The Government of Canada has introduced relief measures to help alleviate the impact of COVID-19 for Canadians businesses.
New Business Credit Availability Program
During this time of economic uncertainty, financing and credit solutions are being made available to Canadian businesses through Export Development Canada and the Business Development Bank of Canada.
Introduction of a Temporary Wage Subsidy for Employers
The Government of Canada has introduced a Temporary Wage Subsidy for Employers that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency for the next three months.
Increased Credit Available to Farmers and Agri-Food Sector
An additional $5 billion is being made available to increase Farm Credit Canada's lending capacity to producers, agribusinesses, and food processors.
Learn more here: https://www.fcc-fac.ca/en/covid-19.html
Extended Tax Deadline
Canada Revenue Agency has deferred the deadline for businesses to pay any income tax amounts that become owing or due after March 18 and before September 1, 2020 to September 1, 2020. No interests or penalties will be accumulated on these amounts during this period.
Introducing an Emergency Care Benefit for the Self-Employed
A new Emergency Care Benefit has been proposed to provide up to $900 biweekly to individuals who are quarantined and not eligible for EI sickness benefits.
Conservatives Calling for Additional Measures
Conservatives know that small businesses have been particularly hard hit by COVID-19. We are working to support the proposed emergency measures. We are also offering additional solutions to alleviate the impact of this crisis.