Please see the latest update following announcements by the Government of Canada today.
We have also provided a link (at the bottom of this update) to the Government website where the new economic measure can be viewed.
Details of the announcement:
Summary of Phase I Federal Government response.
The Prime Minister announced a $27 billion fund that will be directly supporting businesses and workers, as well as $55 million put forward in tax deferrals.
What’s included in the $27 billion:
• A Temporary boost to the Canada Child Benefit payment by nearly $2 billion;
• Introducing an emergency care benefit of up to $900 bi-weekly for 15 weeks for those who have to stay home and don’t have paid sick leave like those who can’t access EI and are sick, or who are taking care of a child or someone who is sick;
• A $5 billion emergency support benefit through the CRA for support workers who are facing unemployment as well as an additional amount for low-income people through the GST credit;
• Waiving the one-week waiting period for EI sickness benefits for six months and waiving the requirement for a doctor’s note to access this assistance;
• Extending the tax filing deadlines for individuals to June 1, and allowing taxpayers to defer payment until after August 31 and September for Corporate income taxes;
• Providing eligible small businesses a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer;
• Encouraging lenders to defer mortgage payments (6-month deferral) or offer special payment options (skip a payment option); and
• Other targeted supports for vulnerable groups ($200M) including seniors, the homeless population, students (6-month interest free moratorium), Indigenous people and women and children fleeing domestic violence.
• This massive package is equal to three per cent of Canada’s GDP.
• Details of expanded lending facilities for working capital at EDC and BDC are being developed.
Antigonish Chamber of Commerce and Chambers of Commerce across the province, continue to advocate for support to businesses and to help them sustain their business and employees during this extraordinary time.
We are all in this together and we are committed to updating and supporting you in and efficient and timely manner, as developments occur. Feel free to contact me at any time (regardless of working hours).
Interim Executive Director