May 14th Update - Canada Emergency Student Benefit (CESB)
The Canada Emergency Student Benefit (CESB) application process will begin tomorrow, May 15. We are providing $1,250 per month to eligible students, or $2,000 per month to students with disabilities, or those with children or other dependents.
This is in continuation with our support to all Canadians. So far over 7.3 million Canadians have applied for $2,000 per month CERB. 96,000 employers have applied for the 75% wage subsidy to cover 1.7 million workers. 518,000 businesses have applied for interest free $40,000 federal government-backed loans.
The CESB is for post-secondary students, new graduates as well as high school graduates who will be starting a post-secondary program in the coming months.
It will also be available to Canadian students studying abroad and there are no age restrictions and is for those who are unable to work or seeking work but are unable to find it or working but unable to make more than $1,000.
CESB is part of our support to students totaling $9 billion which includes doubling of student grant amounts and a raised cap on student loans for the upcoming school year. A six-month, interest-free moratorium on student loan repayment is already in effect.
For more details and how to apply, please visit https://www.canada.ca/en/revenue-agency/services/benefits/emergency-student-benefit.html
When Canada emerges from this pandemic, we want to ensure students are in a financial position to continue their studies so they can pursue fruitful careers.
$213 million Federal Regional Relief and Recovery Fund (RRRF): We have just announced the RRRF which provides interest-free loans to small businesses that do not qualify for, or have been declined for, current federal government COVID-19 relief measures.
This is to help small businesses whose revenues have been affected by providing support for fixed operating costs, including but not limited to capital lease payments, rent, property taxes, utilities and insurance.
It can be $40,000 interest free loan with 25% or $10,000 forgiven if paid back by Dec 31, 2022. Or it can be up to $500,000 interest free loan which is 100% repayable (but no repayment required until Dec 2022).
If there is significant demand for the funding available, priority may be given to manufacturing, technology, tourism or businesses that support the federal government’s commitment to inclusive growth (i.e., women, Indigenous peoples, youth, persons with disabilities, visible minorities, newcomers, LGBTQ2) and Official Language Minority Communities.
All details can be seen here: https://www.feddevontario.gc.ca/eic/site/723.nsf/eng/h_02581.html?OpenDocument
Please remember, we will face this crisis together, and we will get through this together.
- Chandra Arya
Member of Parliament/Député – Nepean