#Support for Businesses
- Avoiding layoffs
- Extending the duration of Work-Sharing program from 38 weeks to 76 weeks (The Work-Sharing program is offered to those workers who agree to decrease their usual working hours because of the developments that are beyond the control of their employers).
- The new Canada Emergency Wage Subsidy will cover 75 percent of salaries for qualifying businesses benefitting employers of all sizes, across all sectors hardest hit by COVID-19 pandemic to retain workers.
- Access to Credit
- Established a Business Credit Availability Program (BCAP) to provide additional support worth $65 billion through Export Development Canada (EDC) and Business Development Bank of Canada (BDC).
- Established the new Canada Emergency Business Account to provide interest-free loans worth $40,000 to small scale businesses and non-profit organizations to support their operating costs while their revenues have been reduced temporarily.
- Supporting financial stability
- Launched an Insured Mortgage Purchase Program being purchased worth $150 billion to provide long-term stable funding to banks and mortgage lenders. Therefore, facilitating money lending to Canadian consumers and businesses.
- Economic support provided by Canadian Banks to protect the well-being of Canadians through supporting key financial markets, lowering interest rates and providing liquidity support to financial institutions.
- Lowering the Domestic Stability Buffer will enable Canada’s large banks to give $300 billion of additional lending amount into the economy.
- More flexibility
- Businesses allowed to postpone income tax payments until after August 31, 2020.
- Businesses including self-employed individuals allowed to postpone payments of the harmonized Sales Tax/ Goods and Service Tax (HST/GST), that is, deferral of Sales Tax Remittance as well custom duty payments for their imports.
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