Federal government aims to help businesses survive economic crisis – minister
Shady Salah – Media in Toronto
The federal government has taken several steps to help more businesses survive the economic crisis because of the COVID-19 pandemic, Mélanie Joly, Minister of Economic Development and Official Languages said on Monday. Speaking in a webinar “Canada Together: Town Hall with the Hon. Mélanie Joly , the minister said “What I would like to tell you at the beginning is definitely the three parties of our government since the outset of this crisis. Obviously, the first one has always been to protect lives and protect the health of Canadians. The second one was adopting a people’s first approach. So that’s why we created CERB the survey in $2,000 per month, and an array of different other programmes from the Canada child benefit and also to GST payments. And finally, and the reason why we’re on this zoom today is the economy response.”“What was required from the government was to provide more liquidity and bit by bit, as we saw the impact of the pandemic and the impact of the economic crisis on our businesses. We decided to change our reading and move much more in the direction of subsidies, and that’s why you saw the wage subsidy from 10% going to 75%, and then later on you saw the rent relief programme which applications have now started and you’ll see you’ll have more information very soon about it. And also we build the CBO account which is a $40,000 loan which would also include the $10,000 forgivable which is pretty much $1,000 subsidy. And so, and we came up with the regional Relief Fund, which is administered through, the regional development agencies in Ontario.”
“The idea, again, is to help more businesses survive this economic crisis. And so that’s what we’ve been trying to do, make sure that we could help you go through 2020. And at the end of the day, we would be able to have stronger businesses. But we very much, know that we are still in stabilisation mode of our economy as business so finally receiving some of the different measures we’ve put in place for entrepreneurs and for their employees, and we are also seeing that some provinces and places in Ontario are reopening. And so what we’re trying to do is also help businesses to, you know, really help them go through this difficult phase. Also, as we are testing new measures and testing new things that business owners need to put in place to make sure that we contain the spread of the virus but also that were starting again” she added.