Newsletter of March, 17th : Important information for business

A message from the Office of the Minister of Small Business, Export Promotion and International Trade 

We understand that Canadians are concerned and that many businesses need support to meet the ever-evolving COVID-19 global challenge. 

So that you, as CEOs and entrepreneurs, have access to information on the most recent steps of our government, we have started to hold conference calls on a regular basis. If you would like to participate in these calls, please complete this Google form with your name, email address and organization. 

News of the sector

You can find updates and live information on Canada’s approach to COVID-19 here 

Minister Morneau has announced that it will make $ 10 billion available to Canadian businesses through Export Development Canada and the Business Development Bank of Canada, in addition to reducing interest rates to 0.75 % by the Governor of the Bank of Canada and the announcement by the Superintendent of Financial Institutions of an additional $ 300 billion in lending capacity by the major banks. 

The new NAFTA was ratified and received Royal Assent today after the leaders of all parties in the House of Commons unanimously announced their decision to suspend the House until April 20, 2020. In addition, given that Canadian businesses and suppliers may experience liquidity problems, the Treasury Board of Canada Secretariat has directed all government departments to ensure prompt payment of invoices to help alleviate these problems. 

Resources for companies

The federal government has launched a new web page that serves as a resource for Canadian businesses – focusing on the following four considerations: employees support, financial implications while preparing companies, travel and business events and business conduct in international markets. On this web page, you will find a link to a comprehensive pandemic preparedness guide created by the Canadian Chamber of Commerce. 

On March 6, 2020, the Government of Canada announced an investment of $ 27 million to fund research on the coronavirus. The funds invested will support 47 research teams from across Canada who will work to accelerate the development, testing and implementation of measures to manage the COVID-19 outbreak. 

On March 11, 2020, the Prime Minister announced a billion-dollar fund to respond to COVID-19 which includes several concrete actions.