Small businesses are the backbone of Canada’s economy, supporting millions of jobs and making our communities better places to live. Now though, many are facing difficult decisions and are worried about the months ahead — as they face economic hardship or uncertainty as a result of COVID-19.
That’s why today, Justin Trudeau announced more measures the Liberal government is taking as part of the COVID-19 Economic Response Plan to help Canadian businesses and workers through this difficult time, and ensure that our economy remains strong in the face of adversity.
Together, these steps will allow companies to keep more Canadians on the payroll, or think about hiring them back.
Some highlights of these new steps include:
Backdated to March 15 — to support businesses, and help keep Canadian workers on the payroll. For companies whose revenue has decreased by at least 30% due to COVID-19 – including everything from bars and restaurants, to charities and non-profits. This subsidy is applicable to the first $58,700 of an employee’s salary – which means up to $847 per week*. Applications are now open through CRA.
Launching the new Canada Emergency Business Account
Allowing banks to offer $40,000 government-guaranteed loans to qualifying businesses, interest-free for the first year.
$12.5 Billion in funding through Export Development Canada and Business Development Bank
To help businesses apply for guaranteed loans through their financial institutions to weather the impacts of COVID-19.
Deferring HST/GST Payments, as well as duties and taxes owed on imports, until June
To help businesses use that money to cover immediate needs instead.
Canada’s Economic Response Plan is taking strong action to help Canadian workers, families, and businesses get through this. We’re all in this together, and the Liberal government will continue to work around the clock to ensure all Canadians and small businesses get the support they need to weather this crisis.
Whether it’s for details on physical distancing, prevention, info for returning travelers, or more, you can also visit Canada.ca/Coronavirus for the most up-to-date information and resources to help keep you and your loved ones safe and prepared.
Thank you for all you are doing to help Canadians get through this together, and all our best.
– Liberal Party of Canada
* As of March 30, 2020, this post has been updated to include more details on the Canada Emergency Wage Subsidy