Business & Investment

Three pandemic payments still available in 2021

If 2020 was a year of illness, I hope 2021 will be a year of recovery. However, the hopes associated with vaccines are mixed with the seriousness of the second wave, and the death toll is still increasing. The economy has resumed with certain restrictions, and it is still partially supported by governments that inflow money into the system through pandemic payments.

CERB, which was a very comprehensive type of pandemic payment, is now closed. However, there are still payments that can be received in 2021.

Payment to business owner

The Canada Emergency Rental Grant (CERS) will continue until June 2021. This was a pandemic bailout payment created to support the rental obligations of businesses, nonprofits and charities. If you are eligible for the benefits, the rent will be paid directly to the landlord / renter. This helps companies continue to do business from their premises, even if they don’t make enough money to pay their own rent.

Payment to sick people

Pandemic payment domains are aimed at people who are financially affected, but (financially) help people who are actually unable to work (or need to be isolated) due to health problems. A specific payment has been created for you. Payments are approved and processed weekly, giving you a total of two weeks of payment. The amount is the same as CERB. That’s $ 500 a week, but with a 10% tax withholding, you only get $ 450.

Comprehensive emergency payment

When CERB finishes, CRA Payment of different benefits Financially retaining those who couldn’t find a job in a COVID-stricken economy. There is an EI, but its requirements can be too strict for many people, especially those in the gig economy. Therefore, the CRB was created to fill the gap and is available 13 times in 2 weeks.

And while it can help you with essentials, it should be your last resort if your financial needs are dire. Once you have a solid economic foundation, you need to actively start saving and investing in building emergency funds.

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Stupid takeaway

If you are considering paying benefits, be sure to apply for a qualified one. If you receive an unqualified amount, the CRA may later knock you, just as you would with a CERB payment. Ideally, you need urgent funding. If you have to rely on government benefits to pay, there are safety nets you can count on when you run out of benefits.

Stupid contributor Adam Ottoman There are no positions in any of the listed stocks.

Three pandemic payments still available in 2021 Three pandemic payments still available in 2021

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