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2020 Ontario budget posts record deficits, offers major spending to support business

In tabling the 2020 Ontario Budget yesterday, the provincial government reminded us that the path to fiscal stability will be long and arduous as a result of the ongoing coronavirus pandemic—and that new COVID-19 lockdowns could still inflict major economic damage. In doing so, Doug Ford’s Progressive Conservatives scrapped plans to balance the budget in […]

Office workers

COVID-19 Update: Ottawa extends CERB, overhauls Employment Insurance program

As the fall approaches, federal COVID-19 relief measures are slowly wound down and the economic recovery plods along at a glacial pace with a potential pandemic second wave looming large, Ottawa understood that Canadians would need additional financial assistance in the months ahead. It delivered a costly new aid package last week that includes significant […]

Construction workers and Canada Emergency Wage Subsidy extended

COVID-19: Canada Emergency Wage Subsidy extended and expanded

As the federal government takes steps to slowly wind down COVID-19 relief measures such as the Canada Emergency Relief Benefit, its economic recovery strategy is becoming clearer after it was announced on Friday that the Canada Emergency Wage Subsidy  would be extended to November 21st, 2020 (or nine claim periods) and possibly to December 31st, […]

M&A deal

M&A opportunities and challenges in the COVID-19 era

COVID-19 changed our world overnight as it quickly evolved from a global health crisis to a global economic crisis. Countries around the world closed non-essential businesses and pressed pause on their economies in order to stop, or at least slow, the spread of the novel coronavirus. A global pandemic was always going to be bad […]

CECRA Toronto skyline

COVID-19: A primer on the CECRA rent relief program for SMEs

We’ve blogged extensively in recent weeks about the much-maligned Canada Emergency Commercial Rent Assistance program (CECRA) and its undue complexity—even though the initiative is intended to relieve the burden on small and mid-sized businesses struggling due to COVID-19. We’ve been fielding countless calls from entrepreneurs who are still confused about the program and how it […]

COVID-19: Canada Emergency Wage Subsidy extended to August

Prime Minister Justin Trudeau today announced that the Canada Emergency Wage Subsidy is being extended until August 29th, 2020. The measure was set to expire on June 6th, 2020. The Canada Emergency Wage Subsidy is designed to encourage small- to medium-sized businesses to retain or rehire employees and avoid layoffs as the pandemic carries on. […]

COVID-19: Canada Emergency Commercial Rent Assistance update

Of the many government relief programs implemented over the past two months to deliver aid to businesses and individuals financially impacted by the COVID-19 crisis, none have sowed more confusion and frustration than the Canada Emergency Commercial Rent Assistance benefit. Business groups have called out the CMHC-administered program’s complexity and reliance on the goodwill of commercial […]

Warehousing

COVID-19: Canada Emergency Wage Subsidy extended beyond June

Prime Minister Justin Trudeau today announced that the Canada Emergency Wage Subsidy—the federal program designed to encourage small to medium-sized employers to rehire or retain employees impacted by the COVID-19 crisis—will be extended beyond the original June 6th end date. A new proposed expiry date for the program has yet to be tabled, with Ottawa […]

Canada Emergency Commercial Rent Assistance

COVID-19: Ottawa announces Canada Emergency Commercial Rent Assistance program

The federal government today confirmed an agreement with the provinces to launch the Canada Emergency Commercial Rent Assistance program (CECRA), a new commercial rent relief measure to assist landlords and small businesses struggling due to COVID-19. The measure would reduce rent for small businesses by 75 per cent, while providing loans to mortgaged commercial property […]