The Government of Alberta is rolling out a new business benefit this April to better help small businesses. Currently the provincial government has the Small and Medium Enterprise Relaunch Grant.
The Government of Alberta committed up to $500 million in funding for the Small and Medium Relaunch Grant which provides funding to organizations that saw a revenue decrease of at least 30 per cent due to the pandemic. Applications for the Small and Medium Relaunch Grant will close at the end of March.
Alberta Minister of Jobs, Economy and Innovation Doug Schweitzer says that since the Relaunch Grant opened approximately 50,000 businesses across Alberta have applied and $53 million was spent in funding.
Schweitzer says the difference between the Relaunch Grant and the Enhanced COVID-19 Benefit is that the “Relaunch Grant was a much larger net.” The new program will narrow down the government’s focus on small and medium businesses that have been hit hardest by the pandemic. He explains that the Enhanced COVID-19 Business Benefit will provide payments of up to $10,000 to eligible small and medium businesses that have experienced a revenue reduction of at least 60 per cent. Payments will be calculated based on 15 per cent of the eligible businesses monthly revenue.
“Now that we have our roadmap to re-opening, it’s clear some businesses are going to need more support,” says Schweitzer. “This new program will start in early April.”
Schweitzer says that the provincial government believes approximately 10,000 to 15,000 eligible businesses will apply based on the data they have from previous grants.
“We really wanted to identify gaps in supports and help small businesses,” says Schweitzer. “We believe this will be very helpful for small businesses to keep the lights on and get to the other side.”
More details on both the Small and Medium Business Relaunch Grant and the Enhanced COVID-19 Business Benefit can be found at Alberta Biz Connect.