The Government of Canada is taking strong, immediate, and effective action to protect Canadians and businesses from the impacts of the COVID-19 pandemic.
Today, Minister of Middle Class Prosperity and Associate Minister of Finance Mona Fortier took part in a virtual town hall with the Chamber of Commerce for Greater Moncton. She discussed challenges facing New Brunswick businesses and pointed to the Government of Canada’s ongoing support for companies and workers through its COVID-19 Economic Response Plan.
It was the seventh such outreach event in which the Minister has participated since the beginning of April. Her meetings with business associations have spanned the country.
Joining Minister Fortier to answer questions from Moncton Chamber members was Ginette Petitpas Taylor, Member of Parliament for Moncton-Riverview-Dieppe and the Deputy Government Whip.
Some of the key measures in the Economic Response Plan that address the needs of Canadians and businesses during this time of global uncertainty, include:
- The Canada Emergency Wage Subsidy, which provides a 75% subsidy for up to 12 weeks for eligible employers, retroactive to March 15.
- The Canada Emergency Business Account, providing interest-free, partially forgivable loans of up to $40,000 to small businesses and not-for-profit organizations with between $20,000 and $1.5 million in total payroll in 2019.
- The Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending by providing businesses with access to flexible term loans of up to $12.5 million to help cover immediate, operational cash-flow requirements.
- The Canada Emergency Commercial Rent Assistance for small businesses, which will provide a forgivable loan to qualifying commercial property owners, who in turn give a rent reduction of at least 75% for April and May (retroactive) and June, to impacted small business tenants who have experienced at least a 70% drop in pre-COVID-19 revenues.
- Deferral of all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments, as well as GST and customs duty payments owed for imports, until June.
- The Canada Emergency Response Benefit that will provide $2,000 monthly for up to four months to eligible workers who have stopped working because of the COVID-19 pandemic.
The Government of Canada is also working with provinces and territories to cost-share a temporary top-up to the salaries of essential workers that provinces and territories have deemed essential in the fight against COVID-19.
The government continues to assess and respond to the impacts of COVID-19. It stands ready to take additional actions as needed to stabilize the economy and mitigate the impacts of the pandemic.
Quotes
“Canada’s Economic Response Plan to address the impacts of the COVID-19 pandemic is the largest and most rapidly deployed peacetime investment in Canadian history. It provides effective support measures for businesses and the Canadian families they provide employment for in Moncton and throughout New Brunswick. We will continue to closely monitor the impacts of the outbreak on individuals and businesses in all sectors and regions, and do what it takes to ensure that everyone gets the help they need during this unprecedented time of crisis.”
Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance
Quick facts
- The government has taken many actions to support Canadian businesses through the outbreak of COVID-19, with targeted new initiatives that:
- Extend eligibility of the Canada Emergency Response Benefit to individuals who earn up to $1,000 per month, to seasonal workers who have exhausted their Employment Insurance (EI) regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak, as well as to workers who have recently exhausted their EI regular benefits and are unable to find a job or return to work because of COVID-19.
- Provide approximately $9 billion for various measures to support post-secondary students and recent graduates to help them overcome the challenges brought on by the pandemic and support their future.
- Increase credit available for farmers and the agri-food sector through Farm Credit Canada.
- Extend the maximum duration of the Work-Sharing program, from 38 weeks to 76 weeks, for workers who agree to reduce their normal working hours because of developments beyond the control of their employers.
- Defer until after August 31, 2020, the payment of income tax amounts that become owing on or after March 18 and before September 2020. This relief, amounting to $55 billion in liquidity support, will apply to new balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
- Launch the Canada Emergency Wage Subsidy calculator to support employers as they prepare to apply for the subsidy. The Canada Revenue Agency launched the application process for the Canada Emergency Wage Subsidy.