How were businesses being helped during COVID-19?

The government extended the maximum duration of the Work-Sharing program to 76 weeks for employers affected by COVID-19, followed by a possible new 26-week agreement. These special measures were effective until September 24, 2022.

Income support for EI-eligible employees was provided for those who agree to reduce their normal working hours because of developments beyond the control of their employers.

For more information, visit the Work-Sharing Program page on the official government website.

Canada Emergency Business Account (CEBA) - Provided interest-free, partially-forgivable loans of up to $60,000 to small businesses and not-for-profits. Application acceptance closed on June 30, 2021. Repaying the loan balance by January 18, 2024 will result in loan forgiveness of up to one third of the loan amount.

The repayment deadline for eligible CEBA loan holders to qualify for partial loan forgiveness was extended to January 18, 2024.

Additionally, CEBA loan holders who require a grace period for finalizing the payout of their CEBA loan can still qualify for partial loan forgiveness. This applies if the outstanding principal of their CEBA loan, excluding the amount of potential debt forgiveness, plus any applicable interest, is repaid by March 28, 2024. They must submit a refinancing loan application to the financial institution that provided their CEBA loan by January 18, 2024.

As a courtesy, the Liaison Officer service is available by phone or video call to help owners of small businesses understand their tax obligations. This service customizes information during these challenging times by ensuring small businesses are aware of any changes in filing or payment deadlines, proactive relief measures, and more.