Small businesses and non-profits 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.
Under the new Enhanced COVID-19 Business Benefit, up to $30,000 in support will soon be available to small and medium-sized businesses that have been most affected by the pandemic and ongoing health restrictions.
This additional $10,000 payment can be used to offset costs associated with COVID-19, like purchasing personal protective equipment, paying bills or hiring staff.
Businesses that can demonstrate a revenue reduction of 60 per cent or more will be eligible to receive 15 per cent of their monthly revenue, up to a maximum of $10,000. The Enhanced COVID-19 Business Benefit is intended to provide additional support in cases where federal programs fall short. Businesses are required to report the total amount of provincial and federal support received, to ensure no more than 80 per cent of revenue is covered.
Funds can be used to:
- Cover costs of items that help prevent the spread of COVID-19, such as personal protective equipment and cleaning supplies.
- Pay rent, employee wages or replace inventory.
- Help businesses expand their online presence or e-commerce opportunities so that they can continue to serve customers.
The Enhanced COVID-19 Business Benefit provides financial assistance to Alberta businesses, cooperatives and non-profit organizations with fewer than 500 employees.
- 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.
- The budget for the Enhanced COVID-19 Business Benefit program is $120 million.
- Additional supports for businesses are available through the federal government.