Deputy Prime Minister and Minister of Finance speaking remarks on business supports
October 20, 2020
With the second wave upon us, we need to pull together as Canadians, once again, to flatten the curve.
I want to take a moment to remind the businesses facing economic impacts from the second wave about the new support measures we recently announced.
First, we are freezing the wage subsidy program at current rates, to ensure businesses, charities, and non-profits have the support they need to keep their workers paid through the second wave. And we intend to extend the wage subsidy until June 2021.
We are also proposing a new Canada Emergency Rent Subsidy program, which will provide rent or mortgage support of up to 65 per cent to businesses that are facing revenue loss.
And, for businesses that are facing lockdown restrictions related to the pandemic, we are proposing a top-up of 25 per cent of eligible rent or mortgage expenses for businesses and other organizations.
Combined, this would mean that hard-hit businesses subject to a lockdown could receive rent support of up to 90 per cent.
Lastly, we are expanding the Canada Emergency Business Account (CEBA), so that eligible impacted businesses can access another interest-free $20,000, half of which would be forgivable, to help them weather the storm.
And, very soon, we will announce the process enabling businesses that do not operate from a business banking account, but have qualifying payroll or non-deferrable expenses, to apply for the CEBA for the first time.
Canadian businesses need this new rent support and extended wage support to see them through the crisis. And we intend to introduce the legislation that can deliver it, very soon.
It is my sincere hope that Parliamentarians from all parties will do the right thing and pull together as Team Canada to ensure Canadians get the support they need during this crisis.
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