Helping Canadian businesses and workers through this difficult time, and ensuring that our economy remains strong in the face of adversity.
Small businesses are the backbone of Canada’s economy, supporting millions of jobs and making our communities better places to live. Now though, many are facing difficult decisions and are worried about the months ahead — as they face economic hardship or uncertainty as a result of COVID-19.
That’s why today, Justin Trudeau announced more measures the Liberal government is taking as part of the COVID-19 Economic Response Plan to help Canadian businesses and workers through this difficult time, and ensure that our economy remains strong in the face of adversity.
Together, these steps will allow companies to keep more Canadians on the payroll, or think about hiring them back.
Some highlights of these new steps include:
New 75% wage subsidy for qualifying businesses
Backdated to March 15 — to support businesses, and help keep Canadian workers on the payroll.
Launching the new Canada Emergency Business Account
Allowing banks to offer $40,000 government-guaranteed loans to qualifying businesses, interest-free for the first year.
$12.5 Billion in funding through Export Development Canada and Business Development Bank
To help businesses apply for guaranteed loans through their financial institutions to weather the impacts of COVID-19.
Deferring HST/GST Payments, as well as duties and taxes owed on imports, until June
To help businesses use that money to cover immediate needs instead.
Canada’s Economic Response Plan is already committing $107 billion in support for Canadians. We’re all in this together, and the Liberal government will continue to work around the clock to ensure all Canadians and small businesses get the support they need to weather this crisis.
Whether it’s for details on physical distancing, prevention, info for returning travelers, or more, you can also visit Canada.ca/Coronavirus for the most up-to-date information and resources to help keep you and your loved ones safe and prepared.
Thank you for all you are doing to help Canadians get through this together, and all our best.
– Liberal Party of Canada