The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta businesses, cooperatives, and non-profit organizations with fewer than 500 employees that faced restrictions or closures from public health orders. The grant, having been initially launched in June already had seen one increase. To view the details, please visit our blog post here.
Now, Alberta is expanding and increasing the Small and Medium Enterprise Relaunch Grant with a new lower threshold and increased grant amount. Back in November, the government announced that Alberta businesses impacted by recent public health orders were eligible to apply for a second payment through the program. This second payment will now be 15% of pre-pandemic monthly revenues up to a maximum of $15,000 – for a total of $20,000 in potential funding available for each business, up from the original $5,000.
This second payment is available to businesses operating in areas on the provincial watch list where new health restrictions have been implemented. Applications for the second payment in areas under enhanced measures will open this month.
Additionally, the program is now expanding to include job creators who have experienced a 30% revenue loss due to the COVID-19 pandemic. This lowers the threshold from the existing requirement of 40% revenue loss. The 30% threshold will be available to impacted businesses retroactive to March.
More program details, including updated eligibility criteria and how to apply for the second payment, will be outlined on the program web page when finalized.
Applications will be open until March 31, 2021, unless otherwise stated.
For eligibility, and notes on how businesses can use the funding, visit our blog post here.