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SMALL BUSINESS COVID-19 SUPPORT FOR CANADA

March 26, 2020 9:02 pm Published by Leave your thoughts

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak.

Extending the Work-Sharing program

Canada is extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks. The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers.

Apply at https://www.canada.ca/en/employment-social-development/services/work-sharing/apply.html

Providing small business with wage subsidies

Eligible small employers a temporary wage subsidy for a period of three months.

The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.

Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. 

Learn more at https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

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Access to credit

Establishing a Business Credit Availability Program

Business Credit Availability Program (BCAP) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses, through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).

BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism. 

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Support for farmers

Increasing credit available

Increased credit available to farmers and the agri-food sector through Farm Credit Canada

Supporting financial stability

Launching an Insured Mortgage Purchase Program

Launched an Insured Mortgage Purchase Program, in which we will purchase up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation.

This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada’s mortgage market.

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Bank of Canada actions

The Bank of Canada is acting in several ways to support the economy and financial system and stands ready to take any and all actions that it can to protect the well-being of Canadians during this difficult time. The Bank has responded by lowering interest rates, intervening to support key financial markets and providing liquidity support for financial institutions. 

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More flexibility

More time to pay income taxes

All businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act.

No interest or penalties will accumulate on these amounts during this period.  

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Prime Minister announces more support for workers and businesses through Canada’s COVID-19 Economic Response Plan

The Prime Minister, Justin Trudeau, today announced a new set of economic measures to help stabilize the economy and help Canadians affected by the impacts of this challenging period.

These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses, plus $55 billion to meet liquidity needs of Canadian businesses and households through tax deferrals to help stabilize the economy. Combined, this $82 billion in support represents more than 3 per cent of Canada’s GDP. This wide-ranging support will help ensure Canadians can pay for rent and groceries, and help businesses continue to pay their employees and their bills during this time of uncertainty.

This plan builds on coordinated action taken since the beginning of this outbreak, including the more than $1 billion COVID-19 Response Fund, which provided funding to provinces and territories to strengthen critical health care systems. It represents over $500 billion in credit and liquidity support for people and businesses through cooperation between financial Crown corporations, the Bank of Canada, the Office of the Superintendent of Financial Institutions (OSFI), and commercial lenders to ensure businesses can continue to operate.

The actions announced today are part of Canada’s whole-of-government response to COVID-19. As a first step, this plan aims to stabilize our economy through targeted measures to address immediate challenges faced by workers and businesses alike. It will help ensure that workers have the money they need while they are sick or in isolation, or due to loss of work or a significant reduction in work income, and help support people and businesses experiencing financial hardship because of the outbreak.

The six largest financial institutions in Canada have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges, such as pay disruption due to COVID-19, childcare disruption due to school or daycare closures, or those suffering from COVID-19. As a first step, this support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products. The Government of Canada will continue to monitor evolving economic conditions and seek greater relief measures should it be necessary.

In order to move forward with implementing these new measures needed to provide timely support for Canadians and to ensure the Government has every tool at its disposal to address potential challenges that may arise, the Government intends to introduce special legislation and seek the approval of Parliament.

The Government of Canada will continue to take further action as required to prioritize the health and safety of Canadians, stabilize the economy, and mitigate the economic impact of this pandemic. 

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