The Canadian government is offering a 75 per cent wage subsidy to “qualifying” small- and medium-sized businesses as part of new COVID-19 support measures. The government’s aim is to ensure that small- and medium-sized enterprises can stay in business, retain their employees to the payroll and resume full operation quickly after the current COVID-19 crisis subsides.
The government also announced launching a “Canada Emergency Business Account” (CEBA). The program will allow eligible financial institutions to provide interest-free loans to small businesses with payrolls of less than $1 million. Those loans in the form of lines of credit up to $40,000 will ensure that small businesses have access to the capital they need to pay for rent and other important costs over the next number of months, the government said 25 per cent of the loan (i.e., $10,000) may be forgiven if the full amount of the loan is paid back by Dec. 31, 2022.
We, CCACA believe many of our churches would find these two government programs helpful in alleviating immediate financial stress as a result of COVID-19. We also encourage church leaders to consult with your C&MA District Office for further information and clarifications. Amid this extraordinary time, let’s continue to trust our Lord Jesus knowing that “the Lord sits enthroned over the flood; the Lord is enthroned as King forever. The Lord gives strength to his people; the Lord blesses his people with peace.” (Psalm 29:10-11).
Here are some links regarding federal COVID-19 economic packages and announcements that you may find helpful: