Government of Canada Supports to Business announced Friday, March 28
Increases to the Canada Emergency Wage Subsidy
The Prime Minister on Monday, March 30, provided additional details concerning the increased Canada Emergency Wage Subsidy. Businesses, nonprofits, and charities whose revenues have decreased by 30% or more because of COVID-19 are eligible to receive the 75% wage subsidy. This applies to the first $58,700 that an employee earns - up to $847 per week. The subsidy is available for up to 3 months, retroactive to March 15, 2020.
Businesses that have had to close will be eligible for this support. Businesses able to pay the remaining 25% must do so, and are expected to hire back employees recently laid off because of COVID-19. The number of employees that an employer has doesn't impact eligibility.
The full press conference is available here.
Canada Emergency Business Account
The Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits to help cover operating costs. To qualify, organizations must demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000). Organizations should contact their financial institutions to apply for these loans.
Government of Nova Scotia announces changes to the Tenancy Act
A Ministerial Order has been issued in reference to the Tenancy Act:
Landlords are not permitted to change locks or seize property of businesses who cannot pay rent, if the business had closed directly because of COVID public health orders. This will remain in place for the duration of the Provincial State of Emergency currently scheduled to end April 5th.
Extension of Registry of Joint Stock Company (RJSC) Renewals
All Registry of Joint Stock Company (RJSC) renewals due in March, April & May 2020 have been extended to June 30, 2020.
Name reservations, sole proprietorship and partnership registrations and annual renewals can be completed online at https://accesstobusiness.snsmr.gov.ns.ca/a2b_web/portal/home.jsf
More information regarding the Provincial State of Emergency is available here.