Aside from the Tourism and Hospitality Recovery Program (THRP), a new program was launched to ensure that support is available to businesses outside of the tourism or hospitality industry. The Hardest Hit Business Recovery Program (HHBRP) offers rent and wage subsidies for those who don’t meet the qualification of the THRP.
Businesses who want to participate in this program must prove that they have:
- An average monthly reduction of at least 50%for the first 13 periods of the Canada Emergency Wage Subsidy, and
- A current-month revenue loss of 50%.
How much can I claim with the HHBRP?
The highest subsidy rate for this program is 50% for claim periods 22 through 26 (October 24, 2021, to March 12, 2022).The highest subsidy rate is 25% for claim periods 27 and 28 (March 13, 2022, to May 7, 2022).
Check out the subsidy rate table on the federal government’s website for further information on how to calculate your rate.
Lockdown assistance would still be available at a fixed rate of 25% and would be dependent on the number of days a given place was under lockdown.
How do I apply for the Hardest Hit Business Program?
Although applications are not yet available, more information on how to apply will be released soon by the federal government.
If you have questions regarding how COVID-19 relief measures may affect you, or if you want to plan and file your taxes but do not know where to begin, contact IDM Professional Corporation CPA.