COVID-19 Update #3 : Support to Individuals and Small Businesses
Our Government is focused on helping Canadians and businesses through this tough economic time. Please remember, we will face this together, and we will get through this together.
We introduced the Canada Emergency Response Benefit to provide $2000 per month to Canadians who lose income due to COVID-19 including self-employed individuals and contract workers.
We are providing an up to 75% wage subsidy for small businesses for up to 3 months.
We are launching the new Canada Emergency Business Account to provide interest-free $40,000 loans to small businesses and not-for-profits. Repaying the loan before Dec 2022 will result in loan forgiveness of 25% (up to $10,000).
Increase the Canada Child Benefit by $300 per child, provided a special payment under the GST credit to low and modest-income families, reduced the minimum RRIF withdrawal to help protect seniors’ retirement savings, introduced a pause on the repayments of Canada Student Loans for six months.
We have many more measures both for individuals and businesses. For complete details, please visit Canada’s COVID-19 Economic Response Plan website. Here you will know how to access/apply and updates will also be made available here.
We have now launched a COVID-19 Self Assessment Tool to allow Canadians to assess their symptoms and provides them with the information they need to know when deciding to seek medical care. This tool will also help to reduce pressure on call lines and ensure that those in need of advice from a health professional are able to access it in a timely way.
Tens of thousands of Canadians including many from Nepean are stranded in many parts of the world including on many cruises. So far, we have facilitated 24 flights from 17 countries to bring our fellow citizens back home. We are continuing to work hard on this.
Global Affairs Canada has established an Emergency Loan Program of up to $5000 for Canadians abroad who require assistance in order to return home or to cover life-sustaining needs if they are unable to return.
Once again, I want to stress that this is a truly unprecedented public health crisis–one that requires a collective response. Each and every one of us has to step up and do our part. Social distancing and other measures recommended by Health Canada are essential to combating the spread of the virus. I know that if we all act with the appropriate caution, follow expert advice, and rely on the support of our families, neighbours, and loved ones, we will get through the difficult times ahead.
Our government will be there with you every step of the way, and we will do whatever it takes.