The federal government has officially announced the details of their new rent relief program, Canada Emergency Rent Subsidy, which will cover up to 65 per cent of rent or commercial mortgage for Canadian businesses, including hair salons.
The new program is replacing a previous program that was first introduced in the spring, but was faced with criticism since it heavily relied on landlords to apply for the help.
Application for the new program opened on Monday, November 23rd for the first claim period, which is retroactive from September 27-October 24, 2020, on November 30 for the second claim period (October 25-November 21, 2020) and on December 23 for the third claim period (November 22-December 19, 2020).
Currently, the government has extended the program until December 19th, but has agreed to adapt or extend the aid as needed.
Finance Minister Chrystia Freeland has said that the government hopes this measure, along with others, will prevent viable businesses that have survived this far into the pandemic from faltering now that an end is in sight—a nod to the encouraging news about vaccine development.
For more information about the Canada Emergency Rent Subsidy (CERS), including who can apply and how to apply, visit https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.html
In addition to the federal support, the Ontario government has announced it’s now providing $600 million in relief to support eligible businesses that have been ordered to close or significantly restrict services due to enhanced public health measures.
Eligible businesses are encouraged to apply online for temporary property tax and energy cost rebate grants from the province via an easy-to-use, one-window portal. Businesses can expect to receive their rebate payments within a few weeks of submitting an application.
To find out if your business is eligible to apply for provincial relief support, and how to apply, visit Ontario.ca/covidsupport.