New programs and measures were announced by the government on March 18. This page will be updated with links once additional details become available.  

 https://www.canada.ca/en/department-finance/economic-response-plan.html 

I have a small business. What has the Prime Minister said about how this will impact me?

• https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/canadas-reponse/government-canada-takes-action-covid-19.html#a4
• https://www.tradecommissioner.gc.ca/campaign-campagne/ressources-entreprises-COVID-19-business-resources.aspx?lang=eng
• On March 13, 2020 the federal government announced that the government is establishing a Business Credit Availability Program (BCAP) to support financing in the private sector through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
• Here are the current options available:
• Small Business Loan: Up to $100,000 can be obtained online.
• Working capital loan: For loans over $100,000 and can support everyday operations.
• Purchase Order Financing: Loans to fulfill domestic or international orders.
• If you have specific questions about applying for funding, BDC can be reached at the toll-free number: 1-877-232-2269 Monday to Friday, from 7:30 a.m. to 8:00 p.m. (Eastern Time) and Saturday and Sunday from 9:00 a.m. to 5:00 p.m. (Eastern Time). They also have an online assessment tool.

Extending the federal work-sharing program

•  https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#extending_workshareprograms
•  Extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks. The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers.
• To apply and more info visit:  https://www.canada.ca/en/employment-social-development/services/work-sharing/apply.html

Small business wage subsidy

•   https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#wage_subsidies
• 75 per cent wage subsidy for qualifying businesses, for up to 3 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 (March 2020).
• More information:  https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

Access to business credit

• https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#business_credit_availability_program
• Established a Business Credit Availability Program (BCAP) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses, through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
• BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism.
• As a first step, businesses in need of credit support should contact their financial institution.
• More info here:  https://www.canada.ca/en/department-finance/programs/financial-sector-policy/business-credit-availability-program.html

Lowering the domestic stability buffer

•  https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#lowering_the_domestic_stability_buffer
•  The Office of the Superintendent of Financial Institutions announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets. This action will allow Canada’s large banks to inject $300 billion of additional lending in to the economy.

Bank of Canada actions

•   https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#bank_of_canada_actions
• The Bank of Canada is acting in several ways to support the economy and financial system and stands ready to take any and all actions that it can to protect the well-being of Canadians during this difficult time. The Bank has responded by lowering interest rates, intervening to support key financial markets and providing liquidity support for financial institutions.
• Learn more

Launch of Insured Mortgage Purchase Program

•  https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#insure_mortgage_purchase_program
• Launched an Insured Mortgage Purchase Program, in which we will purchase up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation.
• This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada’s mortgage market.
• More information here:  https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#insure_mortgage_purchase_program

More time to pay income taxes

•   https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#more_time_to_pay_their_income_taxes
• Allowing all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act.
• No interest or penalties will accumulate on these amounts during this period.
• More info here:  https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html

Additional information for Alberta employees and employers

• https://www.alberta.ca/coronavirus-info-for-albertans.aspx#p22780s6
•  https://www.canada.ca/en/department-finance/economic-response-plan.html?fbclid=IwAR3myj9ITUoRjdpAGSCHvawxOdPeiupvW-jCJpsJugav3Lq12hRwEM8ziz4#business

EI- Record of employment

•  https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html
• If your employees are directly affected by the coronavirus (COVID-19) and they are no longer working, you must issue a Record of Employment (ROE).
• When the employee is sick or quarantined, use code D (Illness or injury) as the reason for separation (block 16). Do not add comments.
• When the employee is no longer working due to a shortage of work because the business has closed or decreased operations due to coronavirus (COVID-19), use code A (Shortage of work). Do not add comments.
• When the employee refuses to come to work but is not sick or quarantined, use code E (Quit) or code N (Leave of absence), as appropriate. Avoid adding comments unless absolutely necessary.