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  • Writer's pictureWest Island News

Canada’s COVID-19 Economic Response Plan is helping ECCC program recipients

A retailer is providing point of sale rebates for customers buying energy-efficient products with the help of an investment from Environment and Climate Change Canada (ECCC). These rebates help consumers save money when purchasing products that will reduce their energy costs, energy usage, and lower greenhouse gas emissions.

With the economic slow down, businesses like this retailer may be seeing a decline in sales, forcing them to make difficult decisions, including possibly laying off employees.

Through Canada’s COVID-19 Economic Response Plan:

  • Businesses can access the Canada Emergency Business Account, a program that offers interest-free loans of up to $40,000 to allow small businesses with a total annual payroll of between $20,000 and $1.5 million or with eligible non-deferrable expenses between $40,000 and $1.5 million, to help cover their operating costs when their revenues have been temporarily reduced due to economic impacts of COVID-19. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000).

  • Businesses can access to up to $12.5 million under the two lending streams from the Small and Medium-sized Enterprise Loan and Guarantee program, both of which will allow the enterprise to proceed with planned operations.

  • Businesses can access additional liquidity through deferral of income tax, GST/HST and customs duty payments. Income tax payments have been deferred until after August, and GST/HST and customs duty payments are deferred until June 30th.

  • Employers may be eligible for a subsidy of 75% of employee wages. This enables employers to retain employees who are still on the payroll and to rehire workers previously laid off.

To learn more about the Government of Canada’s actions to help Canadians and businesses facing hardship as a result of the COVID-19 outbreak, refer to Canada’s COVID-19 Economic Response Plan.

Source Government of Canada

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