The Canadian Government announced a number of programs designed to help businesses during the COVID-19 Coronavirus crisis, including:
- The Canada Emergency Wage Subsidy for companies who experience a loss of revenue due to the outbreak may be eligible for a wage subsidy of up to 75%. This wage subsidy may be available to companies no matter how many employees they employ. Nonprofits are also eligible.
- Temporary 10% Wage Subsidy
- Extending the Work-Share Program
- Increasing access to credit
- Allowing businesses to defer paying income tax, GST, and customs duty payments
- The Canada Emergency Commercial Rent Assistance (CECRA) for small businesses offers forgivable loans to eligible commercial property owners so that they can reduce the rent owed by their impacted small business tenants by at least 75% for the months of April, May and June, 2020. Applications are open now