Government Provides Update on Sales Tax and Duty Payment Deferral
“The government continues to invest in measures and programs that protect Canadians and our economy from the impacts of the COVID-19 pandemic during these extraordinary times. Our plan has been about making sure Canadians receive the support that they need to pay their bills and put food on the table. This includes working closely with businesses to provide the support necessary so that we are able to safely restart our economy and pave the way towards a recovery that leaves no one behind.’’
- Bill Morneau, Minister of Finance
The government is also supporting Canadian businesses through the COVID-19 outbreak with targeted new initiatives that:
- Provide a forgivable loan through the Canada Emergency Commercial Rent Assistance for small businesses to qualifying commercial property owners, who in turn give a rent reduction of at least 75% for April and May (retroactive) and June, to impacted small business tenants who have experienced at least a 70% drop in pre-COVID-19 revenues.
- Provide effective support to those eligible employers that are hardest hit by the COVID-19 pandemic through the Canada Emergency Wage Subsidy (CEWS). The CEWS covers 75% of an employee’s wages – up to $847 per week – for eligible employers. The CEWS allows businesses to re-hire employees and avoid layoffs. Employers of all sizes from across the economy are eligible, with certain exceptions including public sector entities.
- The Canada Emergency Business Account (CEBA) provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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