Business COVID-19 Updates

Support for micro, small & medium businesses including the non-profit and charitable sector (SMEs)

Alterna is committed to supporting micro, small, medium sized businesses including the non-profit and charitable sector businesses (SMEs) through the COVID-19 pandemic. As the engine that drives the Canadian economy, the viability of these businesses is paramount to Canada’s economic success. We’re here to help.

Canada Emergency Business Account (CEBA)

Ottawa has extended the deadline to repay CEBA loans by one year.  

  • The repayment deadline for CEBA loans to qualify for partial loan forgiveness has been extended to December 31, 2023, for all eligible borrowers in good standing.

For more information, please refer to the following link:

Canada Emergency Wage Subsidy (CEWS)

The Government of Canada’s Canada Emergency Wage Subsidy (CEWS) provides eligible employers, who have seen a drop in revenue due to COVID-19, a subsidy to cover part of employee wages retroactive from March 15, 2020. 

The Federal Government has launched an updated calculator to help employers estimate what help they may receive from the next phase of the Canada Emergency Wage Subsidy.

  • the maximum top-up subsidy rate is 35%
  • the maximum subsidy amount for employees on leave with pay is $595
  • the base revenue drop comparison months for period 11 will be the same as period 10

For detailed information about the program, eligibility, and how to apply, refer to the Government of Canada’s site.

Canada Emergency Rent Subsidy (CERS)

New Support for Commercial Tenants: Canada Emergency Rent Subsidy (CERS), replaces the CECRA Program and would provide direct and easy-to-access rent and mortgage support directly to qualifying organizations.

Qualifying businesses, charities and non-profits would receive a subsidy of up to 65% of eligible expenses until December 19, 2020.

Lockdown Support

Qualifying organizations that have been significantly affected by a mandatory public health order issued by a qualifying public health authority would receive an additional 25% of rent support through the CERS.

Combined with the other support received under the CERS, this means that hard hit businesses, non-profits, and charities could receive a rent subsidy of up to 90%.

For detailed information about the program, eligibility, and how to apply, refer to the Government of Canada’s site.


Alterna’s Microfinance team is working with members to assist them in managing their businesses through these challenging times. Please contact your Account Manager for assistance. 


Please contact your Account Manager who is available to support you during these uncertain times.

If you don’t have a dedicated Account Manager, contact your branch or the Contact Centre to be referred.

The Contact Centre is available 7 days a week and can be reached at 1-877-560-0100

  • Monday – Friday: 8:00 am – 6:00 pm
  • Saturday & Sunday: 9:30 am – 4:00 pm

For further information on how to get in touch with us, please click here. 

*All Applicants are subject to Alterna Savings’ lending criteria.

For further information, click here.