Today the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, introduced Bill C-9, An Act to Amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy), which would implement new, targeted support to help hard-hit businesses. These measures are designed to help businesses get through the second wave of the virus so they can protect jobs, continue to serve their communities, and be positioned for a strong recovery. As previously announced, the business supports include:
· The new Canada Emergency Rent Subsidy, which would provide direct and easy-to-access rent and mortgage interest support to tenants and property owners until June 2021 for qualifying organizations affected by COVID-19.
· The new Lockdown Support, which would provide an additional 25 per cent through the Canada Emergency Rent Subsidy for qualifying organizations that are subject to a lockdown and must shut their doors or significantly limit their activities under a public health order issued under the laws of Canada, a province or territory (including orders made by a municipality or regional health authority under one of those laws).
· The extension of the Canada Emergency Wage Subsidy until June 2021, which would continue to protect jobs by helping employers keep employees on the payroll and re-hire their workers. The wage subsidy would remain at the current rate of up to 65 per cent of eligible wages until December 19, 2020.
Today’s legislation is just another step in our work to ensure businesses of all sizes have the support they need to make it through this pandemic. Learn more here.
Also today, Minister Ng delivered a keynote speech at the Montreal Council on Foreign Relations (widely known as CORIM) virtually about the value of international trade for an inclusive and resilient economic recovery for all Canadians, which was followed by a fireside chat with Monique Leroux, Chair of the Industry Strategy Council.
LAST WEEK IN REVIEW
Monday October 26
On Monday morning, in preparation for the upcoming World Trade Organization meeting, Minister Ng hosted a Ottawa Group Business Roundtable on WTO reform to discuss the need for robust and transparent rules on digital trade and e-commerce – ensuring that the feedback and views of Canadian businesses are taken into account.
Tuesday October 27
On Tuesday, the Minister attended the World Trade Organization ministerial meeting. Minister Ng emphasized the need to for all members to continue working together to reinforce rules-based international trade, which will be crucial for our businesses to overcome the COVID-19 pandemic and succeed in the future.
Wednesday, October 28
On Wednesday, Minister Ng kicked off Canada’s virtual trade mission to South Korea! This virtual trade mission will help entrepreneurs explore the new opportunities in the growing, dynamic markets of Asia.
Also on Wednesday, Minister met with her international counterparts at the at the OECD Ministerial Meeting to discuss the need for reinforce rules-based international trade, advance digital trade and e-commerce, and to ensure all Canadians – including small businesses, women as well as racialized and Indigenous entrepreneurs, benefit in the global economic recovery.
Thursday, October 29
Minister Ng met with the new European Commissioner for Trade, Valdis Dombrovskis. They spoke about working together towards CETA’s full ratification and promoting rules-based trade as a key driver of economic recovery for our people.
WHERE TO START
To get the help you need:
1. To help slow the spread of COVID-19 and safely reopen our economy, download the COVID Alert App here.
2. Visit our government’s COVID-19 Economic Response Plan website for information about supporting your employees and your business.
3. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capacity to support you in this challenging time. They are an excellent first resource.
4. Consult the Canadian Business Resilience Network a partnership between our government and the Canadian Chamber of Commerce to help your business prepare, persevere and prosper through this crisis.
5. Check out the new PPE Supply Hub – Canadian businesses in need of personal protective equipment, and businesses looking to sell these supplies can go to this hub to connect.
6. Make the POST Promise to show employees and customers that you take COVID-19 prevention seriously by practicing key health and safety steps and maintain a safe workplace.
7. Canadian Centre for Occupational Health and Safety – for a free online course to provide businesses with all the information they need to reopen safely.
For assistance at any time, please reach out to the team member below who represents your region. Based on the current volume of email, if you reply to this email directly without copying the appropriate regional team member, my response may be significantly delayed.
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