Small and medium-sized businesses are the backbone of the Canadian economy. During this extraordinary time, the Government of Canada is taking strong action to help Canadian businesses as COVID-19 is affecting them, their employees and their families.
The Government and public health officials are urging all Canadians to:
- stay home unless it is absolutely essential to go out
- practice social distancing and good hygiene
For businesses, this means:
- facilitating flexible and remote work arrangements
- preparing your workplace for COVID-19
- understanding how to keep your employees safe
1. Support for Employees
No Canadian should have to worry about losing their job, paying their rent or putting food on the table because of COVID-19. That’s why the Government has:
- introduced the Canada Emergency Response Benefit (CERB) to support workers and help businesses keep their employees, providing $2,000 a month for up to four months for workers and entrepreneurs who are not receiving a paycheque as a result of COVID-19
- waived the one-week waiting period and the requirement for a medical certificate for employment insurance (EI) sickness benefits to provide immediate support for workers in quarantine
- boosted Canada Child Benefit payments to ensure working families have enough money to support their kids
- extended the tax filing deadline to June 1, 2020
- and much more
2. Support for Businesses
No employer should feel like they have to lay off a worker in the face of COVID-19. To provide immediate relief for businesses and entrepreneurs, the Government has:
- introduced the new Canada Emergency Response Benefit (CERB), providing $2,000 a month for up to four months for workers, small business owners and entrepreneurs who are not receiving a paycheque as a result of COVID-19
- enhanced the Work-Sharing program to support employers and their workers who are experiencing a downturn in business
- brought in a wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer
- worked with the financial sector to ensure an additional $300 billion in lending capacity by financial institutions for small businesses across the country
- created the new Business Credit Availability Program to make more than $10 billion available to Canadian businesses in financing and credit insurance solutions through:
- Export Development Canada (EDC)
- the Business Development Bank of Canada (BDC)
- ensured the Canada Revenue Agency will defer tax payments until August 31, 2020, to help businesses with cash flow
- made an additional $5 billion available to farmers, producers, agribusinesses and food processors through Farm Credit Canada, as well as giving farmers more flexibility in repaying outstanding Advance Payments Program loans.