COVID - 19: Latest Steps by the Gov't of Canada
We will provide updates as we receive them.
**The Gov't of Canada will now cover up to 75% of Salaries. A major increase over the previously announced 10% wage subsidy. Prime Minister Trudeau announced the increased payroll subsidy from 10 percent to 75 percent to encourage small - and medium-sized businesses to keep their staff employed-and rehire those who have been already laid off. The subsidy is back-dated to March 15.
**The Bank of Canada has made a second unscheduled cut to its benchmark interest rate, lowering it to 0.25 per cent amid the COVID-19 crisis.
**A new "Canada Emergency Business Account" will allow banks to give up to $40,000 in government-backed loans to businesses, with no interest for a year and the chance that $10,000 will be forgiven. Details forthcoming.
**The government will also defer GST/HST sales tax and import duties for businesses until June, leaving $30 billion in the economy, Trudeau said.
**Canada's Crown lending agencies will get another $12.5 billion that businesses can borrow, on top of the $10 billion in credit already announced, Trudeau said.
**The government will also only collect taxes on the incoming Canada Emergency Response Benefit if and when recipients recover their incomes, Trudeau said. The benefits are set up to provide $2,000 per month to people who stop getting paid because of the pandemic.
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