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ARTICLE · 10 MAY 2021

COVID-19 Relief - Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee

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The grim one year anniversary of the COVID-19 pandemic in Canada has highlighted that many businesses across the country continue to struggle financially.

CanadaEmployment and HR
Cristina Tucciarone
Cristina Tucciarone
Bettina Xue Griffin
Bettina Xue Griffin
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COVID-19 Relief - Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee

The grim one year anniversary of the COVID-19 pandemic in Canada has highlighted that many businesses across the country continue to struggle financially. Two Federal assistance programs, the  Canada Emergency Wage Subsidy (CEWS) and the  Canada Emergency Rent Subsidy (CERS) have helped by giving out a combined total of over $77 billion in subsidies, but it is not enough for many small and medium-sized businesses.1

The CEWS was announced nearly a year ago to prevent job loss by encouraging employers to maintain or re-hire workers previously laid off via wage subsidies based on revenue loss.2 To date, the CEWS has received 3,171,960 applications (3,141,900 of which have been approved), and has meted out $74.25 billion in subsidies.3 About six months later, the CERS was introduced as a subsidy to help cover businesses' commercial rent or property expenses, providing payments

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