Additional COVID-19 support for Alberta small business
Small businesses in Alberta will be able to benefit from a new financial relief program that will put more money in the hands of job creators and provide more security for workers and their families.
Under the new Enhanced COVID-19 Business Benefit, up to $30,000 in support will soon be available to small and medium-sized businesses that have been most affected by the pandemic and ongoing health restrictions.
This additional $10,000 payment can be used to offset costs associated with COVID-19, like purchasing personal protective equipment, paying bills or hiring staff.
“The challenges associated with COVID-19 are ongoing, and this additional payment will provide even more immediate relief to Alberta’s small businesses. We promised our job creators that we would be there to support them throughout this pandemic, and we will continue to evaluate the needs of Albertans while we engage with the federal government to address gaps in their long-term programs.” added Doug Schweitzer, Minister of Jobs, Economy and Innovation.
Businesses that can demonstrate a revenue reduction of 60 per cent or more will be eligible to receive 15 per cent of their monthly revenue, up to a maximum of $10,000. The Enhanced COVID-19 Business Benefit is intended to provide additional support in cases where federal programs fall short. Businesses are required to report the total amount of provincial and federal support received, to ensure no more than 80 per cent of revenue is covered.
Funds can be used to:
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The Enhanced COVID-19 Business Benefit provides financial assistance to Alberta businesses, cooperatives and non-profit organizations with fewer than 500 employees. Quick facts t 1BZNFOUT VOEFS UIF &OIBODFE $07*% #VTJOFTT #FOefit will be available in April 2021 following the conclusion of the Small and Medium Enterprise Relaunch Grant program. o Organizations eligible for the Small and Medium Enterprise Relaunch Grant can apply for funding through this program until March 31. o Detailed information on program parameters will be included in the program guidelines closer to the launch date in April.
o Money received under this program does not need to be repaid.
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program is $120 million.
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to more than 50,000 small businesses through the Small and Medium Enterprise Relaunch Grant.
t 4NBMM BOE NFEJVN FOUFSprises are an important part of Alberta’s economy, accounting for more than 99 per cent of all businesses and almost 55 per cent of all employment.
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has provided billions of dollars in supports to job creators since the start of the COVID-19 pandemic, including: o Deferring corporate income tax collection for six months, providing $1.5 billion in relief. o Deferring education property taxes and freezing the rate at 2019 levels.
o Deferring WCB premiums and paying 50 per cent of them for small and medium businesses, saving them $350 million. o Providing a 90-day deferral for utility payments last spring. o Banning commercial evictions, rent increases and late fees
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the federal government.