QueerTech in collaboration with Carlos A. Godoy L. Senior Vice President at Impact Public Affairs (www.impactcanada.com), a public relations firms put together a digest to help you take advantage of the package.
Photo by Hermes Rivera on Unsplash
MEASURES FOR SMALL AND MEDIUM BUSINESSES AND SELF-EMPLOYED ENTREPRENEURS:
- Essentially eliminating the payroll tax for three months by providing a 10% wage subsidy to small businesses — this will keep people employed;
- Helping businesses with cash flow by deferring tax payments until August 31st;
- Increase credit available to farmers through Farm Credit Canada.
- Introducing a new Emergency Care Benefit of up to $900 bi-weekly for up to 15 weeks for self-employed people who are not eligible for EI sickness benefits.
- A coordinated approach with the financial sector: cutting interest ratesto 0.75%, and major banks increasing lending capacity by $300 billion;
- Establishing a Business Credit Availability Program through BDC and EDC worth $10 billion — this means more short-term loans, working capital, and export insurance-credit so that more Canadian businesses are supported.
- Enhancing the Work-Sharing Program to help businesses pay wages so they don’t have to lay anyone off;
WHERE TO START:
We understand that many Canadian business owners and entrepreneurs are anxious about how to get the help you need in the face of COVID-19. Here are a few good places to start:
- Visit the Government of Canada website for businesses for information about supporting your employees and your business. It will be constantly updated as the COVID-19 crisis evolve.
- Download the Canada Business App to find tailored supports to address your specific needs and questions about COVID-19.
- Consult the Canadian Chamber of Commerce’s pandemic preparedness guide to help prepare you business in the days and weeks to come.
- Contact your bank. Canada’s banks have made a commitment to support businesses and individuals through these difficult times in a responsible, fair, and compassionate way. To help provide some stability for businesses through this time of uncertainty, the Office of the Superintendent of Financial Institutions (OSFI) is lowering the Domestic Stability Buffer requirement, releasing more than $300 billion of additional lending capacity for Canadian financial institutions.