Canada Government Support SMEs – Affected by COVID-19

Businesses across Canada have already done all they can to survive since the economic downturn due to the COVID-19 pandemic. The federal government has responded to many calls and requests for more support for SMEs from several business associations include us for an increased Temporary Wage Subsidy of 75 per cent, retroactive to March 15.

The federal government also announced:

  • The creation of the Canada Emergency Account that will provide SMEs with loans of up to $40 thousand, interest-free for the first year. Under certain circumstances, $10 thousand could be considered forgivable. This account, which will be underwritten by the federal government, will be offered through private financial institutions.
  • An additional $12.5 billion available through Export Development Canada and the Business Development Bank of Canada to assist businesses in accessing capital to keep their businesses viable.
  • Deferral of HST/GST remittances and duties/taxes on imports on until June

Iraqi Canadian Chamber recommended the measures announced today on behalf of our members and all Canadian businesses, and particularly SMEs, which are being hit the hardest by this crisis. We will continue working with our members here in Canada during this emergency to provide them fill support and advise, including the larger businesses that also need support.

On behalf of our board of directors and members we thank the government for its leadership. We look forward to continuing our partnership to ensure Canada’s businesses get through – and out of – this crisis in the best shape possible.

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