Government Support for Small and Medium-Sized Businesses ‌🇨🇦‌

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Are you aware of the federal government’s COVID-19 supports?

The federal government has created a suite of supports for businesses of all types and sizes. Have you been making the most of these opportunities?

The team at Square wants to make sure that you’re aware of the main pillars of Canada’s COVID-19 Economic Response Plan. 

New supports from the Federal COVID-19 Economic Response Plan

As Canada continues the recovery stage of their COVID-19 Economic Response Plan, several core programs have been redesigned for an economy that is reopening and adjusting to a “new normal”.

• The Canada Emergency Rent Subsidy (CERS) will provide rent and mortgage support directly to tenants until June 2021.

• Canada’s Employment Insurance (EI) system has been revised. More than 400,000 people will now be added to the EI program and its benefits.

• The Canada Emergency Wage Subsidy (CEWS) has been extended until June 2021. The subsidy remains at the current subsidy rate of up to a maximum of 65% of eligible wages.

• The Canada Emergency Business Account (CEBA) has been expanded for businesses who can prove they are still seriously impacted by the pandemic. CEBA now offers access to an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000.

Find out more information at the Government of Canada's website. Learn more about Support and Resources from Square online.