Updated Covid Support For Entrepreneurs
Posted On: 03/12/20 - 0

Message from the 124 street Biz Zone 

During the recent government’s update, a number of updated Covid support details were provided on both new programs and existing ones. These were made specifically for those cultural, live event and entertainment industries.  I have written NEW next to anything that was just announced.

NEW Covid Support – Highly Affected Sectors

This new program will be introduced to provide 100% government-backed low-interest loans to your businesses in hospitality, tourism, hotels, arts and entertainment. It will also provide you with loans of up to $1 million over extended terms, up to 10 years. This is in recognition that your businesses continues to be among the hardest hit by the pandemic.  We understand that you will need targeted support to survive and recover.

Additional Covid Relief For Recreation and Cultural Industries

Industries like yours that have been among the first to shut down and are likely to be among the last to return to regular activities. The government will work with your industry to prevent the closure of unique events and festivals across Canada.  This will include both live and digital events. It also includes a one-year renewal of funding for you provided through the Arts and Heritage program.  It also applies to the Canada Arts Presentation Fund and the Canada Music Fund.

New Regional Relief and Recovery Fund (RRRF)

The federal government is proposing a top-up of up to $500 million, on a cash basis. The government has designated a minimum of 25% of all the Fund’s resources to support your local tourism businesses. This represents $500 million in program support through June 2021. This is in addition to the new Highly Affected Sectors Credit Availability Program. To date, the RRRF has provided $202 million in support to 2,830 tourism-related businesses. 

Canada Emergency Business Account (CEBA)

This support provides you with an interest-free partially forgivable loans as a small businesses owner. This is available for entrepreneurs that have experienced a decreased revenue. This would be due to COVID-19. This helps you with ongoing costs, such as rent, utilities, insurance, taxes and wages. Business owners like you can apply for support until December 31, 2020 through your banks and credit unions.

NEW  The Government Is Proposing To Expand The Program From $40,000 to $60,000.

NEW They are also considering including an additional interest-free $20,000 loan,

If you are eligible for the additional financing, 50% of this loan would be forgivable if  you repay by December 31, 2022. 

 

 

 

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