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Additional COVID-19 support for Alberta small business
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.
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.
Expansion to RRRF Loans
Update: Community Futures is offering an increase in support for eligible RRRF applicants.
The Regional Relief and Recovery Fund will now provide access to an additional loan of up to $20,000 to eligible SMEs who already received a $40,000 loan and up to $60,000 for new applicants.
Click here for more detailed information.
Federal Funding to Help Local Businesses
Alberta Community Co-op Association (ACCA) Receives Federal Funding to Help Local Businesses
Recognizing the difficulties the COVID-19 pandemic has inflicted on small and medium-sized enterprises (SME), the Federal Government Canada recently made funds available through the Department of Western Economic Diversification (WED).
Working with Community Futures West Yellowhead (CFWY), the Alberta Community Co-op Association will help local businesses explore and develop co-operative business solutions.
For additional information, please click here.