Minister Fortier Highlights Government Support for Businesses in Digital Town Hall with Richmond Chamber of Commerce
April 22, 2020 - Ottawa, Ontario - Department of Finance Canada
The Government of Canada is taking strong, immediate, and effective action to protect Canadians and businesses from the impacts of the COVID-19 pandemic.
Today, Minister Fortier participated in a digital town hall with the Richmond Chamber of Commerce to discuss challenges facing the region’s businesses and how the Government of Canada is delivering support through these difficult times with its COVID-19 Economic Response Plan.
Some of the key measures in the Plan, which address the needs of Canadians and businesses during this time of global uncertainty, include:
- The Canada Emergency Wage Subsidy (CEWS), which provides a 75 per cent subsidy for up to 12 weeks for qualifying employers, retroactive to March 15;
- The Canada Emergency Business Account, providing interest-free, partially forgivable loans of up to $40,000 to small businesses and not-for-profit organizations with between $20,000 and $1.5 million in total payroll in 2019;
- The Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending by providing businesses with access to flexible term loans of up to $12.5 million to help cover immediate, operational cash-flow requirements;
- Deferral of all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as GST and customs duty payments owed for imports;
- The Canada Emergency Response Benefit that will provide $2,000 monthly for up to 4 months to eligible workers who have stopped working because of the COVID pandemic.
The Government of Canada is also working with provinces and territories to cost-share a temporary top-up to the salaries of essential workers that provinces and territories have deemed essential in the fight against COVID-19.
The government continues to assess and respond to the impacts of COVID-19. It stands ready to take additional actions as needed to stabilize the economy and mitigate the impacts of the pandemic.
“Canada's economic response plan to address the impacts of the COVID-19 pandemic is the largest and most rapidly deployed peacetime investment in Canadian history. It provides effective support measures for Canadians and businesses here in the city of Richmond. We will continue to closely monitor the impacts of the outbreak on individuals and businesses in all sectors and regions, and do what it takes to ensure that everyone gets the help they need during this difficult time.”
Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance
The government has taken many actions to support Canadian businesses through the outbreak of COVID-19, with targeted new initiatives that:
- Extend eligibility of the Canada Emergency Response Benefit to individuals who earn up to $1,000 per month, to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak, as well as to workers who have recently exhausted their EI regular benefits and are unable to find a job or return to work because of COVID-19.
- Expand eligibility for the new Business Credit Availability Program announced on March 13, 2020, to help Canadian businesses get the financing they need during this period of uncertainty. The support will be available to medium-sized businesses with larger financing needs, beginning with companies in Canada’s energy sector, to help them maintain operations and keep their employees on the job.
- Provide up to $1.72 billion, including funding to the governments of Alberta, Saskatchewan, and British Columbia, and the Alberta Orphan Well Association, to clean up orphan and/or inactive oil and gas wells – creating thousands of jobs and having lasting environmental benefits.
- Increase credit available for farmers and the agri-food sector through Farm Credit Canada.
- Extend the maximum duration of the Work-Sharing program, from 38 weeks to 76 weeks, for workers who agree to reduce their normal working hours because of developments beyond the control of their employers.
- Defer the payment of income taxes. The government is allowing taxpayers to defer, until after August 31, 2020, the payment of income tax amounts that become owing on or after March 18 and before September 2020. This relief will apply to new 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.
- COVID-19 Emergency Response Act, No. 2 receives Royal Assent to help businesses keep Canadians in their jobs
- Government Introduces COVID-19 Emergency Response Act, No. 2 to Help Businesses Keep Canadians in their Jobs
- Canada’s COVID-19 Economic Response Plan
- Launch of the Canada Emergency Business Account
- Additional Support for Canadian Businesses from the Economic Impacts of COVID-19
- Canada’s COVID-19 Economic Response Plan: Support for Canadians and businesses
- Prime Minister announces more support for workers and businesses through Canada’s COVID-19 Economic Response Plan
- Prime Minister outlines Canada’s COVID-19 response
- Government of Canada takes action on COVID-19
- Canada outlines measures to support the economy and the financial sector
Media may contact:
Office of the Minister of Middle Class Prosperity and Associate Minister of Finance
Department of Finance Canada
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