The government of Canada has released information on their website for business owners to see if they qualify for subsidy due to the COVID-19 virus.
There is a more detailed breakdown on the Canadian Revenues website who is eligable and how the government is planning on implementing aid.
Canadian Government support for businesses due to COVID-19
Canada’s strong fiscal position means we are well positioned to respond to challenges such as COVID-19.
Canada’s coordinated approach to supporting the economy and the financial sector includes the Governor of the Bank of Canada cutting the interest rate to 0.75% and the Superintendent of Financial Institutions announcing an additional $300 billion in lending capacity by the major banks.
No employer should feel like they have to lay off a worker in the face of COVID-19. To further support businesses and their employees, the Government has announced:
- enhancing the Work-Sharing program to support employers and their workers who are experiencing a downturn in business
- a new Business Credit Availability Program to make more than $10 billion available to Canadian businesses in financing and credit insurance solutions through:
- Export Development Canada (EDC)
- the Business Development Bank of Canada (BDC)
- the Canada Revenue Agency will defer tax payments until August 31, 2020, to help businesses with cash flow
- immediate relief for small businesses with a 10% wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer
- a new Emergency Care Benefit of up to $900 biweekly for up to 15 weeks for self-employed people and others who are not eligible for EI sickness benefits
- increased credit available to farmers and the agri-food sector through Farm Credit Canada
- NOW AVAILABLE – an additional $5 billion to increase Farm Credit Canada’s lending capacity to producers, agribusinesses, and food processors.
More can be seen at canada.ca
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