The federal government plans to introduce new financial supports to help hard-hit businesses and organizations in the area that are experiencing a drop in revenue due to COVID-19.

Finance Minister Chrystia Freeland on Friday announced plans to introduce legislation to provide support to help these businesses safely get through a second wave of the virus and the winter, cover costs so they can continue to serve their communities and be positioned for a strong recovery.

Among the measures planned is a new Canada Emergency Rent Subsidy, which would provide simple and easy-to-access rent and mortgage support until June 2021 for qualifying organizations hit by the  virus.

The rent subsidy would be provided directly to tenants, while also providing support to property owners.

The measures would support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65 per cent of eligible expenses until December 19.

Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020.

Also planned is a top-up Canada Emergency Rent Subsidy of 25 per cent for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority, in addition to the 65 per cent subsidy.

There is plans for an extension of the Canada Emergency Wage Subsidy until June next year, which would continue to protect jobs by helping businesses keep employees on the payroll and encouraging employers to re-hire their workers.

The subsidy would remain at the current subsidy rate of up to a maximum of 65 per cent of eligible wages until December 19.

And an expanded Canada Emergency Business Account (CEBA), which would enable businesses, and not-for-profits eligible for CEBA loans to access an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000.

Additionally, the application deadline for CEBA is being extended to December 31.

These moves are part of the government’s commitment to create over 1 million jobs and restore employment to the level it was before the pandemic.

Further details, including the launch date and application process will be announced in the coming days.