The federal government is planning to provide more financial assistance to businesses. This includes:
- Extending the Canada Emergency Wage Subsidy (CEWS) for hardest hit businesses, including hotels, until June 2021. They will also raise the current subsidy rate to 65% of eligible wages until December 19, 2020.
- Expanding the Canada Emergency Business Account (CEBA) to help the hardest hit businesses access an additional $20,000. If repaid by December 31, 2022, up to half of the amount will be forgivable. Application deadlines have also been extended to December 31, 2020. CEBA will now require proof of income losses.
- Introducing the Canada Emergency Rent Subsidy (CERS), a new commercial rent relief program, which will provide support for small businesses. CERS will be available until June 2021.
We are grateful for the advocacy efforts of the Hotel Association of Canada (HAC). The CEWS and CEBA expansions are a direct result of their work.
The government has also announced that they will increase the Regional Relief and Recovery Fund (RRRF) by $600 million to support workers and businesses. This may provide relief to hoteliers who have had difficulty in accessing other financial support. Businesses that have received support from other Government of Canada relief funding measures, but still need assistance, may apply. Businesses with sole proprietorship (a single owner) are not eligible for this funding.
We will provide more details about these funding programs as they are announced.
