Feb 01, 2021 9:50 AM ET | Last Updated: February 1
Small Business Minister Mary Ng says businesses eligible for the new loan can receive anywhere between $25,000 and $1 million.(Justin Tang/Canadian Press)
The federal government has unveiled a new loan program aimed at helping businesses survive COVID-19, with up to $1 million in funding for eligible companies that have lost at least half their revenue.