#Support for Businesses

  1. 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.
  1. 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.
  1. 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.
  1. 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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