Update from Office of the Minister of Small Business, Export Promotion and International Trade

Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced that the government intends to extend the current rate structures for these subsidies from March 14 to June 5, 2021. Specifically:

  • the maximum wage subsidy rate for active employees would remain at 75 per cent;
  • the maximum rent subsidy rate would remain at 65 per cent; and
  • Lockdown Support would remain at 25 per cent and continue to be provided in addition to the rent subsidy, providing eligible hard hit businesses with rent support of up to 90 per cent.

These extensions would provide certainty and continued support for workers, businesses and other affected organizations in the face of ongoing challenges presented by the pandemic. With regard to furloughed employees, the government intends to continue to align the wage subsidy rate structure with the benefits provided through the Employment Insurance program from March 14 to June 5, 2021. This means employers who qualify for the wage subsidy would be able to continue to claim up to a maximum benefit of $595 per week per employee to support remuneration of their furloughed workers.

Through the pandemic, applicants have demonstrated revenue declines by comparing revenue to the previous year. Given that we are approaching a full year since the COVID-19 pandemic, the government is today announcing that applicants would be able to continue to use a pre-pandemic 2019 reference month, effective for the upcoming periods from March 14 to June 5, 2021.

Further details are in the backgrounder issued with today’s announcement.

TO GET THE HELP YOU NEED: 

  1. To help slow the spread of COVID-19 and safely reopen our economy, download the COVID Alert App.
  2. Visit our government’s COVID-19 Economic Response Plan website for information about supporting your employees and your business.
  3. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capacity to support you in this challenging time. They are an excellent first resource.
  4. Consult the Canadian Business Resilience Network, a partnership between our government and the Canadian Chamber of Commerce to help your business prepare, persevere and prosper through this crisis.
  5. Check out the new PPE Supply Hub – Canadian businesses in need of personal protective equipment, and businesses looking to sell these supplies can go to this hub to connect.
  6. Make the POST Promise to show employees and customers that you take COVID-19 prevention seriously by practicing key health and safety steps and maintain a safe workplace.
  7. Canadian Centre for Occupational Health and Safety – for a free online course to provide businesses with all the information they need to reopen safely.

OUR TEAM:

For assistance at any time, please reach out to the team member below who represents your region. Based on the current volume of email, if you reply to this email directly without copying the appropriate regional team member, my response may be significantly delayed.

Source: PCMA

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