Canadian Chamber COVID-19 Update: 3/27/2020
| Government Delivers What SMEs Need to Protect the Jobs in Their Businesses |
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This morning, Prime Minister Justin Trudeau delivered some welcome news for SMEs across the country. That news included the following announcements:
- A 75% wage subsidy for qualifying businesses, for up to three 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.
- 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.
- The launch of 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 small businesses have access to the capital they need, at a zero per cent interest rate, so they can pay for rent and other important costs over the next number of months.
- The launch of 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.
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An Urgent Call to Canadian Businesses
Frontline medical workers need protection. If your business has extra N95 facemasks, safety glasses, sanitized goggles, isolation gowns or coveralls, sanitizer or latex, nitrile or vinyl gloves to donate, please contact your public health authority. |
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For Your Attention
- If you are on Twitter, we encourage you to follow our President and CEO Perrin Beatty – @PerrinBeatty – for his insights and news. Our team is also active on Facebook with announcements for businesses during this challenging time.
- You can learn how your province or territory is taking action on COVID-19 here.
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How We Are Helping Canadian Businesses
- For information about the emergency goods and services needed to support the Government of Canada’s action plan for COVID-19, please click here.
- Today, in partnership with the Government of Canada, we held the first in a series of briefings by federal officials responsible for programs that will support Canadian SMEs and their employees. This first briefing was focused on Employment Insurance, the Work-Sharing Program, the Canada Emergency Response Benefit, and the Temporary Foreign Workers Program. For those unable to make the call, a recording will be available shortly.
Two additional teleconferences will happen next week. They will focus on border and supply chain issues and on access to capital.
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A #TeamCanada Approach
While we have all experienced negative outcomes as a result of this crisis, we've also seen numerous examples of great Canadian companies coming together in support of #TeamCanada:
Ontario Chamber of Commerce
Our partners at the Ontario Chamber are also sharing resources with Ontario businesses during the COVID-19 pandemic. The OCC has developed an Ontario business pandemic toolkit and you can find that here.
Grant Thornton
Our member, Grant Thornton, is committed to helping its clients, colleagues and communities navigate the impacts of COVID-19 and are supporting their clients any way they can. Click here to find out more.
Google
Google has just announced an $800+ million global effort to help small and medium-sized businesses, health organizations and governments, and health workers on the frontline of this global pandemic.
For Canada specifically, Google is donating ad grants to help organizations, including Health Canada and the Public Health Agency, provide critical information on how to prevent the spread of COVID-19. This follows previous efforts Google Canada has taken to help Canadians receive authoritative information in times of need, such as its SOS Alert in Search connecting people to info from Health Canada and YouTube, directing users to the Public Health Agency of Canada.
Additionally, Google is providing $340 million globally in Google Ads credits available to all SMBs, including Canadian SMEs, with active accounts over the past year. Google hopes it will help SMEs alleviate some of the cost of staying in touch with their customers.
WeCook Meals
Quebec-based WeCook Meals, recently announced it will deliver four weeks’ worth of free, fresh, ready-to-eat meals to 300 health-care employees across Quebec, namely beneficiary attendants, nurses and doctors.
CN
CN takes its essential services role very seriously during these difficult times, including moving its customers’ goods unimpeded by the latest announcements by the governments of Quebec and Ontario, which implemented states of emergency in their respective provinces.
CN is taking all necessary steps to protect its personnel while it continues to provide a safe and reliable service to keep the economy moving. CN’s own doctor, Dr. Marie-Daniele Pitchen, iterates the health precautions that workers can take in this short video.
Dajcor Aluminum Ltd.
Based in Chatham, ON, Dajcor Aluminum Ltd. is supplying aluminum extrusions to a U.S. manufacturer of modular wall partition systems, specifically for isolation rooms for healthcare facilities. |
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