On March 27, Prime Minister Trudeau announced measures aimed at helping all Canadians — whether a business or an employee — address their immediate cash flow needs. This is a concerted effort from the government to:
- help businesses survive by directly addressing their immediate cashflow issues,
- allow them to maintain their relationship with employees, and;
- be there at the back end to pick up the pieces and provide support to the overall economy.
Although some high-level details are available, the specific rules remain outstanding. We summarized the details based on what we know to date. Outstanding information is required for some of the new or amended measures.
These new measures provide a significant lifeline to Canadian businesses and their workers to help them get through the economic uncertainty caused by the COVID-19 pandemic. We anticipate that when the details are provided, these measures will prove to be broad and far-reaching — and in addition — easy to administer and obtain for Canadian businesses. If the press releases provided by Prime Minister Trudeau and Minister Morneau are any indication, this is the intent.
Further details will be provided on these new programs as they become available.
For additional information, visit Additional Support for Canadian Businesses from the Economic Impact of COVID-19
We are here to help
We understand that you want to be agile and responsive as the situation unfolds. Having access to experts, insights and accurate information as quickly as possible is critical—but your resources may be stretched at this time.
We’re here to support you as you navigate through the impacts of coronavirus on your business and your investments.