Given the ongoing situation related to the COVID-19 crisis and its impact on businesses and the economy as a whole, CADA is working closely with the Federal Government’s Small Business Directorate and Finance Canada to ensure we are providing up-to-date information to Government officials and have information to share with dealers across Canada.
In addition to CADA’s own member COVID-19 resource portal, the following government link provides up-to-date information on what government support is available to businesses and Canadians on an ongoing basis: Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses
Please note that some of the announced measures only received Royal Assent this afternoon, and should be accessible in the very near future. CADA also anticipates additional measures and plans to be announced in the coming days and weeks.
CADA will continue to represent your interests with government officials and decision-makers throughout this crisis. Please stay safe and let us know what more we can do to help.
Below is the list of announcements most relevant to dealers:
- Canada Emergency Response Benefit (these were previously announced as the “Emergency Support Benefit” and the “Emergency Care Benefit” that, as of today, have been combined into 1 benefit to allow Canadians to access the funds quicker):
- Provides up to $2,000 a month for the next four months to workers who aren’t receiving pay due to COVID-19. Those who have lost their job, contractors, self-employed, those who are sick, in quarantine, taking care of children or seniors all are covered.
- Even if you still have a job but with no salary, you can receive the benefit.
- All employees of a business, including the owner, are eligible.
- Online portal for applications will be available soon and Canadians can receive the benefit within 10 days of applying. Government is aiming to have portal ready by April 6th.
- Eliminating the payroll tax for three months by providing a 10% wage subsidy to small businesses;
- Helping businesses with cash flow by deferring tax payments until August 31st;
- Establishing a coordinated approach with the financial sector: cutting interest rates to 0.75%, and major banks increasing lending capacity by $300 billion;
- Establishing a Business Credit Availability Program through BDC and EDC worth $10 billion – providing more short-term loans, working capital, and export insurance-credit so that more Canadian businesses are supported;
- Enhancing the Work-Sharing Program to help businesses pay wages so they don’t have to lay anyone off.
WHERE TO START
The following links provide the best place to start for dealers looking to access supports for themselves or employees. These websites are:
- Visit the website for businesses for information about supporting your employees and your business. It will be constantly updated as the COVID-19 crisis evolve.
- Download the Canada Business App to find tailored supports to address your specific needs and questions about COVID-19.
- Consult the Canadian Chamber of Commerce’s pandemic preparedness guide to help prepare your business in the days and weeks to come.
More announcements will be made in the coming days and weeks, and CADA continues to advocate for urgent measures to address immediate business needs.
In addition to the work CADA is doing, please review the list of industry support for Canadian businesses, and keep on the lookout for ongoing updates as we continue to work on your behalf to get through this crisis.
List of relevant and official information sources regarding COVID-19:
As noted above, please see this link for what government support is available to businesses and Canadians on an ongoing basis: Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses