CEO, Elizabeth Mulholland summarizes government measures being taken in response to COVID-19 to support people living on low-incomes and those that serve them. Read the latest update from the Prime Minister's Office, March 27th.
To further support small businesses, the federal government will:
Provide a 75% wage subsidy for qualifying businesses for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll.
Allow businesses, including self-employed individuals, to defer GST/HST and customs duties payments until June.
Launch the new Canada Emergency Business Account, providing up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses.
Launch the new Small and Medium-sized Enterprise Loan and Guarantee program, enabling up to $40 billion in lending through Export Development Canada and Business Development Bank, for guaranteed loans when small businesses go to their financial institutions to help weather the impacts of COVID-19. This is for small and medium-sized companies that require greater help to meet their operational cash flow requirements.
The government understands that some sectors have been disproportionally impacted by the COVID-19 pandemic. It will continue to carefully monitor all developments and take further action in the near term.
The government will ensure all Canadians and small businesses get the support they need to weather this crisis.