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At our core, we exist to create a prosperous Saskatoon – one that has the best business climate in Canada. Here, we share Saskatoon’s leading news, tips, interviews and industry insight, as well as key Chamber activities and how you can get involved.

Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

The major new economic measures that the federal government is taking in response to COVID-19 include $27 billion in direct assistance to workers and families, as well as making $55 billion available in liquidity to businesses to help stabilize the economy. Some highlights of the financial aid package include:

 

  • Waiving the one-week waiting period for EI sickness benefits for six months and waiving the requirement for a doctor’s note to access this assistance;
  • Extending the tax filing deadline for individuals to June 1, and allowing taxpayers to defer payment until after August 31;
  • Providing eligible small businesses, a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer;
  • Allowing lenders to defer mortgage payments;
  • Allowing all businesses to defer until after August 31, payment of income taxes, interest-free;
  • Making additional funds and credit available to businesses of all sizes, including farmers;
  • Purchasing up to $50 billion insured mortgage pools to stabilize funding to banks and lenders

 

For the entirety of the financial aid package click here.