“UPDATE” COVID-19 Information Package (2)

Please find attached a revised package as of March 27, 2020. : [COVID19 – Information Package – English version]

Major changes announced by the Government are as follows:

ㆍPreviously announced Canada Emergency Response Benefit for individuals will be tax free. Eligible individuals will receive the full $2000/month, for up to 4 months

ㆍPreviously announced 10% wage subsidy is now increased to a 75% wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020

ㆍBusinesses, including self-employed individuals, can defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports.

ㆍCanada 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.

ㆍSmall and Medium-sized Enterprise Loan and Guarantee:

This program 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. This is intended for small and medium-sized companies that require greater help to meet their operational cash flow requirements.

COVID19 – Information Package – English version

“업데이트” COVID-19 정보 패키지

(Source: Office of The Hon. Yonah Martin)