“Our first priority is addressing this pandemic and ensuring Canadians are healthy and safe. We are getting them the help they need today, while finding solutions which will improve their quality of life over the months and years to come. In the long-term, as we look to recovery, we are determined to build back better. We will focus on targeted investments to strengthen the middle class, create jobs, and generate clean growth. We will take bold action on health, the economy, equality, and the environment to build a more resilient country for future generations.”
– The Hon. Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance
Canada’s COVID-19 Economic Response Plan offers essential support for individuals and businesses to weather the worst of the economic storm, including:
- The Canada Emergency Response Benefit (CERB), a taxable benefit of $2,000 every four weeks for up to 28 weeks for eligible workers, which has helped more than 8.8 million people pay their bills and put food on the table. CERB recipients will continue to be supported by the Employment Insurance system. For workers who are unemployed and ineligible for EI, and for workers whose income has dropped by 50% or more, the Government would create the transitional Canada Recovery Benefit (CRB).
- The Canada Emergency Wage Subsidy (CEWS) protects jobs by helping employers keep workers on the payroll and encouraging them to re-hire those previously laid off, and has supported over 3.5 million Canadian employees, with more than $35 billion paid out in wage subsidies.
- The Canada Emergency Business Account (CEBA), providing interest-free loans of up to $40,000 to small businesses and not-for-profits, 25 per cent of which is forgivable, helping cover their unavoidable costs at a time when their revenues have been temporarily reduced, has assisted more than 755,000 small businesses, representing over $30 billion in financing.