COVID-19 UPDATE #3

April 7, 2020

Help is on the way. The Government of Canada has opened up the lines for Canadians to apply for the Canada Emergency Fund Benefit. Day one had over 300,000 Canadians apply for CERB. There is also help on the way for employers. Qualifying businesses will be eligible for a $40,000 interest free loan. This loan will be interest free until December 31, 2022. At that time the balance of the loan due will be converted to a five-year term loan at an interest rate of 5%. If a business pays back $30,000 of the $40,000 loan by December 31, 2020, the remaining balance of $10,000 is forgiven. There is also relief available for employers to encourage them to keep employees working. In ormation can be found here.

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