The second intake of low-interest loans to businesses operated in the Northwest Territories is being offered through the NWT Business Development and Investment Corporation. Applications can be made now to get the loans processed as requests received.
Detailed information: https://bit.ly/2ShDWD9
In an effort to contain the COVID-19 pandemic and for the benefit of the people residing in the region, the territory-wide Public Health Emergency and State of Emergency have been extended in the Northwest Territories, with effect from April 29, 2020 and will continue till May 12, 2020.
Detailed Information: https://bit.ly/3f1SikK
Canada Emergency Wage Subsidy (CEWS) has been implemented by the Government of Canada to help employers maintain their staff fees and hiring expenses. This economic policy provides a 75% wage subsidy of up to $847 per employee/week, to eligible employers, for up to 12 weeks, retroactive to March 15, 2020.
The Minister of National Revenue, the Honourable Diane Lebouthillier, launched the Canada Emergency Wage Subsidy calculator to help employers in the process of applying for the Canada Emergency Wage Subsidy.
Detailed Information: https://bit.ly/2VXaXFw
To support and combat the economic disruptions posed by the COVID-19 pandemic, the Northern Business Relief Fund (NBRF) has offered to provide short-term support to small and medium-sized territorial businesses in the form of a non-repayable grant ranging from $2,500 to $100,000. The funding will cover a maximum period of 4 months, retroactive to April 1, 2020.
Detailed Information: https://bit.ly/3atyFOQ
Prime Minister Justin Trudeau announced $1.7 billion to clean up orphan wells in Alberta, Saskatchewan and British Columbia, and aid for businesses in rural areas, and, people employed in the arts and culture sectors.
- This program will help maintain 5,200 jobs in Alberta.
- Will establish a $750 million emissions reduction fund.
- Working to expand credit for medium-sized energy companies
- $962 million for regional development agencies to help smaller employers in rural areas
- $270 million for a program for entrepreneurial and industrial research
- $500 million to support Canadians who work in the arts, culture and sports sectors.
Detailed Information: https://bit.ly/2VNaw0F
The Government of Canada is working to give small businesses the support they require to be able to continue during this critical time. They are crucial to the Canadian economy and are vital to all the communities around the country.
The Prime Minister, Justin Trudeau, announced new measures to support Canadian businesses and their employees. The Government of Canada expanded the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019.
Detailed Information: https://bit.ly/34Qxc3V
The Canadian government has relaxed the eligibility rules of CERB to help more Canadians benefit from the program. Highlights from the new changes announced are,
- Allow people to earn up to $1,000 per month while collecting the CERB.
- Extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak.
- Extend the CERB to workers who have recently exhausted their EI regular benefits and are unable to find a job or return to work because of COVID-19.
Apply for CERB at: https://bit.ly/2z1gfYM
The Government of Canada also announced a new wage boost for essential workers, wherein the government will work with provinces and territories through a new transfer to cost-share a temporary top up to the salaries of low-income essential workers that the provinces and territories have deemed essential in the fight against COVID-19. The Government of Canada will cover a portion of the cost of providing temporary financial support to low-income workers, thereby helping to support employers in keeping their workers on staff, while also ensuring fairness.
Detailed Information: https://bit.ly/3agm9SX
With the new changes made by the Canadian Government, in the Wage Subsidy program, it will now be easier for companies to qualify for the program.
3 key changes made in the program are,
- A firm can now use revenue from January and February as a base of comparison, if it chooses. Previously, only year-over-year comparisons were allowed. This will help new firms
- To qualify, companies will have to show a 15% reduction in gross revenues for March. Previously, the threshold had been a 30% loss. The threshold will be 30% in April and May
- The government will allow the option to use cash accounting, instead of accrual accounting
Detailed Information: https://bloom.bg/2y5NWry
In partnership with the Government of Canada, the Canadian Chamber of Commerce established the Canadian Business Resilience Network to help Canadian businesses navigate the COVID-19 reality and prepare for recovery.
Visit the website: https://bit.ly/2Rdk5Ej
Next Generation Manufacturing Canada (Gen) will invest $50 million to support companies as they prepare to produce critically needed technologies, equipment, and medical products to aid in the fight against COVID-19.
Detailed Information: https://bit.ly/2JIctpx