• Home
  • Digital Edition
  • About
  • Contact
January 28, 2023
The Farwest Herald Inc. The Farwest Herald Inc.
Business, Canadian News

Additional Support for Canadian Businesses from the Economic Impact of COVID-19

By FWH Online
Share this post?
Facebook Twitter Pinterest

The Prime Minister, Justin Trudeau,  announced on Friday additional new measures to support small businesses dealing with the economic impacts of the COVID-19 pandemic.

These measures will help Canadian businesses protect the jobs that Canadians depend on, and pay their workers and bills during these difficult times.

HERE ARE THE DETAILS:

  1.         Announce a 75 percent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll. More details on eligibility criteria will start with the impact of COVID-19 on sales and will be shared before the end of the month.
  2.       Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports. This measure is the equivalent of providing up to $30 billion in interest-free loans to Canadian businesses. It will help businesses so they can continue to pay their employees and their bills and help ease cash-flow challenges across the country.
  3.          Launch the new Canada Emergency Business Account. This program will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses. These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital they need, at a zero percent interest rate, so they can pay for rent and other important costs over the next number of months.
  4.        Launch the new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending, supported through Export Development Canada and Business Development Bank, for guaranteed loans when small businesses go to their financial institutions to help weather the impacts of COVID-19. This is intended for small and medium-sized companies that require greater help to meet their operational cash flow requirements.

Today’s announcement is a part of the government’s COVID-19 Economic Response Plan, which already commits $107 billion in support to Canadians so they can buy groceries, pay rent, and care for their loved ones, and also supports businesses through this difficult time. 

These new investments will help Canada’s financial institutions provide the credit and liquidity options that a range of Canadian businesses need immediately.

“Small businesses are the backbone of our economy, and an important source of good jobs across this country. They are facing economic hardship and uncertainty during the COVID-19 pandemic, and that is why we are taking action now to help them get the financial help they need to protect their workers and pay their bills.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Far West Herald, March 29, 2020

Canada Emergency Business Account, GST-HST
Previous PostGatherings restricted, schools closed: What’s being done to fight COVID-19Next Post9,489 confirmed and presumptive cases in Canada as of April 1

More posts

June 04, 2021June 4, 2021

Economy lost 68,000 jobs in May, unemployment rate 8.2%, Statistics Canada says

The unemployment rate was 8.2 percent in May. Statistics Canada says the unemployment rate would have been 10.7 percent in May had it included in calculations those people who wanted to work but didn’t search for a job.

Read More
June 26, 2020June 26, 2020

Red Cross to send 900 workers to Quebec care homes as military withdraws

The Red Cross workers headed for Quebec will remain at the homes until Sept. 15, by which time thousands of workers hired by the province are expected to be trained and ready to take over the jobs.

Read More
November 08, 2022November 8, 2022

Nurses urge health ministers to ‘take the money and work with it’

VANCOUVER — Groups representing nurses across the country have a message for provincial and territorial health ministers — take the...

Read More

Subscribe to our mailing list

* indicates required

Latest Articles

  • EMBASSY DISCUSSES FILIPINO DIASPORA WITH FEDERAL SENATOR, DR. FLORDELIZ ‘GIGI’ OSLER
  • EMBASSY JOINS DIPLOMATIC SOIREE OF FOREIGN MINISTER
  • Most unused COVID-19 vaccines will expire at the end of the year: auditor general
  • COVID-19 benefits helped economy rebound, but post-payment verification lacking: AG
  • Philippine gov’t addressing hurdles confronting business sector
  • Trudeau urges vaccinations amid a rise in kids’ illnesses clogging hospital ERs
  • Permanent residents can now apply to join the Canadian Armed Forces
  • Ottawa calls for project proposals that help internationally trained health workers
  • Trudeau listening to ‘concerns’ assault-style gun definition covers hunting rifles
  • Shaping the future of immigration through Canada’s Indo-Pacific Strategy

Archive

Follow us on Twitter

My Tweets

Top Searches

ABS-CBN AID TO HUMANITY Andrew Scheer Boracay Canada Election 2019 Canadian trash in Phils CERB Church of Christ COVID-19 Covid-19 pandemic Covid-19 Response COVID-19 vaccines Dr Theresa Tam Elections Canada Felix Y. Manalo Foundation Ferdinand Marcos Jr. filipino heritage month FYM FOUNDATION Iglesia Ni Cristo Iglesia Ni Cristo (INC) Indian residential schools Indigenous People (IP) International students Kamloops Indian Residential School LINGAP SA MAMAMAYAN Maria Ressa Mental Health Moderna OFWs Omicron variant Ontario Ontario Premier Doug Ford Pfizer-BioNTech Philippine Arena Philippine election 2022 Philippine President Rodrigo Duterte Phil President Duterte Physical distancing Prime Minister Justin Trudeau PRRD Rappler RAPTORS Salvador Panelo Sara Duterte Toronto
© 2020 The Far West Herald Inc. | All Rights Reserved
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT