Please find highlights from the COVID-19 Economic Response Plan announced by Canadian Prime Minister Trudeau on March 18th, 2020.
- Expanded access to the Canada Account, administered by EDC, to provide additional support to Canadian companies through loans, guarantees or insurance policies.
- Temporary Wage Subsidies for eligible small employers for a period of 3 months (subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.)
- Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.
- Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses.
- Emergency Support Benefit for workers who are not eligible for EI and who are facing unemployment.
- NEW Canada Emergency Response Benefit (CERB) This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a simpler and more accessible combination of the previously announced Emergency Care Benefit and Emergency Support Benefit.
Learn more by clicking the link below.