Government Announces Financial Support for Businesses and Employees Affected by COVID-19

The Canadian Government has announced measures to support Canadian families and businesses during this difficult time.  Below is a short summary of the announcement as well as some resources currently available to business.  OMCA will continue to monitor announcements from the federal government and will provide information on additional resources as they become available. 

As of March 18, 2020: What is federal government doing?

Emergency Care Benefit

Canadians will be entitled to 14 weeks (at comparable amount as EI) for those who are ill, placed in quarantine or have to self isolate, and for those who have to take care of a family member with COVID and don’t qualify for EI

Emergency Support Benefit – EI support for those who are self employed, those not eligible for EI

Temporary Wage Subsidy – Employers of small business may receive temporary salary help equal to 10% of an employees’ salary for a period of three months to keep staff on payroll

$55 Billion to Meet Liquidity needs through Tax Deferrals

Flexible arrangements for businesses trying to meet payment obligations to the Canada Revenue Agency.

Other measures are being implemented for Canadian citizens including; Personal Tax 2020 Declaration – If taxes are owed, payment is deferred until August 2020 as well as additional measures for Parents with Young Children, Lower Income Canadians, Student Loans, Homelessness, Domestic or Gender-based Violence, and a First Nation Communities Support Fund

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