COVID-19: CANADA’S ECONOMIC RESPONSE PLAN - IPCC Corporate
The Canadian Government has announced a list of measures to support Canadian businesses during this challenging period.
CANADIAN BUSINESSES
CANADA EMERGENCY WAGE SUBSIDY
Eligible employers will receive a wage subsidy of up to 75%, retroactive to March 15, 2020. This applies to the first $58,700 of salary or $847 a week, per employee. The program will run for a 12-week period, from March 15 to June 6, 2020.
ELIGIBILITY CRITERIA
HOW TO APPLY:
An application portal will be available through the CRA website within the next 3-6 weeks (i.e. end April - mid-May).
Click here for more information.
TEMPORARY WAGE SUBSIDY:
10 per cent of remuneration paid from March 18 to before June 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
ELIGIBILITY CRITERIA
HOW TO APPLY:
Reduce payroll remittances to CRA by the amount of the subsidy.
Click here for more information.
BUSINESS CREDIT AVAILABILITY PROGRAM
Business Development Bank of Canada (BDC) and Export Development Canada (EDC) will provide $40 billion of support, largely targeted to small and medium-sized businesses. BDC and EDC are working with private sector lenders to coordinate on credit solutions for individual businesses.
HOW TO APPLY:
Businesses in need of support should contact their financial institution.
CANADA EMERGENCY BUSINESS ACCOUNT
Interest-free loans for up to $40,000 for small businesses and not-for-profit companies.
ELIGIBILITY CRITERIA
HOW TO APPLY:
Contact your financial institution.
BUSINESS TAXES
Payment of income tax can be deferred to August 31, 2020.
GST/HST/CUSTOM DUTIES
Companies, including self-employed individuals, can defer payments to June 30, 2020.
Sources:
Canada's COVID-19 Economic Response Plan | Support for Businesses
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