Minister Fortier Highlights Government Support for Businesses in Digital Town Hall with Tri-Cities Chamber of Commerce

April 16, 2020  -  Ottawa, Ontario  -  Department of Finance Canada

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 Fortier took part in a digital town hall with the Tri-Cities Chamber of Commerce for Coquitlam, Port Coquitlam and Port Moody to discuss the challenges facing the region’s businesses and how the Government of Canada is supporting them through these difficult times with its COVID-19 Economic Response Plan.

Some of the key measures in the Plan, which address the needs of Canadians and businesses during this time of global uncertainty, include:

• The Canada Emergency Wage Subsidy (CEWS), with a 75 per cent subsidy for up to 12 weeks for qualifying employers, retroactive to March 15;
• The Canada Emergency Business Account, with $25 billion of interest-free loans through private financial institutions to qualifying organizations will now be available for businesses that paid between $20,000 to $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 to meet operational cash-flow requirements;
• Deferral of all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as GST and customs duty payments owed for imports;
• The Canada Emergency Response Benefit that will provide $2,000 monthly for up to 4 months to eligible workers who have lost employment because of the COVID pandemic.

Earlier today, the Government announced its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) program for small businesses. The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. Implementation of the program will require a partnership between the federal government and provincial and territorial governments responsible for property owner-tenant relationships. We are working with the provinces and territories to increase rent support for businesses that are most impacted by the pandemic and we will have more details to share soon. 

The government of Canada is also working with provinces and territories to cost-share a temporary top up to the salaries of low-income essential workers that the provinces and territories have deemed essential in the fight against COVID-19. The Government of Canada will cover a portion of the cost of providing temporary financial support to these low-income workers, thereby helping to support employers in keeping their workers on staff, while also ensuring fairness.

The government continues to assess and respond to the impacts of COVID-19, and stands ready to take additional actions as needed to stabilize the economy and mitigate the impacts of the pandemic.