Daily COVID-19 Update - May 25, 2020
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Business Resilience Service
The Prime Minister announced today that small to medium sized businesses 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), will povide 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 will be available for 4 weeks starting today. Organizations can access the BRS seven days a week by calling 1-866-989-1080.
Canada Emergency Commercial Rent Assistance Program Applications
As of tomorrow, landlords in Ontario can apply for the Canada Emergency Commercial Rent Assistance (CECRA).
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. CECRA will cover 50 per cent of the rent, with the tenant paying up to 25 per cent and the property owner forgiving at least 25 per cent.
Applications will be accepted through the Canada Mortgage and Housing Corporation (CMHC) website.