CERB is the acronym for the Canada Emergency Response Benefit currently being provided by the Canadian government.
It’s the financial support provided to employed and self-employed individuals whose income have taken a hit due to COVID19.
Eligible participants can receive up to $2,000 for a 4-week period ($500 a week).
You can find out more about CERB for self-employed peopled and how to apply HERE.
This post is giving a quick summary of the benefits for small businesses who have been affected.
I encourage you to try as much as possible to buy from small businesses during this period as they have been affected the most.
Small Business and Sole Owners Benefits
Canada Emergency Wage Subsidy (CEWS) will cover 75% of an employee’s wages up to $847 per week for eligible employers.
The Work Sharing Program (WSP) will provide EI support to employees who agree with their employers to reduce their hours due to COVID19.
Canada Emergency Business Account (CEBA)will provide $40,000 in interest-free credit ($10,000 of which is forgivable) to small businesses, sole owners and operators, or businesses that rely on contractors or dividends.
Business Credit Availability Program (BCAP) will provide additional loans of up to $6.25 million for small and medium-sized businesses through a variety of streams.
Regional Relief and Recovery Fund (RRRF) will provide an additional $962 million through local regional development agencies to businesses that need extra help or have been unable to access other support.
Canada Emergency Commercial Rent Assistance (CECRA) program will lower rent by 75% for small businesses that have been affected by COVID.
The federal and provincial governments will cover 25% each as will the tenant when the landlord agrees to forgive 25% of the rent.
Businesses have been permitted to defer all income tax owing from March 18 until the end of August 2020 and all GST/HST/Customs payments owed from March 27 until the end of June 2020.
Additional support is available for innovative and early-stage businesses, young entrepreneurs, female entrepreneurs, the agriculture and agri-food industries, fisheries, culture, heritage, and sport, air transportation, tourism, and energy sectors.
You can see the complete breakdown of these benefits and how to apply on Canada’s website HERE.
That’s a lot of good news for small businesses and hopefully, this will help keep them afloat through this period.
I’m a solopreneur but my income hasn’t been affected too much. I haven’t needed to apply for any relief so far.
I’m doing what I can by supporting small businesses through their online stores.
I also support the restaurant industry by ordering take out a few times a month.