Covid Relief Continues
Posted onCOVID RELIEF CONTINUES
If your business is suffering due to Covid there may still be some assistance available to you. If you qualify as a being hardest hit or are in the tourism and hospitality industries, then relief may continue for you under the one of the programs below.
Hardest-Hit Business Recovery Program
The CRA has recently announced an extension to the CEWS and CERS subsidy programs for hardest-hit businesses. The hardest-hit business recovery program (or HHBRP) will include periods 22 to 28. Dates covered by this extension include October 24th, 2021 to May 7th, 2022.
To qualify as a hardest-hit business, you must have a 12-month average revenue drop from March 2020 to February 2021 of at least 50%. It is important to note that any months where your business was not operating, for reasons other than a public health restriction, must not be included in this calculation. This revenue drop only needs to be calculated once and would remain the same for all the HHBRP periods The Canada Revenue Agency provides a spreadsheet which may be used to calculate this average revenue drop.
Once you have met this criterion, you must also have a claim period revenue drop of at least 50%. The calculation will vary by period and is included on the same CRA spreadsheet.
Tourism and Hospitality Recovery Program (THRP)
This subsidy is specific to businesses in the tourism, hospitality, arts, entertainment, and recreation sectors. To qualify you must meet the following conditions:
a) More than 50% of your revenue comes from tourism, hospitality, arts, entertainment, or recreation activities
b) A 12-month average revenue drop from March 2020 to February 2021 of at least 40%
c) You have a claim period revenue drop of at least 40%
The spreadsheet used for the calculation of this subsidy is the same as the one mentioned above for the HHBRP.
If you would like more information or to have us help you with your application, please give us a call at (780) 461 0052.