The Government of Alberta has committed up to $500 million in funding for the Small and Medium Enterprise Relaunch Grant.
The program provides funding to organizations that saw a 30% revenue reduction in April or May 2020 comparable to 2019 for each or February 2020 comparable to April or May 2020 due to the COVID-19 pandemic.
This program is an open and ongoing relief for Alberta Business. There are two payments to this program, the first being a maximum of $5,000.00 and the second payment of $15,000.00 for a total of $20,000.00. To be eligible for the first payment, you must show a loss in revenue with a few other stipulations as it pertain to your business, including but not limited to number of employees, when you had to close or curtail operations through a COVID-19 public health order. To be eligible for the second payment organizations must be operating in a region affected by the public health order in effect from November 6th, 2020 and later and must have been required to curtail operations by those public health orders.
As of December 8th, The Small and Medium Relaunch Grant program was expanded to allow existing organizations in operation on or before February 29th, 2020 that have experienced a 30 per cent revenue loss due to the COVID-19 pandemic to qualify for the grant, lowering the threshold from the previous 40 per cent revenue loss requirement. Any small businesses or start-ups operating for profit in Canada with an annual revenue of $10 million or less is eligible for the loan.
For existing organizations, grant funding is based on a calculated 15 percent of the organization pre COVID-19 monthly revenue. This means if your business was running on or before February 29th, 2020 and can meet at necessary requirements, you can be eligible for up to $20,000 in two payments.
For new organizations that started operations between March 1st, 2020 to October 31st, 2020 and still meet the requirements are eligible for a single grant of up to $15,000.
To Apply, applicants who have not applied for either payment yet can apply by submitting one application. For the applicants who applied for the first payment will be given an option to fill out a second application, the second application will be an add-on to the first application submitted. DO NOT Start a new application as it will be flagged and marked as a duplicate, this will cause payment delays. Applications will remain open until March 31, 2021 or until otherwise announced. If you have any questions, do not hesitate to send us a message.
Additional information about the grant. It looks like it was increased an additional $10,000 for a 60% decrease in revenue.