COVID-19 Economic Response Plan Update March 27, 2020

Prime Minister Trudeau announced FOUR Federal support measures:
1. The wage subsidy payment increased to 75% (back dated to March 15, 2020). More details of this support measure promised by the end of the month.
2. $25 billion in Canada Emergency Business Account loans (through financial institutions) to eligible small businesses and not-for-profits. Interest-free loans up to $40,000 for one year (depending on your situation, $10,000 may be forgiven).
3. Those who are self-employed and businesses can defer payment of GST/HST payments and customs and duties import taxes until June 2020.
4. $40 billion in small and medium-sized enterprise loan and guarantee program.

-Canada Emergency Response Benefit (CERB) provides up to $2,000 a month for individuals for various situations. If you fall into any of these categories you are eligible:
-workers who must stop working due to COVID19 and do not have access to paid leave or other income support.
-workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
-working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
-workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
-wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.

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