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Government of Canada Update - March 27, 2020

Friday, March 27, 2020

The Prime Minister, Justin Trudeau, today announced additional new measures to support small businesses dealing with the economic impacts of the pandemic. These measures will help Canadian businesses protect the jobs that Canadians depend on, and pay their workers and bills during these difficult times.

To further support small businesses, the Government of Canada will:

  • Announce a 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll. More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared before the end of the month.
  • Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports. This measure is the equivalent of providing up to $30 billion in interest-free loans to Canadian businesses. It will help businesses so they can continue to pay their employees and their bills, and help ease cash-flow challenges across the country.
  • Launch the new Canada Emergency Business Account. This program will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses. These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital they need, at a zero per cent interest rate, so they can pay for rent and other important costs over the next number of months.
  • Launch the new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending, supported through Export Development Canada and Business Development Bank, for guaranteed loans when small businesses go to their financial institutions to help weather the impacts of COVID-19. This is intended for small and medium-sized companies that require greater help to meet their operational cash flow requirements.

Backgrounder

REMINDERS:

To ensure you have the information you need to navigate through this uncertainty and to give you a space to ask questions about how our government can support your business, we continue to host regular conference calls. If you, or someone you know, would like to be included in these calls, please fill in this Google form with your name, email, and organization.

You can find live updates and information about Canada’s response to COVID-19 here: http://canada.ca/coronavirus/.

You can find information about our supports for small businesses here: http://canada.ca/covid-19-business.

The Canada Border Service Agency’s Border Information Service (BIS) is now accessible 24/7. For the most up-to-date information related to cross border travel and business, please call 1-800-461-9999.

We will get through this by working together. If you are a Canadian manufacturer or business that can assist Canada in meeting the need for medical supplies, your help is needed. Please visit this website to learn more and submit a proposal.

THE TEAM:

For assistance at any time, please reach out to the team member below who represents your region. Based on the current volume of email, if you reply to this email directly without copying the appropriate regional team member, my response may be significantly delayed.




Bell Invest Barrie TD Canada Trust Barriston Law LLP Ontario Chamber of Commerce Canadian Chamber of Commerce Chamber Executives of Ontario