PUBLIC POLICY
COVID-19 FUNDING PROGRAMS CANADA EMERGENCY WAGE SUBSIDY (CEWS) The Canada Emergency Wage Subsidy (CEWS) has been extended to June 2021. This program covers up to 75% of employee wages for eligible businesses impacted by COVID-19. CEWS covers 75% of an employee’s first $58,700 earned, which equates to a subsidy of up to $847/week per employee. Businesses can apply directly through Canada Revenue Agency for support.
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REGIONAL RELIEF AND RECOVERY FUND (RRRF) The RRRF has been crucial in stabilizing businesses following impacts of COVID-19. An additional $600 million will continue to offer federal relief solutions to address urgent needs. The RRRF supports smaller businesses with fewer than 100 employees, such as retailers, restaurants, and smaller vendors, with interest free loans to support ongoing operating costs. Businesses can apply directly by contacting their local regional development agency through Innovation Science and Economic Development Canada. CANADA EMERGENCY RENT SUBSIDY (CERS) The Canada Emergency Rent Subsidy (CERS) is a rent relief program from the federal government in the wake of COVID-19. CERS supports businesses who have seen a drop in revenue during the COVID-19 pandemic with a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until June 2021.
2020 BAC ANNUAL REPORT | www.baking.ca
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