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Covid 19 update

Small Business Support Grant Portal Now Open

The application portal will be open from February 9 to March 11 for applications from:

  •  Newly established businesses
  •  Businesses that may not have previously applied to the Ontario Small Business Support Grant in 2021
  •  Businesses that were previously deemed ineligible but are now eligible.

In order to be eligible, applicants will need to confirm that they:

  • Had fewer than 100 employees as of December 31, 2021
  • Were an active business as of January 14, 2022
  • Were required to close indoor operations on January 5, 2022.

Eligible small businesses for the OSBRG include:

  • Restaurants and bars
  • Facilities for indoor sports and recreational fitness activities (including fitness centres and gyms)
  • Racing venues, casinos, bingo halls and gaming establishments
  • Performing arts venues and cinemas
  • Museums, galleries, aquariums, zoos, science centres, landmarks, historic sites, botanical gardens and similar attractions
  • Meeting or event spaces
  • Tour and guide services
  • Conference centres and convention centres
  • Driving instruction for individuals
  • Before- and after-school programs.

Please click here to access the portal

The OSBRG User Application Guide provides additional information about applying for the grant. The Ministry of Economic Development, Job Creation and Trade emailed eligible businesses that qualified for the Ontario Small Business Support Grant in 2021, and were subject to closure again on January 5, 2022, as they have been pre-screened and do not need to apply for the OSBRG. But they may be asked to confirm their continued eligibility.

For more information on available business supports, please visit: Businesses: Get help with COVID-19 costs | Ontario.ca

If you need help, our call centres are open from Monday to Friday from 8:30 a.m. to 5:00 p.m., excluding government and statutory holidays. The call centres are closed on Saturday and Sunday.

Toll-free: 1-855-216-3090
TTY: 416-325-3408
Toll-free TTY: 1-800-268-7095

COVID 19 update

CEWS Period 18 and CERS Period 11 (July 4, 2021 to July 31, 2021) – last day to file is January 27, 2022.

Expiration:

The Canadian Emergency Wage Subsidy (CEWS) and Canadian Hiring Recovery Program (CHRP) as well as the Canadian Emergency Rent Subsidy (CERS) expires 180 days from the CEWS/CHRP/CERS period end date.

Other Information:

  • Eligibility for both CEWS/CHRP and CERS are based on revenue declines.
  • CEWS/CHRP – are payroll subsidies (for Periods 17 onwards eligible employers may claim either CEWS or CHRP, whichever is higher).
  • CERS – is a rent/ownership subsidy for property used by a business (for businesses that rent you can claim rental costs and for businesses that own property you can claim property taxes, mortgage interest and property insurance)

If you believe you qualify for these subsidies and have not yet submitted a claim and would like assistance please contact Julia Crate – julia@elainemcmahoncpa.ca.

 

As the government sponsored subsidies have evolved, I want to reach out and ensure that you have applied for the applicable support and to offer assistance if required. The following is a brief summary of the common COVID related subsidies and some of the pertinent details:

 

  1. TWS (Temporary Wage Subsidy for Employers)
    1. 10% of remuneration paid as a reduction in tax remittances
    2. Initial wage subsidy available March 18, 2020 to June 19, 2020
    3. $25,000 maximum per employer
    4. $1,375 maximum per employee
    5. Eligible employers must complete a PD27 Form (found on the CRA website or CLICK HERE to download for your convenience)

 

  1. CEWS (Canada Emergency Wage Subsidy)
    1. CEWS must be reduced by amount of TWS claimed for each period
    2. Period 1 – eligible if revenue declined by at least 15% and Period 2 to 4 – eligible if revenue declined by at least 30%March 15, 2020 to July 4, 2020
      1. 75% up to $847 per week per employee
      2. Employees unpaid for 14 or more days in period are not eligible
    3. Periods 5 to present – July 5, 2020 to November 21, 2020
      1. Subsidy varies based on revenue decline – online calculator and CRA spreadsheet required to determine amount of subsidy
      2. Employees unpaid for 14 or more days qualify
    4. The below link to the wage subsidy calculator may be used to estimate eligibility, however, the actual calculation must be determined using the CRA calculator/spreadsheet.
      https://www.wagesubsidycalculator.ca/

 

  1. CEBA (Canadian Emergency Business Account)
    1. Available until October 31, 2020
    2. $40,000 government loan
    3. $10,000 forgivable if loan is repaid in full by December 31, 2022
    4. Need a business bank account and CRA account
    5. Payroll of $1,500,000 or less in 2019

 

  1. CECRA (Canadian Emergency Commercial Rent Assistance)
    1. April through September 2020
    2. Rent reduction of up to 75%

Check CRA website for the latest news on COVID 19 and what subsidies are available: https://www.canada.ca/en/services/benefits/covid19-emergency-benefits.html

Collingwood CPA, corporate accountant, chartered accountant, tax advice, income tax filing