Caisse Alliance is striving to help its members during this public health crisis. This is why we are sharing a compilation of individual and business support measures offered by the government.
Consult our list of resources for individuals and businesses below.
Support for individuals
No Canadian should fear losing their job, being unable to pay their rent or being unable to put food on the table due to the COVID-19 pandemic. This is why the government has adopted several measures, which include:
Elimination of the one-week waiting period as well as the medical certificate requirement for Employment Insurance (EI) sickness benefits in order to provide immediate support to quarantined workers.
Temporary increase of the Canada Child Benefit to ensure working families have enough money to support their children.
Note: Up to an extra $300 per child in the May payment.
Introduction of the Canada Emergency Response Benefit (CERB) to support workers and help businesses keep their employees. This benefit provides $2,000 for a period of four weeks, up to a maximum of 16 weeks for workers and business owners who have been forced to stop working due to the COVID-19 pandemic.
Extension of the personal tax filing deadline to June 1, 2020 and the income tax balance payment deadline to September 1, 2020.
Cancellation of penalties or interest for Canadians who are unable to file their income tax or make payments within the prescribed deadline.
Creation of a Support fund to meet the needs of Inuit, First Nation and Métis Nation
25% reduction to the minimum amount that must be withdrawn from a Registered Retirement Income Fund for 2020.
Suspension of payments for the federal portion of Canada student loans until September 30, 2020.
The information on this page is subject to change as the situation evolves. For updates or more information, click here.
Support for businesses
No employer should have to lay off an employee because of COVID-19 or go through this period alone. The Government has announced several measures to provide additional support to businesses and their employees, which include:
The establishment of the Business Credit Availability Program (BCAP), which can give Canadian businesses access to more than $40 billion in financing and credit insurance solutions through the following:
- Joint loan programs with BDC (in collaboration with financial institutions):
- Obtain a loan of up to $6.25 million;
- Commercial interest rates;
- Loan repayment period: 10 years;
- Available through financial institutions.
- EDC Loan Guarantee Program
- Obtain loans of up to $6.25 million;
- Available through financial institutions.
New loan programs for businesses
- Canada Emergency Business Account (CEBA), which will provide interest-free loans of $40,000 to small businesses and non-profit organizations through their financial institution. The repayment of the loan balance by December 31, 2022 will result in a loan forgiveness of 25%.
Allow all businesses and all self-employed workers to defer sales tax and customs duty payments until June 30, 2020. This represents $30 billion in interest-free loans to Canadian businesses,
Canada Revenue Agency extends the payments of income tax amounts, penalties and interest to September 1, 2020, to help businesses retain their funds.
Offer employers the Canada Emergency Wage Subsidy, which covers 75% of an employee’s wage up to a maximum benefit of $847 per week.
Introduce the Canada Emergency Response Benefit (CERB), which will provide $2,000 for a period of four weeks, up to a maximum of 16 weeks for workers, small business owners and entrepreneurs who had to stop working due to the COVID-19 pandemic.
Improvements to the Work-Sharing Program to support employers and workers who are feeling the strain from the slowdown in business activities.
Increase the additional lending capacity by $5 billion to agricultural producers, agro-entrepreneurs and food processors through Farm Credit Canada, in addition to providing producers more flexibility to repay their loans through the Advance Payments Program.
The information on this page is subject to change as the situation evolves. For updates or more information, click here.