The Bank of Canada has dropped its prime lending rate to .25
Today, Trudeau addressed small business owners and entrepreneurs. This climate of uncertainty feels like it can threaten everything you’ve worked for.
To take that pressure off, the federal government will now cover 75% of wages for qualifying businesses through an adjusted wage subsidy (previously announced at 10%). This will help companies keep people on the payroll, to aid recovery. This will be backdated to Sunday, March 15th.
The Canadian Emergency Response Benefit (CERB) will still be there to help those who have lost their employment.
The federal government is also setting up the Canadian Emergency Business Account, which offers federal-government guaranteed loans of up to $40,000, interest-free for the first year, with up to $10,000 forgivable to qualifying companies. GST, HST and duty payments will be deferred (delayed) until June. Extra support will be provided to businesses involved in export.
Details will be made available soon, but know this is in the works. Additional measures are currently being worked out for youth, the vulnerable and the poor, and will be rolled out soon.
Canada as a nation needs to come back strong from this. Businesses will get the resources they need to support this. This wage subsidy allows businesses to keep their employees on the books, or to hire back those that have been laid off as a result of COVID-19.
Wash your hands, stay home, and practice physical distancing.
From the Q&A
CERB is an income replacement measure, and as such is taxable. However, taxes will not be taken off at the source, so Canadians will get the entire money, immediately. Canadian tax is progressive meaning those who earn more pay more in taxes, and this means that the funds will go to those who need it the most.
The recent investments into Canadians and businesses are necessary to ride us through this time, which enables a smoother and faster return to normal. The investments will help with consumer confidence and assure employees that they will have a job coming out of this crisis.
The number of SMEs affected is yet unknown.
Details should be made, hopefully, by Monday.
Canada was in a good financial position before this, having one of the best balance sheets in the G7. This is precisely what allows us to take these extreme responses to support Canadians.
“We are confident about Canada’s ability to survive,” said Trudeau, adding that if we stay healthy and follow the current orders, we will emerge from this unprecedented time as a strong economic society again.
This current crisis will last weeks, possibly months. If we can flatten the curve and control the spread of the virus, officials will be able to predict the duration of this pandemic. So much depends on the choices that individuals are making today.
Service Canada services have gone from counter-service to online service. Special considerations will be made available to those who have difficulty accessing online services.
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