Below is an excerpt from an email I received on March 19, 2020 from the Federal Ministry of Small Business, Export Promotion and International Trade.
Our government is prepared to do
whatever it takes
to help small businesses and all Canadians get through this challenging time. Yesterday, the Prime Minister announced that – as part of our government’s COVID-19 Economic Response Plan – we will provide up to $27 billion in direct support to Canadian workers and businesses, plus an additional $55 billion to support Canadian businesses and households through tax deferrals. I want to thank you all for your valuable input and feedback over the past days and weeks – these measures are a direct response to what you’ve been telling us you need to get through this.
Whether you are self-employed, a small business owner, or an entrepreneur – you shouldn’t have to worry about losing your business or your job. These measures will help businesses with cash flow, will help employers keep employees on payroll, and help Canadians keep their jobs.
Our measures for businesses announced yesterday include:
·
Essentially eliminating the payroll tax
for three months by providing a 10% wage subsidy to small businesses – this will keep people employed;
·
Helping businesses with cash flow by
deferring tax payments
until August 31
st
;
·
Increase credit available to farmers
through Farm Credit Canada.
·
Introducing a
new Emergency Care Benefit
of up to $900 bi-weekly for up to 15 weeks for self-employed people who are not eligible for EI sickness benefits.
This is builds on our announcements earlier this week to help businesses:
·
A coordinated approach with the financial sector:
cutting interest rates
to 0.75%, and major banks
increasing lending capacity by $300 billion
;
·
Establishing a
Business Credit Availability Program
through
BDC
and EDC worth $10 billion – this means more short-term loans, working capital, and export insurance-credit so that more Canadian businesses are supported.
·
Enhancing the Work-Sharing Program
to help businesses pay wages so they don’t have to lay anyone off;
For more details on all measures announced including more support for workers, Indigenous peoples, and Canadians across the country: please see the Prime Minister’s
News Release
and
Backgrounder
.
WHERE TO START:
We understand that many Canadian business owners and entrepreneurs are anxious about how to get the help you need in the face of COVID-19. Here are a few good places to start:
1.
Visit our
website for businesses
for information about supporting your employees and your business. It will be constantly updated as the COVID-19 crisis evolve.
2.
Download the
Canada Business App
to find tailored supports to address your specific needs and questions about COVID-19.
4.
Contact your bank.
Canada’s banks have made a commitment to support businesses and individuals through these difficult times in a responsible, fair, and compassionate way. To help provide some stability for businesses through this time of uncertainty,
the Office of the Superintendent of Financial Institutions
is lowering the Domestic Stability Buffer requirement, releasing more than $300 billion of additional lending capacity for Canadian financial institutions.
