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.
Starting in mid-April, the Enhanced COVID-19 Business Benefit will provide funding to eligible small and medium businesses most affected by the pandemic and ongoing public health restrictions. Payments will be calculated based on 15% of the eligible business’s monthly revenue, up to a maximum of $10,000. Businesses can use these funds as they see fit to help offset the costs of re-opening, and implementing public health measures including:
- physical barriers
- purchasing personal protective equipment and disinfecting supplies
- paying rent and employee wages
- replacing inventory
- expanding online business or e-commerce opportunities
To be eligible for the Enhanced COVID-19 Business Benefit, applicants must:
- be a businesses, cooperative or non-profit organizations with fewer than 500 employees
- demonstrate a revenue reduction of at least 60%
- report the levels of provincial and federal support received, to ensure no more than 80% of revenue was covered by these support
Payments under the Enhanced COVID-19 Business Benefit will be available in April 2021 following the conclusion of the Small and Medium Enterprise Relaunch Grant program.
- Organizations eligible for the Small and Medium Enterprise Relaunch Grant can apply for funding through this program until March 31.
- Detailed information on program parameters will be included in the program guidelines closer to the launch date in April.
- Money received under this program does not need to be repaid.
