Canada Emergency Commercial Rent Assistance now open for applications
The Prime Minister, Justin Trudeau, today announced that applications are now being accepted for Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. Over the course of the program, property owners will reduce rent by at least 75 per cent for the months of April and May (retroactive), and June, for their small business tenants.
Applying for CECRA makes financial sense for property owners, as their success depends on the success of their tenants.
Canadian Chamber and the Government of Canada team up with accounting profession to provide free advice to small to medium-sized business, not-for-profits and charities to navigate uncertainty Small to medium-sized businesses, not-for-profit organizations and charities will now have direct access to a network of qualified business advisors to help guide them courtesy of a new, government-funded program from the Canadian Chamber of Commerce.
The program, called the Business Resilience Service (BRS), is run through the Canadian Chamber’s Canadian Business Resilience Network in collaboration with EY and with support from Chartered Professional Accountants of Canada (CPA Canada) and Imagine Canada. The BRS will provide options for any vulnerable small to medium-sized business, not-for-profit or charity to immediately connect with experienced accounting and tax professionals across the country from professional services firms. The program, delivered to organizations free of charge, will: · Provide guidance on program options and eligibility · Rapidly direct businesses – including enterprises involving Indigenous peoples, women and diverse groups – to the most appropriate support organizations · Help organizations make decisions to support recovery plans · Provide real time insights and feedback to policymakers
The BRS program, coordinated by EY, will be provided for four weeks from Monday, May 25, and will involve support from approximately 125 business advisors from across the accounting profession. Organizations can access the BRS seven days a week by calling 1-866-989-1080.
WHERE TO START:
To get the help you need: 1. Visit our government’s COVID-19 Economic Response Plan website for information about supporting your employees and your business. It is constantly updated as the COVID-19 crisis evolves. 2. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capability to support you in in this challenging time. They are a good first place to start for help. 3. Consult the Canadian Business Resilience Network a partnership between our government and the Canadian Chamber of Commerce to help your business prepare, persevere and prosper through this crisis.