Our goal is to support you right now and help you prepare for the coming weeks and months. We want to ensure you are set-up for success when downtown is ready to rebound and our city gets to the other side of the rapidly changing COVID-19 pandemic. Many of you have made the tough decision to close temporarily or reduce your hours. Others are trying to find ways to work from home, support clients and come up with safe and innovative ways to keep afloat. We understand how difficult this is.
Cash, clarity and continuity are all critical at this time. In an effort to provide you with some answers, we have done our best to summarize the federal government's announcement of 82 billion dollars in economic measures made this morning. Most of the details of how to access the support are not yet available. We will share that information as soon as we can.
While we may be the experts on downtown, we sure don't have all the answers during these uncertain times. The well-being and safety of members, employees, and residents remains our priority. Our focus is to get you the information you need, keep our downtown clean and safe, and be here when you need us. Please feel free to reach out anytime.
Summary of the federal government's March 18 announcement:
Protecting jobs and workers
The federal government proposes to provide eligible small employers a temporary wage subsidy for a period of three months.
The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of 1,375 dollars per employee and 25,000 dollars per employer: canada.ca.
Ensuring Businesses Have Access to Credit
The new Business Credit Availability Program can provide more than 10 billion dollars of financing to customers facing economic challenges caused by COVID-19: edc.ca.
Canada's large banks are releasing 300 billion dollars in additional lending.
The Bank of Canada cut the interest rate to 0.75%: canada.ca
Flexibility for Businesses Filing Taxes
Payment of income tax amounts that became owing on or after today, is extended to August 31, 2020: canada.ca
The Canada Revenue Agency will not contact any small or medium businesses to initiate any post assessment GST/HST or Income Tax audits for the next four weeks.
The tax return filing date is deferred to June 1, 2020: canada.ca
We'll continue to update you as we learn more.
Kate Fenske, CEO
Downtown Winnipeg BIZ