Dear ADAC Members,
As we all navigate our way through this new and strange world, we at ADAC wanted to let you know that we have you – our members, friends and arts community – in mind.
Our team is working safely from home, with access to all our files and phones, so if you need to reach us please don’t hesitate.
For those of you who work on appraisals with Kendra, she is working with her contacts to ensure we have the latest information on hand, and will disseminate to all those concerned.
Below are links to resources, information, updates on COVID-19:
Launch of Highly Affected Sectors Credit Availability Program
January 26, 2021, Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced the launch of the Highly Affected Sectors Credit Availability Program, or HASCAP. As first outlined in the 2020 Fall Economic Statement, HASCAP will provide financial support to businesses that have been hardest hit by the pandemic.
Businesses across Canada continue to feel the effects of the COVID-19 crisis. Whether they are operating at limited capacity, switching to online-only services or suspending their operations entirely, many businesses have been strongly affected. Just as these businesses have stepped up for the health and safety of their communities, our government is once again stepping up for them.
Through HASCAP, the Business Development Bank of Canada (BDC) will work with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million. Hard-hit businesses, like a chain of hotels or restaurants with multiple locations under one related entity, could be eligible for up to $6.25 million. HASCAP will help businesses with their day-to-day operating costs during the COVID-19 crisis and enable them to invest in their longer-term prosperity.
HASCAP is available to businesses across the country, in all sectors, that have been hit hard by the pandemic. This includes restaurants, businesses in the tourism and hospitality sectors, and those that rely on in-person service.
To be eligible for HASCAP, businesses need to show a year-over-year revenue decline of at least 50% in three months, within the eight months prior to their application. They must also be able to show their financial institutions that they have previously applied for either the Canada Emergency Wage Subsidy or the Canada Emergency Rent Subsidy.
Eligible businesses can start applying as early as February 1 at principal financial institutions and more widely by February 15. Interested businesses should contact their primary lender to get more information and to apply.
More information is available at www.bdc.ca/hascap.
Canada Emergency Business Account
CEBA provides zero-interest loans up to $40,000 to small business and non-profit organizations that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs, such as rent, utilities, insurance, taxes and wages. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000)
December 4, 2020, Today we announced the expansion of the Canadian Emergency Business Account (CEBA).
Starting on Friday, December 4, 2020, eligible businesses facing financial hardship as a result of the COVID-19 pandemic are able to access a second CEBA loan of up to $20,000 – on top of the initial $40,000 that was available to small businesses.
Half of this additional financing, up to $10,000, will be forgivable if the loan is repaid by December 31, 2022.
This means the additional loan effectively increases CEBA loans from the existing $40,000 to $60,000 for eligible businesses, of which a total of $20,000 will be forgiven if the balance of the loan is repaid on time.
As announced in the Fall Economic Statement, the application deadline for CEBA has also been extended to March 31, 2021.
To apply, eligible businesses and not-for-profits need to contact the financial institution that provided their initial CEBA loan and provide the appropriate information and documentation.
Where to Start:
To get the help you need:
1. To help slow the spread of COVID-19 and safely reopen our economy, download theCOVID Alert App.
2. Visit our government’s COVID-19 Economic Response Plan websitefor information about supporting your employees and your business.
3. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capacity to support you in this challenging time. They are an excellent first resource.
4. Consult the Canadian Business Resilience Network, a partnership between our government and the Canadian Chamber of Commerce to help your business prepare, persevere and prosper through this crisis.
5. Check out the new PPE Supply Hub – Canadian businesses in need of personal protective equipment, and businesses looking to sell these supplies can go to this hub to connect.
6. Make the POST Promiseto show employees and customers that you take COVID-19 prevention seriously by practicing key health and safety steps and maintain a safe workplace.
7. Canadian Centre for Occupational Health and Safety – for a free online course to provide businesses with all the information they need to reopen safely.
For assistance at any time, please reach out to the team member below who represents your region. Based on the current volume of email, if you reply to this email directly without copying the appropriate regional team member, my response may be significantly delayed.
• Ivana Spasovska, Senior Special Assistant, Regional Affairs and Stakeholder Relations – email@example.com
• Zach Nixon, Special Assistant, Regional Affairs (Ontario, Atlantic) – Zachary.firstname.lastname@example.org
• Youmy Han, Press Secretary and Special Assistant, Regional Affairs (West and North) – email@example.com
• Arevig Afarian, Special Assistant, Regional Affairs (Quebec) – firstname.lastname@example.org
October 26, 2020 – The government announced that the Canada Emergency Business Account (CEBA) will be available to businesses that have been operating out of a non-business banking account, as early as today.
To be eligible, businesses must have been operating as a business as of March 1, 2020, must successfully open a business account at a Canadian financial institution that is participating in CEBA, and meet the other existing CEBA eligibility criteria. The deadline to apply for CEBA is December 31, 2020.
CEBA is part of our economic response plan to help Canadians and Canadian businesses deal with the COVID-19 pandemic. The measures under this plan are helping businesses keep their doors open, keep their employees on payroll, protect the jobs that Canadians depend on, and recover quickly when the time comes.
Please go to the CEBA website for further information. Businesses interested in the program should speak with their current financial institutions.