If your business has not already applied for the CEBA program, you can still do so. This is the program where your bank will lend up to $40,000 to be used to pay non-deferrable business expenses. If the loan is repaid before December 31, 2022, 25% of the loan amount will be forgiven.
Another personal tax season is done. It certainly was an interesting and a long one from our standpoint, anyways. Please remember that if you have a balance owing to the CRA, you need to make the payment before September 1, 2020 to avoid interest and penalties. We are happy to announce we will be donating $4,500 to our local Food Banks. If you need assistance with the government programs or other financial matters, please feel free to give us a call.
The Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. The goal of this subsidy is to provide unsecured, forgivable loans to eligible commercial property owners in order to reduce the rent owed by their impacted small business tenants and to meet operating expenses on commercial properties.
