e-3054 (Economy and finance)

The government has introduced numerous measures to support Canadians and Canadian businesses, non-profits and charities that face economic uncertainty and challenges because of the pandemic. These include, among others,  the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and the Canada Emergency Business Account (CEBA).

The wage subsidy and the rent subsidy are broad-based, legislated programs and as such, require straightforward, objective rules that can accommodate businesses and organizations of all sizes and sectors, while still maintaining the integrity of the programs. The current revenue-decline test allows comparisons between an organization’s pre-COVID-19 revenues and its revenues during the pandemic, helping estimate the impact of the pandemic on its revenue. Similarly, CEBA is also a broad-based program, and the requirement that businesses must be in operation in Canada on March 1, 2020 helps to ensure verification and loan approval process, while maintaining the integrity of the program.

The government has additionally taken steps to help businesses that have been highly impacted by the pandemic, but may not be able to access certain support programs. Through the regional development agencies and the Community Futures Network of Canada, the $2 billion Regional Relief and Recovery Fund provides loans to eligible businesses that are unable to access emergency liquidity programs, such as the wage subsidy, rent subsidy, and CEBA. New businesses currently unable to access emergency liquidity programs may be eligible for other Government of Canada lending programs that support entrepreneurs, including the Canada Small Business Financing Program and financing available through the Business Development Bank of Canada.

The federal government continues to actively assess its support measures to ensure workers and businesses have the support they need. We will continue to be there for Canadians and businesses – as we have been since the start of the pandemic.